Opening Bell

October 13, 2016

Market Outlook
Indian markets are expected to open negative after two weak trading
days in the global markets. After weak Indian IIP data, markets will
keep an eye on the upcoming earnings performance of IT majors.

Todays Highlights
India CPI YoY
Results: Cyient Ltd, TCS
Index Movement (past month)
32000

9200

30000
8800
28000

Key Developments

BSE (RHS)

IIP for August 2016 recorded a decline in output by 0.7% against

growth of 6.3% in August 2015. The manufacturing sector recorded
a decline in output by 0.3% YoY as the capital goods sector
remained a drag for overall IIP as output declined 22% YoY. In
addition to this, output of the mining sector also declined to 5.6%
YoY while electricity output recorded miniscule growth of 0.1% over
the same period of the previous year. A sharp decline in output of
capital goods was due to a decline in output of Cable rubber and
insulated and Sugar Machineries by 86.2% and 65.5%,
respectively. Additionally, a relatively better performance in
consumer goods (up 1.1% YoY) was largely due to increase in
output of consumer durable segment by 2.3% YoY whereas output
of consumer non durable segment remained muted. Cumulatively
IIP for April-August 2016 recorded a decline in output by 0.3%
JSW Steel's crude steel production for Q2FY17 was at 4.0 million
tonne (MT), up 22% YoY. The flat rolled production for the quarter
came in at 2.86 MT, up 12% YoY while long steel production was at
0.8 MT, up 24% YoY

Sensex
Nifty

Close Previous
28,082 28,061
8,708.8 8,697.6

10-Oct

6-Oct

4-Oct

30-Sep

28-Sep

26-Sep

22-Sep

20-Sep

26000
16-Sep

8400
14-Sep

Markets Yesterday
Domestic markets ended flat as investors took a cautious approach
amid mixed global cues
US markets on Monday gained after a jump in crude oil prices.
However, Tuesday's session negated the gains after weak results
from some companies whereas the release of Fed minutes kept the
markets flat on Wednesday

NSE (LHS)

Chg (%) MTD(%) YTD(%) P/E (1yr fwd)

0.1
0.8
7.5
19.1
0.1
1.1
9.6
19.5

Institutional Activity
FII (| cr)
DII (| cr)

CY14
99,525
-30,570

CY15
17,079
66,249

YTD CY16
39,097
2,312

Yesterday Last 5 Days

661
450
-213
649

World Indices Monthly performance

U.K.
7,024
4.8%
Nasdaq
5,239
0.5%

Kospi
2,022
2.1%
France
4,452
0.3%

Shanghai
3,059
1.2%
Dow Jones
18,144
0.2%

Nikkei
16,885
1.0%
NSE
8,709
-1.8%

Germany
10,523
0.9%
BSE
28,082
-2.5%

Nifty Heat Map

Tata Steel
Cipla
GAIL
Power
Grid
Tech M.
M&M
HUL
Bajaj
Auto
IDFC
Grasim
Ind

418.4
2.9%
580.7
1.9%
419.1
1.2%
178.1
0.6%
421.9
0.5%
1,376.9
0.2%
876.2
-0.1%
2,876.4
-0.2%
68.4
-0.6%
1,014.7
-1.0%

ACC
Hindalco
Ultratech
PNB
ITC
Tata
power
ONGC

1,668.5 Vedanta
Ltd
2.7%
160.8
1.7%
3,976.8
1.1%
144.5
0.6%
240.1
0.5%
80.9
0.2%
267.0
-0.1%

United
Spirits

2,468.8

Tata
Motors

562.1

Bharti
Airtel

315.9

-0.3%
-0.6%
-1.1%

Infosys
HCL Tech
Sun
Pharma
Yes Bank
Coal India
BHEL
Kotak
Bank
SBI
NTPC

199.6
2.4%
1,030.0
1.7%
813.0
0.8%
755.5
0.6%
1,279.5
0.4%
318.9
0.0%
135.0
-0.2%
780.2
-0.3%
256.6
-0.8%
146.7
-1.1%

ICICI Securities Ltd. | Retail Equity Research

Asian
Paints

1,212.7

Ambuja
Cement

257.0

Dr Reddy
TCS

2.4%
1.7%
3,078.7
0.8%
2,380.3
0.5%

Hero
Moto

3,488.9

Indusind
Bank

1,221.1

IDEA
Axis Bank
BPCL
RIL

0.4%
0.0%
79.9
-0.2%
531.6
-0.4%
657.8
-0.9%
1,096.4
-1.1%

Cairn
India
Lupin
NMDC
Maruti
HDFC
Bank
Wipro
ICICI
Bank
L&T
HDFC Ltd
Bank of
Baroda

