Embed Size (px)
Citation preview
Date: 25 October, 2019
The Daily Viewpoint
Page 2PCG Research
DOMESTIC INDICES
Close Points % Change
SENSEX 39020 -38 -0.10
NIFTY 11583 -22 -0.19
MIDCAP 14339 -57 -0.39
SMALL CAP 13204 -19 -0.14
SECTORAL INDICES
Close Points % Change
REALTY 2031 23 1.14CD 27341 150 0.55
Healthcare 12888 27 0.21AUTO 17962 -58 -0.32
CG 18341 -89 -0.48OIL & GAS 15129 -79 -0.52
METAL 9000 -62 -0.68IT 14432 -103 -0.71
TECK 7082 -52 -0.73Finance 6372 -47 -0.74BANKEX 32919 -385 -1.16POWER 1976 -25 -1.24
BSE 200 GAINERS/LOSERS
GAINERS % LOSERS % CASTROLIND 7.79 IDEA -23.36
PIIND 7.03 INDIANB -13.44TORNTPHARM 5.13 INFRATEL -8.46GODREJPROP 4.15 RNAM -6.22
PFIZER 3.78 AIAENG -5.79
ADVANCE/DECLINES
BSE %
ADVANCES 1078 41
DECLINES 1378 53
UNCHANGED 163 6
INSTITUTIONAL ACTIVITY
Rs Cr 24/10/19 23/10/19 Oct Total
FII -73 -213 -1598 (Prov.)
MF -739 137 5890 (prov.)
From the last Diwali to date, the Nifty has given a returnof 9.28%. Not a bad thing if we compare to the Mid-capIndex return of minus 6.92% and that of the Small capIndex that fell 10.31%.
The Nifty did better than the Samvat before, when it rosejust 4.5%.
As compared to the equities, Gold has done extremelywell. Gold gave a return of 21.4%. In January werecommended going long in Gold with a target of 13%returns, which was attained in 8 months.
As the economy slows down and question marks appearon sustainability corporate results, confidence needs tobe given a boost.
A day before Diwali, things are quite on the marketsfront. The U.S. indices have closed mixed and Asianmarkets are down.
In this gloomy atmosphere, the Nifty, which has madelower lows for the past three sessions, is likely to openlower again this morning. The level to watch is the 11,534low seen yesterday. With puts being written at the 11,500strike price, the ultimate support is 11,500.
Maruti reported its lowest profit in four years as sales fellamid a prolonged slowdown, though numbers wereslightly ahead of market’s expectations.
ITC reported steady set of numbers with a 3% rise involumes and 6% gain in Sales. Today it is the turn ofbanking behemoth SBI and global automaker Tata motorsto report their numbers.
Today is Dhanteras and is a good day to acquire somegold for your loved ones. What better way to do this thanDigiGold!
GOLD GLITTERS THIS SAMVAT
The Daily Viewpoint
Page 3PCG Research
GLOBAL INDICES ITC Q2 profit rises 36% to Rs 4,023 crore; cigaretterevenue climbs 6% YoYITC's Q2 Net profit rose 36.2 percent year-on-year to Rs4,023.1 crore in the quarter ended September as againstRs 3,642-crore consensus estimate of analysts. Itsrevenue rose 5.3 percent over the last year to Rs 11,871.5crore.
Operating income, or earnings before interest, tax,depreciation and amortisation, rose 8.5 percent year-on-year to Rs 4,562 crore as against the Rs 4,602-croreforecast. Operating margin expanded 110 basis points to38.4 percent in the second quarter.
Segment wise, revenue from cigarettes jumped 6% to Rs5,326.83 crore over Rs 5,020.06 crore last year. EBIT fromthe segment came in at Rs 3,844.45 crore against Rs3,579.07 crore in the same period last year.
Revenue from the hotel segment increased 17.67 percent to Rs 426.63 crore during the quarter under review.Topline of agri business and paperboard, paper &packaging advanced 19.27 per cent and 9.89 per cent toRs 2,647.52 crore and Rs 1,565.42 crore, respectively.
Interglobe Aviation Q2 net loss widens to Rs 1,062 croreIndiGo's parent InterGlobe Aviation yesterday posted anet loss of Rs 1,062 crore for the September quarter,from Rs 651.5 crore loss in the same quarter last fiscal.The fall in profit was accentuated by mark-to-marketlosses of Rs 428 crore on capitalized operating leases, andhigher maintenance cost of Rs 319 crore. Thesesignificantly impacted profitability. Revenue for thequarter rose 31 percent year-on-year (YoY) to Rs 8,105.2crore from Rs 6,185.3 crore.
