THE DAILYDate: 03 Nov 2020

The Daily Viewpoint

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DOMESTIC INDICES

Close Points % Change

SENSEX 39758 144 0.36

NIFTY 11669 27 0.23

MIDCAP 14959 54 0.36

SMALL CAP 14782 -106 -0.71

SECTORAL INDICES

Close Points % Change

BANKEX 28531 1143 4.17

Finance 5613 201 3.72

REALTY 1856 51 2.85

POWER 1744 14 0.82

CG 14234 67 0.47

TECK 9653 -10 -0.11

METAL 8190 -17 -0.21

AUTO 17462 -55 -0.31

CD 24002 -74 -0.31

IT 20915 -144 -0.68

Healthcare 19110 -148 -0.77

OIL & GAS 11820 -306 -2.52

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS %

GODREJPROP 10.13 RELIANCE -8.62

SRTRANSFIN 8.88 EDELWEISS -4.84

BANKBARODA 7.56 RAJESHEXPO -4.13

HAVELLS 7.32 GLAXO -3.86

CHOLAFIN 7.20 WHIRLPOOL -3.30

ADVANCE/DECLINES

BSE %

ADVANCES 1078 38

DECLINES 1586 56

UNCHANGED 147 5

INSTITUTIONAL ACTIVITY

Rs Cr 02/11/20 30/10/20 Nov Total

FII 741 -871 -130 (prov.)

MF -534 631 97 (prov.)

Markets could open higher following positive Asian markets andpositive US markets on Monday.…

Indian markets could open higher following positive Asianmarkets today and positive US markets on Monday.

U.S. stock-market benchmarks closed higher on the eve ofElection Day, despite selling in technology shares, as marketscontinued to monitor rising COVID-19 cases and the potential fora return to March-style lockdowns in the U.S. Equities closedhigher Monday, a day before the U.S. election, even as majorstock indexes saw selling in the technology sector.

The IHS Markit final U.S. manufacturing index rose to 53.4 inOctober versus an initial reading of 53.3. And the Institute forSupply Management’s more closely watched manufacturingactivity index climbed to a 13-month high of 59.3 last month from55.4 in September. China and European nations also saw a rise inmanufacturing PMI.

Asian shares rose on Tuesday as investors shrugged off U.S.election jitters and took hope in strong factory output data inChina, Europe and the United States, although the dollar and goldfirmed on political uncertainty.

Indian Benchmark equity indices broke the 3-day losing streakand ended higher on Nov 02. At close, the Nifty was up 26.80points or 0.23% at 11,669.20. Nifty ran into selling pressure at theopening and made an intraday low at 1000 Hrs. It later madehigher top higher bottom and made an intraday high at 1430 Hrs.Some profit taking towards the end chipped off some gains.

Markets have shown some signs of stability ahead of the USPresidential elections, however a negative advance decline ratiodoes not give enough confidence. Nifty could face resistance inthe 11775-11810 band while 11608 could provide support in thenear term.

Business sentiment rises from record low, up 41% during July-September, says NCAER surveyBusiness sentiment shot up by 41% during the July-Septemberquarter from a record low in the previous quarter, according tothe Business Expectation Survey conducted by the NationalCouncil for Applied Economic Research (NCAER).

The think tank’s Business Confidence Index (BCI) rose to 65.5 inthe second quarter after recording a massive drop to 46.4 in thefirst quarter of the ongoing fiscal, according to a NCAERstatement released on Monday. However, this was still 36.5%below last year’s levels and the 77.3 seen in the final quarter ofFY20, it said.