227.6
1.9%
1,520.2
1.3%
118.6
0.7%
5,712.4
0.5%
1,284.4
0.3%
477.0
0.0%
250.1
-0.2%
1,450.0
-0.5%
1,391.5
-0.9%
162.0
-1.2%

Markets Today
Close Previous Change (%) MTD(%)
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

YTD(%)

29,863
42,249
51.5
NA

29,783
41,571
51.8
NA

0.3
1.6
-0.6
NA

-4.2
-7.1
5.0
-1.2

19.5
28.1
38.1
1.8

66.53
1.10
104.11

66.69
1.10
104.21

-0.2
0.1
-0.1

0.1
-1.9
-2.7

-0.6
1.4
15.5

72.0
7.4
41.5
15.9
45.5

72.0
7.4
41.7
15.7
45.6

0.0
-0.9
-0.7
1.5
-0.1

-0.6
NA
-1.0
-2.3
-2.6

16.9
NA
41.6
-6.3
-1.6

4-Oct

5-Oct
BSE Cash

2,502
15,092

3-Oct

3,337
19,353

6-Oct

7-Oct

10-Oct

NSE Cash

NSE Derivative Turnover (| crore)

600000.00
400000.00
200000.00
0.00

3-Oct

4-Oct

5-Oct

6-Oct

208,900

4.00%
6.50%
6.00%
6.07%
-7.1bln $
22.57bln $
363.82bln $
7.90%
7.30%
30.69bln $
-2.40%
0.90%
-24.8bln $
7.67bln $
11.82%
-1.00%
3.55%
1.82%

251,661

4.00%
6.25%
5.75%
5.05%
-0.3bln $
21.69bln $
365.75bln $
7.10%
7.60%
29.45bln $
-0.70%
-3.40%
-23.8bln $
7.76bln $
8.23%
1.62%
3.74%
2.42%

3,675
22,279

N/A
N/A
N/A
August
Q1
July
w/e
Q1
12M
July
August
July
Q2
August
August
August
August
August

551,359

RBI Cash Reserve Ratio

RBI Repo Rate
RBI Reverse Repo Rate
CPI YY
Current Account Balance
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

25000
20000
15000
10000
5000
0

382,034

Prior Values

3,915
21,252

Latest

324,183

Period

280,028

Key Economic Indicator

4,258
22,143

Exchange Cash Turnover (| crore)

KEY ECONOMICINDICATORS

3,841
20,433

Key Data Points

7-Oct

10-Oct

NSE Derivative

Sectoral Index

Sectoral Performance Monthly Returns (%)

Sector
Auto

Close

Previous

Change

% Change

Volume

22832.5

22849.09

-16.59

(0.07)

1120000

Banks

22122.72

22152.52

-29.8

(0.13)

4500000

BSE Small Cap

11792.74

11901.39

-108.65

(0.91)

66926000

Capital Goods

14810.02

14839.83

-29.81

(0.20)

4094000

Consumer Durables

13008.39

12792.31

216.08

1.69

425000

8304.6

8368.14

-63.54

(0.76)

1023000

Healthcare

17870.57

18140.06

-269.49

(1.49)

1830000

IT

11396.98

11501.95

-104.97

(0.91)

1254000

Metals

10410.38

10258.4

151.98

1.48

6277000

Mid Cap

10993.02

11070.76

-77.74

(0.70)

64406000

Oil & Gas

12009.98

12081.22

-71.24

(0.59)

1293000

Power

2013.84

2018.25

-4.41

(0.22)

5647000

PSU

7714.68

7739.8

-25.12

(0.32)

14554000

Real Estate

1554.43

1573.43

-19

(1.21)

4529000

FMCG

Oil & Gas

BSE Small Cap
Mid Cap
Real Estate
Metals
Consumer Durables
PSU
Auto
Healthcare
IT
Capital Goods
FMCG
Power
Banks
-10.0

7.3
3.1
1.3
0.9
0.9
0.6
0.5
-1.5
-1.6
-3.3
-3.8
-4.5
-5.3
-5.8
-5.0

0.0
(%)

5.0

Key News for Today

Company/
Industry
Road sector

Cipla

News

View

National Highways Authority of India (NHAI) is

looking to monetise 30-40 road asstes in the
next two months to raise up to ~| 1500020000 crore