IDFC First Bank reports Q2 loss of Rs 680 cr on one-timetax impactIDFC First Bank reported a loss of Rs 680 crore due totaking a one-time impact on deferred tax asset markdownas against Rs 617 crore in the quarter ago period. Theprofit before tax came at Rs 100 crore, as against a loss ofRs 583 crore in the year-ago period.
Close Points % ChgDOW JONES 26806 -28.42 -0.11
S & P 500 3010 5.77 0.19NASDAQ 8186 66.00 0.81
FTSE 7328 67.51 0.93CAC 5684 30.90 0.55DAX 5744 32.98 0.58
EXCHANGE RATES
Value % Change
USD/INR 71.0 0.20EURO/USD 1.110 -0.01USD/GBP 1.284 -0.08USD/JPY 108.7 0.03
COMMODITIES
Value %
Gold ($ / Oz) 1505.0 0.02Silver ($ / Oz) 17.9 0.30
Crude Oil Futures 55.9 -0.55Brent Oil ($ / Barrel) 61.3 -0.55
BOND YIELD
Value % Chg bps
IND10 Yr Bond Yield 6.50 -1
ADR
Value $ %Dr Reddys Labs 39.16 -1.81
HDFC Bank 59.93 0.94ICICI Bank 12.77 0.39
Tata Motors 9.27 -0.64Wipro 3.83 -0.39
Vedanta Ltd 8.27 -1.66INFOSYS 8.93 -1.22
The Daily Viewpoint
Page 4PCG Research
The key aspects this quarter are maiden profitability and strong growth in retail deposits and CASA additionof Rs 6,000 crore, its managing director and chief executive V Vaidyanathan said.
While the overall loan book has gone down, it is a more profitable growth as the retail loans are moreprofitable and has grown by Rs 3,400 crore last quarter, Vaidyanathan said.
NSE will exclude Hexaware, Tata Elxsi and Union Bank from Derivative trading segment from December 27,2019. Total stocks in F&O segment will reduce to 144 from January 2020 series.
SBI Q2FY20 result expectationSBI is expected to post 10% YoY growth in NII and 10%YoY growth in Loan as well. Stake sale in SBI Life toprop up PPOP QoQ. Net earnings are estimated to dip ~34% QoQ, due to ~Rs 15bn DTA reversal.
Key things to watch out will be additions to stress and the watchlist, Comments on resolutions in existingNCLT and other known cases and margin outlook, post the linking of loans to external benchmarks.
Tata Motors Q2FY20 revenue is expected to fall 12%Tata Motors is once again likely to put up a weak show this time around, given the continued weakness inJLR's performance coupled with weak domestic sales. However, on a sequential basis, loss figure is likely tocontract significantly along with some respite on the margins front too, on the back of expansion in JLRmargins due to better volumes and GBP depreciation.
Q2 FY20 Revenue seen at 63600 cr, down 11.8%. Q2 Loss seen at 1500 cr vs 1009.5 cr. Ebitda seen at 5100 crvs 6257.7 cr, down 18.5%
Maruti Suzuki Q2 profit tanks 39.4% to Rs 1,358.6 crMaruti Suzuki India Ltd. reported its lowest profit in four years as sales fell amid a prolonged slowdown. But itstill managed to beat estimates. It registered a massive 39.4 percent YoY decline in profit due to weak autosales amid subdued demand in the economy.
The profit declined to Rs 1,358.6 crore in the quarter ended in September from Rs 2,240.4 crore in sameperiod in 2018. A sharp fall in corporate tax expenses and higher other income helped the company limit theprofit decline.
The revenue during the quarter dropped 24.3 percent YoY to Rs 16,985.3 crore as volumes fell 30 percentYoY.
At the operating level EBITDA was down 53.2 percent to Rs 1,606.3 crore, and the margin contracted to 580bps to 9.5 percent compared to year-ago.
The margin was impacted by lower capacity utilization, and higher sales promotion and depreciationexpenses. However, it was supported by higher fair value gain on invested surplus, cost reduction efforts,lower advertising expenses and benefit due to reduction in corporate tax rate.