The Daily Viewpoint

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GLOBAL INDICES

EXCHANGE RATES

Value % Change

USD/INR 74.5 0.20

EURO/USD 1.165 0.09

USD/GBP 1.293 0.13

USD/JPY 104.8 0.04

COMMODITIES

Value %

Gold ($ / Oz) 1898.0 0.29

Silver ($ / Oz) 24.2 0.74

Crude Oil Futures 36.7 -0.22

Brent Oil ($ / Barrel) 38.8 -1.00

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 5.90 +8

ADR

Value $ %

Dr Reddys Labs 65.9 1.71

HDFC Bank 59.0 2.79

ICICI Bank 11.6 9.57

Tata Motors 9.1 3.53

Wipro 4.77 -1.45

Vedanta Ltd 5.06 -1.17

INFOSYS 14.25 -0.14

Close Points % Chg

DOW JONES 26925 423.45 1.60

S & P 500 3310 40.28 1.23

NASDAQ 10958 46.02 0.42

FTSE 5655 77.70 1.39

CAC 4691 96.90 2.11

DAX 11784 227.62 1.97

NIKKEI 225 23295 318.35 1.39

SANGHAI COMP. 3244 19.28 0.60

HANG SENG 24883 422.99 1.73

BOVESPA 93952 -2629.76 -2.72

Monthly Auto sales numbers

Pharma exports increased 15% in first half of FY21Pharmaceuticals exports is on course to cross US$ 23bn for thefirst time this fiscal after growing 14.85% yoy at US$ 11.8bn in thefirst half.

“Going by the indications of demand for our pharma productsacross the globe, India is likely to maintain similar growth inpharmaceutical exports during the second half of the fiscal as wellto close the fiscal with exports of at least US$ 23bn and may eventouch US$ 24bn,” said Ravi Uday Bhaskar, DG, Pharmexcil.

Tata Power completes sale of its defence business to TataAdvanced SystemsThe company has completed the sale of its defence business toTata Advanced Systems. Tata Advanced Systems is a wholly-owned subsidiary of Tata Sons. Tata Power is expected to receivean enterprise value of Rs 1,076cr as an upfront payment.

Adani Ports handles Cargo volume of 25.25 MMT in Oct 2020The company handled Cargo volume of 25.25 MMT in the monthof October, 2020. In October, 2020 excluding Krishnapatnam Port(which was acquired in October) APSEZ handled cargo volume of22 MMT, a growth of 21% on yoy basis. Its Mundra port handledcontainer volume of around 0.52 million TEU’s which is thehighest container volume handled by any port in India for amonth.

Reliance to start gas production from R-Series field inNovember/DecemberReliance Industries plans to start the delayed production from thesecond wave of discoveries in its eastern offshore KG-D6 block inNovember/December. Company is working on three projects inthe Krishna Godavari basin KG-D6 block, where production fromolder fields stopped in February this year. R-Series will the first ofthe three fields to go live. All wells (have been) drilled,completed, tested and connected; sub-sea installation and testingworks completed.

Company Oct-20 YoY (%) MoM (%)

Tata Motors (PV)

23617 79.3 11.4

Bajaj Auto 512038 10.5 16

Ashok Leyland

9989 1.3 19.7

SML Isuzu 582 13 61.7

TVS Motors 474641 25.7 44.8

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Hiring activities in retail, e-commerce bouncing backThe retail segment, which has been badly hit due to the lockdown restrictions, is bouncing back gradually with an uptickin hiring of 15 percent in September when compared with the previous month. However, the hiring activities are stilldown by 50 percent compared to the corresponding month a year ago, according to a report by Naukri.com.Keywords like logistics and retail sales executive are up by 247 percent and 500 percent in recruiter searches for thesector. Internet or e-commerce industry started seeing a decline in hiring since the start of the year, when comparedwith the pre-COVID-19 period, we see a high recovery; the sector is down by only 7 percent in September compared toFebruary.

Shipping Corporation of India (SCI) board to meet on Nov 6Shipping Corporation of India (SCI) board to meet on Nov 6 to consider a way forward for the proposed Disinvestment.

NTPC Q2FY21 Results key takeawaysRevenue increased by 7.8% from Rs 25709cr to Rs 27707.8cr, due to increased gross generation which increased by9.8% from 61.6BU to 67.6BU, commercial generation also increased by 10.5% from 61.1BU to 67.5BU. EBITDA alsoincreased by 12.4% from Rs 7571.7cr to Rs 8512.3cr. However, PAT declined by 7.7% from Rs 3788cr to Rs 3494.6cr dueto an exceptional item of Rs 670cr, owing to a rebate of 20-25% allowed to the DISCOMS. The company also announcedbuyback of 19.8cr equity shares at Rs 115 per share. It has fixed an ex-date of 12th Nov and record date of 13th Nov.