The money raised would be used in

awarding new projects on an EPC basis,
which is a positive for the construction
sector. Key beneficiaries: PNC Infratech,
Sadbhav
Engineering,
NCC,
KNR
construction, IRB and Ashoka Buildcon

Cipla has received Establishment Inspection

Report (EIR) from the USFDA for its Indore
facility indicating formal closure of the USFDA
inspection conducted in July/August, 2015

US (ex Invagen) was 14% of total sales in

FY16. Majority of the companys US filings
from India are from this facility. Although
the financial impact may not be material, this
bodes well for approval continuum in the
future

ICICI Securities Ltd. | Retail Equity Research

Impact

10.0

Zee
As per media sources, Zee has reached an
Entertainment agreement with Reliance BroadcastNetworks
to acquire the latter for an enterprise value of |
1872 crore. The deal includes both the radio
and the television business

Reliance Broadcast operates 59 station

networks and two TV channels and clocked
an operating profit in the range of | 120-140
crore in FY16. The deal, if through, will
enable Zee to foray into the radio segment,
which is a fast growing segment and help it
synergise with its current businesses

Key developments (Continued)

Hindustan Zinc reported production figures for Q2FY17. Mined metal production came in at 192000 tonne, up 51% QoQ,
down 20% YoY. Integrated refined zinc production was at 149000 tonne, up 47% QoQ and 30% down YoY, while
integrated refined lead production stood at 31000 tonne. The silver production came in at 107000 tonne down 3% up
21% QoQ and down 3% YoY.
For Q2FY17, Vedanta's aluminium segment reported a total aluminium production of 296000 tonne up 21% QoQ and
27% YoY. The zinc international segment reported production of 39000 tonne. The copper cathodes production came in
at 97000 tonne down 3% QoQ up 3% YoY. While the iron ore segment reported lower sales volume of 0.8 million tonne
down 70% QoQ.
For H1FY17, Indian crude steel production grew 7.6% YoY to 48.0 million tonne (MT) while finished steel production
grew ~9% YoY to 48.8 MT. However, finished steel consumption grew a slower 2.5% YoY to 40.5 MT for the aforesaid
period. During the first half of FY17, imports declined 37.3% YoY to 3.6 MT while exports rose 35.6% to 3.0 MT
IndusInd Bank continued with a healthy performance in Q2FY17 with 26% YoY growth in net profit at | 704 crore. NII
grew at 33%, led by 26% YoY growth in advances and 3 bps QoQ margin improvement at 4%. Other income also
increased 24% YoY to | 970 crore. Credit cost was at 15 bps. Asset quality remained stable with 1 bps QoQ
improvement in GNPA ratio at 0.9%
TCS's Q2FY17 US$ revenues could grow 0.9% QoQ to $4,401 million while those in constant currency could grow
~1.8% QoQ. Rupee revenues could grow 0.5% to | 29,475 crore. EBIT margins could increase ~60 bps QoQ to 25.7%
led by absence of visa cost and wage hike but offset by weaker revenue growth QoQ.
Cairn India reported average gross daily production of 196399 boepd (-4.4% YoY) in Q2 2017 vs. 205631 boepd in Q2
2016. Out of gross production 167699 boepd is reported from Rajasthan fields. Net production was reported at 125575
boepd in Q2 2017 vs. 128021 boepd in Q2 2016
World Steel Association (WSA) forecasts global steel demand will grow by mere 0.2% to 1501 million tonne (MT) in
2016 and 0.5% to 1510 (MT) in 2017. The steel demand in the emerging and developing economies excluding China is
expected to grow 2% in 2016 and by 4% in 2017 on the back of resilient Asian economies and stabilising commodity
prices. Chinese steel demand is expected to decline by 1.0% in 2016 and 2.0% in 2017. steel demand in developed
economies is projected to increase by 0.2% in 2016 and by 1.1% in 2017.
Asian Granito (AGIL) has completed a major expansion at Crystal Ceramics amounting to an investment of ~| 170 crore
(including acquisition cost) for capacity of ~4.4 MSM to produce double charged vitrified tiles. With this expansion,
AGIL has a total production capacity of ~36.5 MSM
Maharashtra State Road Development Corporation has terminated concession agreement with IRB Infrastructure for
Mumbai-Pune phase II project
Titan Company is planning to enter special occasion women's ethnic wear category. It is likely to open stores and would
run the project on a pilot basis for 12 months and, thereafter, decide its strategy in this category based on consumer
response
JSW Steel is planning to consider stock split in the board meeting to be held on October 27, 2016
As per media sources, IOC is planning to lay India's longest LPG pipeline from Gujarat coast to Gorakhpur. The pipeline
of 1987 km will carry 3.75 MMTPA of LPG
Sun Pharma is recalling 31762 bottles bupropion of hydrochloride extended- release tablets used for treatment of major
depressive disorder in the US due to failed dissolution specifications. This recalls is considered under class III recall
category
Dr Reddys Labs has launched generic Lamotrigine orally disintegrating tablets used for treatment of certain types of
seizures in epileptic patients
ACC has indicated that its 1.4 MT Sindri grinding unit will commence operation in November 2016