The Daily Viewpoint
Page 5PCG Research
Supreme Court rules against telecom operators in Rs 92,000-crore adjusted revenue dispute.The Supreme Court ruled that India’s telecom operators will have to include non-core revenue to calculatelevies, dealing a crippling blow to the bruised industry that stares at dues and penalties worth thousands ofcrore.
The government’s definition of adjusted gross revenue will include most operations of operators barring afew, the Supreme Court ruled. The carriers will have to pay penalty and interest.
The verdict ends the 14-year-old legal battle between mobile operators and the government on the definitionof adjusted gross revenue—used to calculate spectrum charges and licence fees. The Department ofTelecommunications had sought more than Rs 92,000 crore in dues. The exact amount, however, may changebased on what’s finally included in the definition. According to numbers filed with the court, Bharti Airtel willhave to pay up Rs 21,682 crore and Vodafone Idea will have to pay Rs 28,309 crore.
Key U.S. IndicesDow 26,806 -28 - 0.11%S&P 500 3,010 6 0.19%Nasdaq 8,186 66 0.81%
Technology Stocks Drives S&P 500, Nasdaq Higher; Dow Hit By 3MKey U.S. Indices closed mixed with the Dow Jones Industrial Average closing lower and the other key indicesdoing well on better results from the technology pack.
The Dow slipped 120 points in the morning trade and then recovered 75% of the lost ground closing only 28points or 0.11% lower at 26,806.
The S&P 500 on the other hand, rose 6 points or 0.19% to settle at 3,010.
The Nasdaq Composite rallied 66 points or 0.81% to 8,186.
What happened?A quartet of Dow components and 45 of the companies that make up the S&P 500 index reported earnings inwhat was be the busiest day of the corporate earnings cycle, including Amazon.com and Visa after the marketclosed.
3M slipped 4% on lower sales and a cut in guidance for the full year. It weighed on the Dow. 3M’s guidanceshows that the industrial slow-down is continuing rather than bottoming out.
Technology stocks drove the S&P 500 and Nasdaq higher Thursday thanks to big earnings beats from keystocks, including Microsoft and Tesla.
Microsoft, PayPal Holdings, Tesla and Amazon were responsible for more than 40 points of the Nasdaq 100's70-point gain.
The Daily Viewpoint
Page 6PCG Research
Intel jumped 8% after third-quarter earnings of $1.42 beat the estimate of $1.23.
Microsoft also added nearly 18 points to the Dow, which was held back primarily by a weak earnings reportfrom 3M.
But Twitter shares dropped nearly 21% as earnings badly missed Wall Street estimates.
Of the 168 S&P 500 companies that have reported third-quarter results thus far, 80.4% of them have come inabove analysts’ consensus estimates and 13.1% have fallen below estimates. By comparison, on average 65%of companies beat estimates and 20% miss, going back to 1994.
Economic dataU.S. economic reports, however, were mixed on Thursday, with durable-goods orders dropping 1.1% lastmonth, the government said Thursday.
Economists had forecast a 0.8% decline. The decline over the past 12 months steepened to 5.4%, marking thebiggest yearly drop-off since the middle of 2016.
Sales of newly constructed homes in the U.S. decreased 0.7% on a monthly basis in September to aseasonally-adjusted annual rate of 701,000, the government reported Wednesday.
Meanwhile, U.S. initial jobless claims, a rough way to measure layoffs, fell by 6,000 to 212,000 in the sevendays ended Oct. 19, holding near a 50-year low.
Draghi’s swansongEuropean Central Bank President Mario Draghi delivered the final policy meeting of his tenure. His successorChristine Lagarde, the former International Monetary Fund chief, was in attendance at the policy meeting,Draghi confirmed at a news conference.
In 2012, Mario Draghi uttered what may be the three most famous words in the history of central banking,pledging the European Central Bank would do “whatever it takes” within its mandate to preserve the euro.
On Thursday, the 72-year-old Italian economist presided over his final policy meeting as he prepares to leavethe ECB at the end of this month, completing a non-renewable eight-year term as president.
The euro remains intact and Draghi is widely credited with ensuring its survival, but he also leaves amidcontroversy and division over the policies he championed and the way he carried them out.
Draghi leaves Lagarde a fractious ECB that saw divisions over monetary easing measures embarked upon lastmonth, including a recent spate of bond buying. The ECB left its main deposit facility rate at negative 0.5%and its main lending rate at 0%.