Zee Entertainment Q2FY21 results key takeawayZee Entertainment’s numbers were below expectations; it has reported consolidated net profit decline of 77.2 percentyoy to Rs 93.4crore in Q2FY21. Total income from operation was down by 18.8 percent YoY to Rs 1,722.7 crore due torestrictions caused by the COVID-19 on the business activities.

The company’s revenue from advertisement declined 26.3 per cent yoy to Rs 902.79 crore in Q2FY21 and itssubscription revenue was up by 10.6 per cent yoy to Rs 800.3 crore. Domestic subscription revenue grew 2.3% on a like-to-like basis.

Zee Studios launched ZeePlex, a PPV platform for releasing new movies and ZEE5 users spent an average of 152 mins permonth on platform, 36% qoq growth and ZEE5 launched HiPi – a short video platform, to capture the growth in shortvideo segment.

The Ramco Cement Q2FY21 result updateRevenue of the company posted degrowth by 4% yoy to Rs.1266 cr. EBIDTA increased 48% yoy to Rs.455cr fromRs.308cr in the same quarter previous year. Net profit of the company has registered growth of 41% yoy to Rs.244crfrom Rs.173cr in the same quarter previous year.

Cadila Healthcare Q2 FY21 result highlightsRevenues grew 13.5% yoy at Rs 3820cr. Domestic business, which includes human health, animal health and consumerwellness grew 11% yoy at Rs 1583cr. US revenues increased 18% yoy at Rs 1709cr. EBITDA margin improved 370bps yoyat 22.6%. Consolidated Profit After Tax (ex. exceptional items) for the quarter was at Rs 562 crores, up 73% on yoy basisand up 24% on a sequential basis.

Company has significantly reduced its net debt by Rs 2,700cr in the first six months of FY21, which is 40 percentreduction from net debt reported in March 2020. Net debt as on Sep 30, 2020, stood at Rs 4,031cr as against Rs 6,740cras on March 31, 2020.

Coromandel International Q2 FY21 result updateDuring the quarter, the company’s consolidated total income stood at Rs 4,620cr in comparison to the correspondingquarter last year of Rs 4,867cr. EBITDA for the quarter grew 18% yoy to Rs 845cr. PBT recorded 28% yoy rise at Rs 786cr.Consolidated PAT for the quarter increased 17% yoy at Rs 589cr in the quarter.

Fine Organic Industries Q2FY21 Results key takeawaysRevenue declined marginally by 1.1% from Rs 274cr to Rs 271cr, whereas, EBITDA declined by 21.4% from Rs 65.1cr toRs 51.2cr, primarily due to heavy employee expenses which rose by 8.9% from Rs 16.7cr to Rs 18.2cr. On the other handPAT declined by 45.3% from Rs 57cr to Rs 31.2cr, due to tax expenses doubling from Rs 5.2cr to Rs 10.4cr.

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PNC Infratech Ltd Q2FY21 Results key takeawaysRevenue for the company declined by 6.9% from Rs 1340.9cr to Rs 1248.5cr, as contract revenue declined by 12.1%from Rs 1170.6cr to Rs 1028.8cr, on the other hand toll revenue increased by 29% from Rs 170.4cr to Rs 219.7cr, owingto the gradual opening and relaxation of norms in the economy. EBITDA also declined by 20.8% from Rs 383.7cr to Rs304cr, and PAT also decreased by 63.5% from Rs 213.3cr to Rs 77.8cr.