ICICI Securities Ltd. | Retail Equity Research

Sensex Chart

Technical Outlook

We said, "Failure to sustain above Friday can

continue the subdued mode ..." The index did
open above Friday but failing to hold initial
highs, it turned subdued and pruned down net
gains to just 21 points ahead of a two-day
holiday. While the metal, IT sectors traded
positive, the realty sector ended negative. The
A/D ratio ended marginally positive.
The action formed a Bear candle as it opened
above Friday but closed below the open.
Despite the higher high-low, failing to close
above Friday did not turn the bias positive.
Global cues during the two-day holiday are
negative. Weakness and close below Monday
can turn the bias negative and test last week's
lows marked in white. Watch if the supports
hold.

Pivot Points

CNX Nifty Technical Picture

Index/Stocks
SENSEX
NIFTY
ACC
AXIS BANK
HDFC BANK
SBI
HDFC
MARUTI SUZUKI
TATA MOTORS
M&M
BAJAJ AUTO
TCS
INFOSYS
CIPLA
ONGC
RELIANCE
BHARTI AIRTEL
DLF

Close
28082.34
8708.80
1668.50
531.55
1284.35
256.60
1391.45
5712.35
562.05
1376.90
2876.40
2380.30
1029.95
580.65
266.95
1096.35
315.90
154.00

S1
28102.40
8714.15
1661.95
528.30
1284.00
255.00
1381.05
5713.30
558.25
1375.15
2878.05
2377.20
1026.90
579.55
263.65
1086.25
313.95
152.20

S2
28065.30
8703.70
1649.40
525.95
1281.70
253.85
1374.15
5703.70
554.30
1371.90
2865.40
2369.25
1021.50
576.00
261.90
1082.10
312.15
151.40

R1
28176.55
8735.10
1687.05
532.55
1288.60
257.10
1394.00
5732.50
563.35
1381.70
2903.40
2393.10
1037.80
586.60
266.90
1100.25
316.40
154.30

R2
28226.05
8751.65
1692.60
534.65
1291.45
258.20
1400.45
5748.05
565.90
1384.95
2932.15
2400.75
1043.70
590.90
268.50
1107.25
317.65
155.30

Trend
+ve
+ve
+ve
-ve
+ve
-ve
-ve
+ve
-ve
Neutral
+ve
+ve
+ve
+ve
-ve
-ve
-ve
-ve

N ifty 50
Trend
Trend Reversal
Support
Resistance
20 Days EMA
200 days EMA

Intra da y
Down
8735
8610-8555
8690-8735

8300
8400
8500
8600
8700
8800
8900
9000
9100

Advances
1690
944

BSE
NSE

60.0

30

1. Buy ACC above 1675.00

2. Sell NTPC below 147.00

*All recommendations are of October Future

Buy VEDLIM October Fut at 203.00-203.40

View: Bullish
Strategy: Buy Future
CMP: 201
Target 1: 203.9
Target 2: 205.3
Stop Loss: 202.5

11
16

44
44

26

38

40
38

23
8

68

13
27

6
40.0

20.0

0.0
Put

20.0
Call

ICICI Securities Ltd. | Retail Equity Research

40.0

60.0

80.0

Declines
1199
680

Daily Technical Calls

Intraday Derivative Strategy

5
5

23

8518
9119
8729
8282

Advances / Declines

See Momentum Pick for more details

Nifty Call Put Strike (No. of shares in lakh) October 2016

S hort T e rm
Range bound

Sell VOLTAS October Fut at 384.50-385.00

View: Bearish
Strategy: Sell Future
CMP: 390
Target 1: 382.8
Target 2: 378.8
Stop Loss: 386.8
See Daily Derivatives for more details