The rate-setting Governing Council repeated that it expects to keep rates at present or lower levels untilinflation, robustly converges with its target of near 2%.
It also reiterated that it will begin a controversial bond-buying program at a pace of €20 billion a monthbeginning in November.
The Daily Viewpoint
Page 7PCG Research
Germany strugglesGerman economy, the largest in the European Union, is continuing to struggle, new data released Thursdayshow, with the difficulties of its export-oriented base extending to the service sector as global trade dries up.The IHS Markit flash German manufacturing PMI inched up to 41.9 in October from September’s decade-worst 41.7, which is still a reading that shows the factory segment of the country’s economy in dire straits.Readings below 50 indicate contraction.
Other marketsThe 10-year Treasury note yield rose 3 basis points higher at 1.77% on Thursday.
On the oil front, December West Texas Intermediate crude was modestly higher at $56.21 a barrel on theNew York Mercantile Exchange, up 0.4%, marking a second day of gains.
Gold for December delivery on Comex gained 0.6% at $1,505.20 an ounce.
The ICE U.S. Dollar Index gained 0.2% at 97.67.
European indices were all the in the green. The UK's FTSE 100 led the gains with a 0.93% surge. The GermanDax and the All European Stoxx rose 0.58% and 0.59% respectively.
After Hours: Amazon disappointsAmazon shares, however, fell nearly 8% after hours when third-quarter earnings per share came in a $4.23.The consensus estimate from analysts tracked by Investing.com was $4.59. Worse, the EPS was the lowerthan a year ago and first profit decline in two years.
The Daily Viewpoint
Page 8PCG Research
DATA & EVENTS
OPENING TRADING CALLS
NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIME BASIS. A TRADINGRECOMMENDATION SHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET ISTOUCHED IN INTRADAY TRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THEPOSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.
No. Reco Date Company Name Reco Cost SL Target1. 18/10/19 KANSAINER BUY 534.7-520 515 5652. 22/10/19 ICICIGI BUY 1284.85-1260 1240 13603. 22/10/19 GLAXO PHARMA BUY 1500-1460 1435 16204. 24/10/19 JAMNAAUTO BUY 43.45-42 40.5 48.55. 24/10/19 NFL BUY 27.5-26.5 25.5 316. 24/10/19 APOLLOHOSP OCT FUTURE BUY 1538-1525 1518 1570
The Daily Viewpoint
Page 9PCG Research
DATA & EVENTS
RESULTS ANNOUNCED DURING MARKET HOURS
COMPANY Q2FY20 YoY (%) QoQ (%)
Sales (Rs Cr)
NP (Rs Cr) Sales NP Sales NP
Alembic Pharmaceuticals Ltd 1240.9 246.3 10.1 23.1 30.8 99.1
Arvind SmartSpaces Ltd 33.4 2.6 -25.3 40.4 -8.6 -6.9
AYM Syntex Ltd 269.2 2.3 6.9 69.9 7.9 23.5
Bandhan Bank Ltd 2960.3 971.8 84.4 99.3 39.6 20.9
Cummins India Ltd 1320.9 182.9 -11.8 -10.6 -2.3 17.8
DCM Shriram Ltd 1752.9 117.7 3.1 -29.8 -7.9 -46.5
Gujarat Pipavav Port Ltd 199.2 76.3 16.4 21.9 12.2 38.6
Indian Energy Exchange Ltd 67.5 48.8 0.9 14.4 11.4 23.3Johnson Controls-Hitachi Air Condition.