Greenlam Industries Ltd Q2FY21 Results key takeawaysRevenue declined by 17.1% from Rs 349cr to Rs 289.3cr, as International revenue for laminate business de-grew by 9.5%on a yoy basis, however, the same grew by 39.2% qoq and the domestic business grew by 165.1% qoq basis. EBITDA alsodeclined by 16.6% from Rs 48.5cr to Rs 40.5cr and PAT declined by 32.6% from Rs 27.5cr to Rs 18.5cr. Overall businesswas seen improving on a sequential basis as the markets opened up with the unlocking of the economy. Internationalbusiness has come to near normalcy and the domestic business has shown significant improvement in revenues overprevious quarter, however remained below pre COVID-19 levels.

TCI Express Q2FY21 result updateRevenue of the company declined by 21% yoy to Rs.213 cr in Q2FY21. Net profit of the company has posted degrowth of10% yoy to Rs.23 cr.

Whirlpool of India Q2FY21 result updateRevenue of the company grew by 15% yoy to Rs.1599cr in Q2FY21. EBIDTA registered growth of 27% yoy to Rs.181crcompared to Rs.142cr in previous years the same quarter. Net profit of the company has posted 5% growth to Rs.135 cr.

ADF Foods allots 19.5 lakh convertible warrants at Rs 362 on preferential basisCompany has passed the special resolution for issue of 19,50,000 warrants each carrying a right to subscribe to oneEquity Share per Warrant, at a price of Rs. 362 per warrant aggregating to Rs 70.6cr on Preferential basis.

Narayana Hrudayalaya Q2 FY21 result updateConsolidated revenues declined 27% yoy while it registered 52.7% yoy growth at Rs 601cr in Q2 FY21. ConsolidatedEBITDA stood at Rs 37.2cr in Q2 FY21 translating into EBITDA margin of 6.2% as against loss of Rs 86.3cr in Q1 FY21.India business recorded 36% yoy decline at Rs 455cr. Cayman (HCCI) registered 22% yoy rise in revenues at US$ 19.5mn.

Consolidated net debt stood at Rs 554cr as on Sep-2020, reflecting net debt to equity ratio of 0.55 (out of which, debtworth US$ 44.5mn is foreign currency denominated).

Shilpa Medicare Q2 FY21 result updateRevenues declined 2% yoy at Rs 288.5cr. API business grew 15% yoy at Rs 174cr while formulations revenues surged73% yoy at Rs 88cr. Service & Product License Fees dipped 87% yoy at Rs 11cr. Operating Profit grew 5% yoy at Rs 78cr.PAT for the quarter declined 11% at Rs 45.4cr.

CUB Q2FY21 result updateCUB has reported 18.5 per cent drop in profit to Rs 157.7 crore during the quarter ended September 30, 2020, from Rs193.5 crore a year ago. PAT for the quarter was impacted on account of additional provision made to the tune of Rs 115cr towards Covid-19 to meet any future contingency. NII stood at Rs 475.2 crore as compared to Rs 411.5 crore, up 15.4per cent.

Net NPA dropped to 1.81 per cent during the second quarter from 2.11 per cent in the first quarter and 1.90 per centduring the second quarter of last year. Gross NPA was at 3.44 per cent during the second quarter as compared to 3.90per cent in the first quarter and 3.41 per cent last year in the second quarter. The bank's CAR stood at 17.36 per cent ascompared to 16.77 per cent in the first quarter and 15.49 per cent during the second quarter ended September 2019.

PNB Q2FY21 result updatePunjab National Bank posted a net profit of Rs 621 crore in the second quarter – a 22 per cent rise from Rs 507 crore inthe year-ago period. Net interest income soared 29 per cent to Rs 8,393 crore from the year-ago period. The bank madea provisioning of Rs 3,811 crore towards bad loans in Q2FY21 – 22 percent lower than that in the same quarter of theprevious financial year.

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The bank’s gross non-performing assets (NPAs) reduced sequentially to 13.43 per cent in Q2, compared to 14.11 percent in the previous quarter. The bank had made adequate provisions towards stressed assets as its provision coverageratio moved up to 83 per cent from 80.75 per cent in the previous quarter.