Unchanged
129
80

Results/Events Calendar

26

Monday

US New Home Sales

0
0
0
0

03

17

11

Monday

18

Monday

Wednesday

05

October
Tuesday

25

Monday

Nikkei India PMI Services

Markit US Services PMI
0
0
0

12

October
Tuesday

19

October
Tuesday

26

October
Tuesday

13

October

20

October

27

October

HDFC Bank
HDFC Ltd
Exide Industries
Cadila Healthcare
Indoco Remedies

Major Economic Events this Week

14

October

21

October

Thursday

28

October
Thursday

Tech Mahindra, IOCL

Bajaj Finserv, EPC Industrie
InfoEdge, Zee Media Corp
Mahindra Lifespace
Castrol India

08

Friday

October

Saturday

0
0
0
0
0

15

October
Friday

October

Saturday

NIIT Technologies
0
0
0
0

22

October
Friday

Wipro, HCL Tech

Mindtree Ltd
Unichem Lab
Cairn India
0

October

Saturday

China Mfg PMI

0
0
0
0

October

Infosys ltd
India Wholesale Prices YoY
DCB Bank
China CPI YoY
TV 18 Broadcast Ltd

Syngene Int.
Biocon
LIC Housing Finance
0
0

Wednesday

Friday

US Unemployement Rate
UK Mfg Production YoY
0
0
0

Thursday

Cyient Ltd
TCS
India CPI YoY
0
0

Wednesday

07

October

01

September

India Fiscal Deficit

UK GDP YoY
Eurozone CPI Core YoY
0
0

Thursday

Markit Eurozone Retail PMI

0
0
0
0

Wednesday

KPIT Technologies
Bayer Cropscience
China GDP YoY
0
0

Kotak Bank, PI Industries

Asian Paints
Dr Reddy's Lab
Zee Entertainment
Bharti Airtel

October

Saturday

Persistent Systems
0
0
0
0

29

October
Friday

Kansai Nerolac
Bajaj Auto
0
0
0

October
Saturday

0
0
0
0
0

Result Preview

Date
8-Oct
10-Oct
12-Oct

Event
Country
Caixin China PMI Services CH
Industrial Production YoY IN
Industrial Production SA MoEU

Period
Sep
Aug
Aug

Date
13-Oct
14-Oct
14-Oct

Event
CPI YoY
Wholesale Prices YoY
CPI YoY

Period
Sep
Sep
Sep

Country
IN
IN
CH

Thursday

06

October

Wednesday

30

September

Japan Small Business ConfidenUS GDP Annualized QoQ

0
0
0
0
0
0
0
0

UK CPI YoY
US CPI YoY
Havells India
0
0

October

29

September

Japan BoP Current Account Ba IndusInd Bank

0
0
0
0
0
0
0
0

October

Mahindra CIE
Swaraj Engines
Navin Fluorine Int Ltd
0
0

Tuesday

RBI Repurchase Rate

RBI Reverse Repo Rate
RBI Cash Reserve Ratio
Japan Monetary base YoY
0

October

Japan Industrial Prod YoY

US Industrial Prod MoM
EU CPI YoY
0
0

24

04

Monday

India Industrial Prod YoY

0
0
0
0

28

September

Markit US Services PMI

China Industrial Prod YoY
0
0
0

October

Nikkei India PMI Mfg

Markit US Mfg PMI
0
0
0

10

27

September

Actual Expected Company

52.00
52.10
-0.70%
-0.8% TCS
1.60%
1.5% Cyient
Expected
4.60%
3.90%
1.60%

Revenue
Q2FY17E
29,474.8
852.3

Chg(%)
EBITDA
YoY
QoQ Q2FY17E
8.5
0.6 8,073.2
10.4
2.6
109.1

Chg(%)
PAT
Chg(%)
YoY
QoQ Q2FY17E
YoY
QoQ
3.2
3.0 6,380.0
5.4
1.0
-6.2
0.1
72.3 -26.6
-2.2

Previous
5.1%
3.7%
1.3%

0063

Revenue = NII; EBITDA = PPP for Banks and NBFC

Recent Releases

ICICI Securities Ltd. | Retail Equity Research

Date
10 October 2016

Sector Update- Telecom

Report

10 October 2016

Company Update- Bajaj Finserv

10 October 2016

Company Update- Accelya Kale Solutions

07 October 2016

Q2FY17E Result Preview

07 October 2016

Management Meet Update Deccan Cement

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.

Frequency

Time
frame

Avg. Returns
objective

Location
on ICICIdirect.com

Pre-market open
Daily

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 Technicals

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

Fortnightly
Monthly

When published

Quarterly

3 months

> 1 year

15 20%

> 20% &

above

Trading Page, iCLICK-2-GAIN

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
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

pankaj.pandey@icicisecurities.com

Disclaimer
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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.

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ICICI Securities Ltd. | Retail Equity Research