India Ltd 376.6 -0.6 8.6 PL -60.4 PL
K P R Mill Ltd 808.0 109.1 5.7 30.6 -10.3 18.3
Kirloskar Oil Engines Ltd 818.2 40.9 -3.9 0.6 -9.3 -13.2
Maruti Suzuki India Ltd 16997.9 1391.1 -24.3 -39.0 -13.9 1.0
Motilal Oswal Financial Services Ltd 618.1 142.3 8.6 4535.5 1.5 7.8
NIIT Ltd 236.5 208.8 4.6 699.2 13.7 -80.9
Parag Milk Foods Ltd 640.0 28.5 11.6 -6.4 1.6 3.6Reliance Nippon Life Asset Management
Ltd 300.2 136.8 -23.2 19.6 -7.7 9.1
Shree Digvijay Cement Co. Ltd 97.7 8.6 2.5 LP -17.4 -43.2PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss
The Daily Viewpoint
Page 10PCG Research
DATA & EVENTS
RESULTS ANNOUNCED AFTER MARKET HOURS
COMPANY Q2FY20 YoY (%) QoQ (%)
Sales (Rs Cr)
NP (Rs Cr) Sales NP Sales NP
Astral Poly Technik Ltd 678.3 82.3 8.5 71.5 11.8 72.2
Colgate-Palmolive (India) Ltd 1213.2 244.1 4.5 24.3 12.8 44.3
Deepak Nitrite Ltd 1003.3 150.4 117.6 532.8 -4.5 14.3
Gujarat State Fertilizers & Chemicals Ltd 2406.7 62.3 -11.0 -72.6 39.8 48.9
Interglobe Aviation Ltd 8105.2 -1062.0 31.0 LL -14.0 PL
ITC Ltd 12867.4 4173.7 5.6 37.1 1.7 21.5
Jayant Agro Organics Ltd 823.7 6.8 47.7 -52.8 0.6 -28.2
Jubilant Industries Ltd 138.7 5.6 -6.2 204.3 -8.9 -41.0
Kalyani Steels Ltd 303.2 44.9 -21.5 58.4 -11.7 23.8
Kaya Ltd 101.4 -9.3 -5.6 LL 1.0 LL
Kopran Ltd 87.8 5.7 -4.7 31.9 4.3 34.4
Mold-Tek Packaging Ltd 114.4 10.5 13.8 44.6 -1.9 11.8
PNB Housing Finance Ltd 2229.7 366.8 23.3 45.0 -0.1 28.9
Raymond Ltd 1883.2 86.2 1.9 32.3 31.2 LP
Sterlite Technologies Ltd 1359.7 167.8 25.4 21.0 -5.0 17.4
Udaipur Cement Works Ltd 166.9 3.3 45.0 LP -17.3 -76.3
United Spirits Ltd 2314.2 157.6 3.4 -28.6 -4.9 -13.3
Westlife Development Ltd 396.5 4.7 13.2 15.0 3.8 LPPL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss
The Daily Viewpoint
Page 11PCG Research
DATA & EVENTS
RESULT CALENDAR-BSE500
DATE COMPANY DATE COMPANY DATE COMPANY DATE COMPANY
25-Oct Tata Coffee Lak. Mach. Works H D F C Godrej Propert.
Atul Heritage Foods CARE Ratings Gujarat Gas
Marico The RamcoCement 5-Nov Dabur India 6-Nov Godrej Consumer
Timken India 31-Oct I O C L Cholaman.Inv.&Fn Exide Inds.Ratnamani Metals 1-Nov GIC Housing Fin Prism Johnson Firstsour.Solu.
St Bk of India Kansai Nerolac Tech Mahindra Bosch26-Oct ICICI Bank Dr Reddy's Labs Titan Company Max Financial29-Oct SKF India 4-Nov Persistent Sys EIH EID Parry30-Oct Phillips Carbon NOCIL G N F C Triveni Turbine
The Daily Viewpoint
Page 12PCG Research
LIST OF NIFTY STOCKS
COMPANY CLOSE R2 R1 PIVOT S1 S2
NIFTY 50 11583 11744 11663 11599 11518 11454ADANIPORTS 398 406 402 398 394 390ASIANPAINT 1792 1822 1807 1780 1765 1738AXISBANK 709 733 721 711 699 690BAJAJ-AUTO 3171 3230 3200 3172 3143 3114BAJAJFINSV 8089 8273 8181 8108 8016 7943BAJFINANCE 4030 4108 4069 4041 4002 3973BHARTIARTL 372 409 390 358 340 307BPCL 513 538 526 513 500 488BRITANNIA 3286 3378 3332 3296 3250 3214CIPLA 448 462 455 449 442 437COALINDIA 205 212 209 206 203 201DRREDDY 2825 2895 2860 2815 2780 2735EICHERMOT 21129 21614 21371 20946 20704 20279GAIL 124 131 128 125 122 120GRASIM 696 780 738 701 659 621HCLTECH 1119 1178 1148 1129 1100 1081HDFC 2146 2187 2166 2154 2134 2121HDFCBANK 1233 1266 1249 1238 1222 1210HEROMOTOCO 2692 2797 2744 2697 2644 2597HINDALCO 181 189 185 183 179 177HINDUNILVR 2144 2169 2157 2137 2125 2105ICICIBANK 454 463 458 455 450 447INDUSINDBK 1285 1377 1331 1302 1255 1226INFRATEL 239 268 253 244 229 220INFY 635 661 648 640 627 619IOC 141 146 144 142 140 138ITC 249 256 253 250 247 244JSWSTEEL 224 231 228 221 218 212KOTAKBANK 1614 1646 1630 1614 1598 1581LT 1436 1484 1460 1443 1419 1402M&M 582 602 592 585 575 568MARUTI 7399 7586 7493 7382 7289 7178NESTLEIND 14665 15202 14933 14780 14511 14357NTPC 120 123 122 120 119 118ONGC 141 144 142 141 139 138POWERGRID 204 209 206 205 203 201RELIANCE 1435 1476 1455 1421 1400 1366SBIN 263 292 278 263 249 234SUNPHARMA 406 413 410 404 401 395TATAMOTORS 134 138 136 133 131 129TATASTEEL 360 367 363 358 355 350TCS 2078 2117 2098 2080 2060 2042TECHM 726 752 739 732 718 711TITAN 1377 1397 1387 1369 1359 1341ULTRACEMCO 4293 4375 4334 4289 4248 4203UPL 600 612 606 601 595 589VEDL 146 150 148 147 144 143WIPRO 250 256 253 251 248 246YESBANK 48 55 52 49 46 44ZEEL 238 249 244 240 234 231