Reliance Capital invites bids for sale of stake in subsidiaries to clear debtReliance Capital, a part of debt-ridden Anil Ambani-promoted Reliance Group, has invited bids for sale of its subsidiaries,including Reliance General Insurance and Reliance Nippon Life Insurance, to repay loans of about Rs 20,000 crore.According to sources, the process for inviting Expression of Interest (EOI) for its key assets was launched on October 31,2020, with a view to unlock value of its underlying businesses and targets to make RCL debt free.

Bandhan Bank Q2FY21 result reviewNet Interest Income (NII) for Q2FY21 grew by 25.8% yoy to Rs 1,923 crore driven by 19.4% growth in advances to Rs76,615 crore. NIM for the quarter stood at 8.0% against 8.2% in Q2FY20. Net profit fell by 5% yoy to Rs 920 crore forQ2FY21. However, net profit increased by 67% qoq.

Gross/Net NPA improved sequentially by 25/12bps to 1.18/0.36%. During the quarter the Bank has taken acceleratedadditional provision on standard advances amounting to Rs 300 crore. With this provision and additional StandardAssets provision that Bank is carrying in Micro banking portfolio total additional provision in books stands at Rs 2,096crore.

Total Deposits increased by 34.4% yoy/9.1% qoq to Rs 66,128 crore driven by 56.2% growth in CASA deposits. CASA ratiostood at 38.2% as against 37.1% in Q1FY21. Capital Adequacy Ratio (CRAR) was strong at 25.7% with Tier I at 22.2%.

Escorts Q2FY21 result updateConsolidated revenues from operations increased by 24% yoy to Rs 1,654 crore on the back of 23.8% increase in tractorvolumes to 24,441 units in Q2FY21. EBITDA surged by 138.7% yoy to Rs 298 crore and EBITDA margins expanded 865bpsto 18.0%. Net profit after tax more than doubled to Rs 227 crore.

Segment-wiseRevenues from the Agri Machinery segment went up by 32.8% at Rs 1,322 crore. Favourable product mix, operatingleverage and various cost reduction initiatives, resulted in ever highest quarterly EBIT margin at 20.0%, up by 973 bps.

Construction Equipment volumes declined by 13.1% to 821 units while revenues were down 21.9% yoy to Rs 157 crore.EBIT margin stood at 1.7% as against 2.7% in corresponding period last fiscal.

Railways Products Division reported 26.4% yoy rise in revenues to Rs 160 crore. With higher sales coming from newproducts (58.4%) EBIT margin expanded by 119bps to 20.3%.

Sun Pharma Q2 FY21 result previewRevenues may dip 0.5% yoy at Rs 7919cr. EBITDA is expected to grow 8% yoy at Rs 1740cr. PAT may increase 5% yoy atRs 1113cr. Key things to watch out for would be US business outlook and prescription trends in specialty portfolio.

Dabur India Q2 FY21 result previewCompany may report 4.5% growth in revenues at Rs 2311cr. Operating margin may see 30bps dip at 21.8%. PAT isexpected to see 4% decline at Rs 417cr. Key things to watch out for would be performance of its international businessand outlook on domestic volume growth and rural demand.

Ajanta Pharma Q2 FY21 result previewRevenues for the quarter may increase 7% yoy at Rs 687cr. Operating profit may grow 15% yoy at Rs 205cr. PAT isexpected to grow 18% yoy at Rs 137cr.

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Important news/developments to influence markets

India's PMI rose to 58.9 in October 2020—the highest since mid-2008—from 56.8 in September. A reading over 50indicates economic expansion. New orders and output at Indian manufacturers continued to recover from the Cov-19-induced contractions seen earlier in the year, with PMI results for October highlighting historically sharp monthlyrates of expansion.

Japan Manufacturing PMI rises to 48.7 In October up from 47.7 in September although at a slower pace. Individually,output and new orders both fell at softer rates, while export orders increased for the first time since November2018.

October saw the UK manufacturing recovery continue, albeit with the upturn losing momentum amid ongoinglockdown measures and signs that growth could weaken further in coming months after Brexit-related stockpiling.UK October final manufacturing PMI came at 53.7 vs 53.3 prelim. The main drag was a fall back into contraction forthe consumer goods industry, blamed in part on lockdowns and falling demand as virus worries intensified amonghouseholds.