SUPPORT - RESISTANCE
The Daily Viewpoint
Page 13PCG Research
Disclaimer:This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein havebeen compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified andno 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 securities mentioned herein are not intended to becomplete and this document is not, and should not be construed as an offer or solicitation of an 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 person or entity who is a citizen or resident orlocated in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or whatwould subject HSL or its affiliates to any registration or licensing 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 and brought to the attention of the sender. Thisdocument may not be reproduced, distributed or published for any purposes without prior written approval of HSL.Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or theincome derived from them. In addition, investors in securities such as ADRs, the values of which 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 servicesfor, 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 buy or sell the securities of thecompany(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker inthe financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict ofinterests with respect to any recommendation 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 sustained due to the investments made or anyaction taken on basis of this report, including but not restricted to, fluctuation in the prices of shares 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 and financial instruments dealt in the report,or may make sell or purchase or other deals in these securities from time to time or may deal in 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 been mandated by the subject company for anyother 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 preceding twelve months from t date of thisreport for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisoryservice in a merger or specific transaction in the normal 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 in connection with preparation of theresearch report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our ResearchAnalysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent withand reach 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 an officer, director or employee of the subjectcompany. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.
HDFC securities Limited, SEBI Registration No.: INZ000186937 (NSE, BSE, MSEI, MCX) |NSE Trading Member Code: 11094 | BSE Clearing Number: 393 | MSEI TradingMember Code: 30000 | MCX Member Code: 56015 | AMFI Reg No. ARN -13549, PFRDA Reg. No - POP 04102015, IRDA Corporate Agent Licence No.-HDF2806925/HDFC000222657 , Research Analyst Reg. No. INH000002475, CIN-U67120MH2000PLC152193. Registered Address: I Think Techno Campus, Building, B, Alpha, Office Floor 8,Near Kanjurmarg Station, Kanjurmarg (East), Mumbai -400 042. Tel -022 30753400. Compliance Officer: Ms. Binkle R Oza. Ph: 022-3045 3600 Email:[email protected].
Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.
PCG TEAM
Name DESIGNATION EMAIL ID
Mr. Vinod Sharma Head, PCG & Market Strategy [email protected]
Mr. Devarsh Vakil Head, Advisory [email protected]
Mr. Nandish Shah Derivative Analyst [email protected]
Mr. Vinay Rajani Technical Analyst [email protected]
Mr. Kushal Rughani Fundamental Analyst [email protected]
Ms. Nisha Sankhala Fundamental Analyst [email protected]
Mr. Dilip Parmar Currency & Equity Analyst [email protected]
Mr. Tapan Patel Commodity Analyst [email protected]
Mr. Karan Shah Fundamental Analyst [email protected]
Mr. Manthan Jhaveri Junior Analyst [email protected]