Manufacturing growth in the euro zone soared in October but the recovery from severely depressed activity at theheight of the coronavirus pandemic was again mostly driven by a buoyant Germany. Eurozone's manufacturingPMI rose to 54.8 in October from 53.7 in September. Production increased for the fourth straight month, with therate of growth sharpest for over two-and-a-half years. Likewise, new orders posted the biggest expansion since thestart of 2018 reflecting higher demand from both domestic and foreign markets.

Manufacturing in Germany continued to bounce back strongly in October with PMI reading coming in at 58.2 vs 58.0prelim with demand conditions across manufacturing and its supply chain reviving.

Activity in the U.S. manufacturing sector continued to grow at a high level in October fueled by a strong demand forconsumer and capital goods. PMI for October came in at 59.3, up 3.9% from September's 55.4 level.

U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-causedspring swoo, with residential construction remaining strong while non-residential and public construction laggingbehind. Residential construction rose 2.7% in September. Spending on public construction projects fell 1.7% and non-residential construction fell 1.6%.

The Daily Viewpoint

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Daily View on Nifty

Nifty Intra Timeframe (30 min) Nifty Daily Timeframe

Technical Observation:Markets ended flat on Monday after a volatile session that saw the Nifty swinging wildly in both directions. The Nifty finallygained 26.75 points or 0.23% to close at 11,669.15. Broad market indices like the BSE Small Cap index lost more, thereby underperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE.

Zooming into the Nifty 30 min charts, we observe that the Nifty has made a series of lower tops in the last few sessions,indicating that the intra day trend is down. The Nifty has failed to show strength after briefly moving above the previous swinghigh of 11744 touched on Thursday. With the intra day downtrend intact, we expect the Nifty to continue moving lowertowards the next downside targets of 11452. Any pullback rallies are unlikely to cross the recent swing high of 11749.

On the daily chart, we can observe that the Nifty has been consistently making lower tops and lower bottoms over the last twoweeks, indicating that the short term downtrend is intact. Over the last two sessions, the index has been bouncing back fromthe 50-day SMA, indicating that this is a crucial support to watch in the near term.

We expect the downtrend to accelerate once the 50-day SMA at 11554 is broken. Downside targets for the coming sessions inthis scenario are at 11347-11184. With most of the major global indices too in downtrend, the odds seem higher of a furthercorrection at Dalal Street. On the upside, the Nifty needs to convincingly cross the recent swing high of 11749 for the bulls toreally gain control.

Conclusion:The 1-2 day trend of the Nifty is now down and Nifty is likely to target the 11452 levels in the near term. Our 3-7 day targets areat 11347-11184 as with weak global markets, we expect the Nifty to move lower in the coming sessions. Our bets for acorrection in the coming sessions is off if the Nifty convincingly crosses the previous swing highs of 11749.

Nifty LTP 2-Day View Reversal level 7-Day View Reversal level

11,669.15 Bearish Move above 11749 Bearish Move above 11943

Targets for 2 day: 11452

Target: 11347-11184

50-day SMA is currently

supporting the Nifty

Nifty consistently

making lower tops and

lower bottoms

The Daily Viewpoint

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DATA & EVENTS

OPEN SHORT-TERM TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY TEAM ARE ON REAL TIME BASIS. A TRADING RECOMMENDATIONSHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAYTRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THE POSITIONS. REFER JAMMOONFOR TIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGETUPSIDE

%VALID TILL

1 2-NOV-20 BUY BANK NIFTY NOV FUT 24820-25036.40 24899.95 24720 25490 2 5-NOV-20

2 2-NOV-20 BUY NIFTY NOV FUT 11654.50-11595 11672.8 11560 11765 1 5-NOV-20

3 2-NOV-20 BUY VOLTAS NOV FUT 716-708 722.8 705 737 2 9-NOV-20

4 2-NOV-20 BUY ITC NOV FUT 167.1 166.7 164.4 170.8 2 3-NOV-20

5 13-OCT-20 BUY DABUR INDIA 521.70-506 507 498 550 8 5-NOV-20

6 23-OCT-20 BUY MINDA CORP 68-70 66.6 66.8 78 17 3-NOV-20

7 26-OCT-20 BUY DR REDDY'S LAB 5050.05-4860 4851 4795 5350 10 4-NOV-20

8 29-OCT-20 BUY BAJAJ ELECTRIC 485-495 485.85 483 520 7 9-NOV-20

9 30-OCT-20 BUY TATA MOTORS DVR 56-54 54.6 53.45 59.5 9 10-NOV-20

10 30-OCT-20 BUY TCS 2663-2620 2608 2598 2745 5 6-NOV-20

11 2-NOV-20 BUY AB CAPITAL 68.5-66.45 68.4 65.4 72 5 16-NOV-20

OPEN CASH POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET

1 TARGET

2UPSIDE % VALID TILL

1 30-JUL-20 BUYGLENMARK PHARMA*

445.9 472.6 415.0 483.0 530.0 12 26-JAN-21

2 23-OCT-20 BUY NB VENTURES 54.9 51.5 50.4 60.5 66.0 28 21-JAN-21

3 23-OCT-20 BUY NBCC 23.3 22.6 20.8 26.1 28.0 24 21-JAN-21

4 27-OCT-20 BUY IRB INFRA 116.4 113.1 103.0 131.0 150.0 33 25-JAN-21

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DATA & EVENTS

OPEN POSITIONAL PAIR TRADES

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1 TARGET 2 UPSIDE %VALID TILL

1 2-NOV-20

BUY GAIL NOV FUT 84.8 84.15 81 91 - -8TILL 26TH

NOVSELL IOC NOV FUT 78.55 78.35 82.5 72.5 - 7

OPEN E-MARGIN POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1 TARGET 2 UPSIDE %VALID TILL

1 10-AUG-20 BUYINDIAN ENERGY

EXCHANGE*192.8 185.5 175.0 212.0 235.0 27 10-NOV-20

2 21-OCT-20 BUY CITY UNION BANK 151.0 151.5 138.9 167.0 175.0 16 21-JAN-21

3 23-OCT-20 BUY DALMIA BHARAT 834.1 840.0 755.0 935.0 980.0 17 23-JAN-21

4 30-OCT-20 BUY NESTLE INDIA 17119.0 17050.1 16048.0 19200.0 - 13 30-JAN-21

*= 1st Target Achieved**= 2nd Target Achieved

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QUARTERLY RESULTS ANNOUNCED

COMPANY Q2FY21 YoY (%) QoQ (%) Remarks

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Ramco Cements 1266 244 -4 41 21 108As Per

Estimates

TCI Express 213 23 -21 -10 140 2453Below

Estimates

Whirlpool of India 1599 135 15 5 56 755As Per

Estimates

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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Disclaimer:This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. Theinformation and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith fromsources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty,express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to changewithout notice. This document is for information purposes only. Descriptions of any company or companies or their securitiesmentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation ofan offer, to buy or sell any securities or other financial instruments.This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any personor entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication,reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration orlicensing requirement within such jurisdiction.If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored andbrought to the attention of the sender. This document may not be reproduced, distributed or published for any purposes withoutprior written approval of HSL.Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have anadverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values ofwhich are influenced by foreign currencies effectively assume currency risk.It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from,or perform broking, or other services for, any company mentioned in this mail and/or its attachments.HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buyor sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities andearn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein oract as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to anyrecommendation and other related information and opinions.HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustaineddue to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices ofshares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities andfinancial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may dealin other securities of the companies / organizations described in this report.

HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have beenmandated by the subject company for any other assignment in the past twelve months.HSL or its associates might have received any compensation from the companies mentioned in the report during the period precedingtwelve months from t 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 in thenormal course of business.HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party inconnection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict ofinterest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchantbanking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with andreach different conclusion from the information presented in this report.Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as anofficer, director or employee of the subject company. We have not received any compensation/benefits from the subject company orthird party in connection with the Research Report.

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