Daily Morning Note

20 July 2023

Current % % Market Commentary

Indices
Value 1D YTD
Sensex 67,097 0.5 10.3  Asian markets are trading with mixed results as investors await a series of
Nifty 19,833 0.4 9.5 economic data releases across the region. The Nikkei is trading lower by
BSE Midcap 29,608 0.6 17.0 1.18%, indicating a bearish sentiment. Shanghai is also slightly down by
BSE Small cap 34,036 0.6 17.7 0.03%, while Hang Seng is showing some gains, trading higher by 0.47%.
Sectors – Performance (BSE)
 Indian indices are expected to open on a flat note, with GIFT Nifty trading
Telecom 1,822 1.1 5.2
lower by 0.02%.
Power 4,039 0.8 -7.8
Consumer Dur 42,880 0.7 8.0  US markets ended higher amid growing expectations that the Federal
Tech 14,180 -0.1 5.7 Reserve is approaching the end of its interest rate hikes. The Dow Jones
IT 31,741 0.0 10.7 gained 109 points or 0.31% to close at 35,061, as investors digested the latest
Auto 35,657 0.0 23.3
round of corporate earnings. However, a decline in Microsoft shares led

Nifty Nasdaq to close almost unchanged at 14,358.

CMP % Chg
Gainers/Losers
Q1FY24 Results
NTPC 193 2.8
 Result Update: Polycab India (BUY),Mahindra CIE (BUY), Can Fin Homes
BAJFINANCE 7,585 2.2
INDUSINDBK 1,420 2.1
(First Cut)

HINDALCO 439 (1.2)

 Result Previews: Infosys, Hindustan Unilever, Coforge, Dalmia Bharat, ICICI

TCS 3,470 (0.8) Securities, Persistent Systems, Zensar Technologies.

BAJAJ-AUTO 4,824 (0.8)  Results today (non-coverage): 360 One Wam, CSB Bank, DB Corp., Havells
India, HMT, Kirloskar Pneumatic, Mphasis, Nelco, Rajnish Wellness, Reliance
FII Trading activities in Cash Industrial Infrastructure, Shalby, South Indian Bank, Tanla Platforms, Union
Date Net MTD
Bank of India, United Spirits.
FII 19-Jul-23 1,165 1,670
DII 19-Jul-23 -2,135 -1,939 News in Focus
Figs. in Rs Cr.  Dr. Reddy's Laboratories received ‘zero’ observations and no action from the
Current % % USFDA at its API manufacturing facility in Srikakulam. The inspection was
Global Indices
Value 1D YTD
conducted from July 10 to July 19.
Dow Jones 35,061 0.3 5.8
 PNC Infratech has signed a concession agreement with the National
NASDAQ 14,358 0.0 37.2
Highways Authority of India for three Hybrid Annuity Mode projects worth Rs
DAX 16,109 (0.1) 14.5
Nikkei 225 32,573 (1.0) 24.8 3,264 Cr.

FTSE 100 7,588 1.8 0.3  Avenue Supermarkets has opened a new store in Akola, Maharashtra, taking
Hang Seng 19,063 0.6 (5.4) the total store count to 330.
Shanghai A Sha 3,197 (0.1) 2.6  Federal Bank launched its qualified institutional placement issue on July 19.
Source: Bloomberg; As on 7:30 am IST The floor price has been set at Rs 132.59/share for the QIP.
Forex Rate  TTK Prestige has resumed manufacturing operations at the Roorkee plant
INR/USD 82.1 -0.1 0.8
after flooding on July 18. It estimated a loss of movables of ~Rs 40 Lc.
INR/EUR 92.2 0.1 -4.4
 Mastek signed a definitive agreement to acquire BizAnalytica for an upfront
INR/GBP 106.3 1.1 -6.4
payment of $16.72 Mn (Rs 137 Cr) and earn out up to $24 Mn (Rs 197 Cr).
INR/YEN (100) 58.7 1.0 7.0

For private circulation only 1

CanFin Homes Q1FY24 First Cut

NII - BEAT, PPOP - BEAT, PAT - BEAT

 Disbursements de-grew by ~23% QoQ and grew by 14% YoY. AUM growth was in-line with our expectations at 18/3%
YoY/QoQ.
 NII grew by 14/9% YoY/QoQ. Margins improved to 3.48% vs 3.37% QoQ.
 Opex growth was modest at 7% YoY, while it de-grew by 16% QoQ. Thus, C-I Ratio improved to 14.9% vs 15.8/18.9%
YoY/QoQ. PPOP grew by 15/12% YoY/QoQ.
 Provisions stood at ~Rs 14 Cr vs a provision write-back in Q1FY23. PAT grew by 13/11% YoY/QoQ.
 GNPA inched up by 8bps QoQ and stood at 0.63% vs 0.65/0.55% YoY/QoQ.

Concall scheduled on 20th July, 2023.

Key Monitorables: 1) Demand outlook, 2) Comments on Margins

Mahindra CIE-Q2CY23 results update; BUY; TP: Rs 585/share

Q2CY23 - Overall Miss; Profitability to Sustain

Est. Vs. Actual for Q2CY23: Revenue – Miss ; EBITDA – Miss ; PAT – Miss
Change in Estimates post Q2CY23
CY24E/CY25E: Revenue -5%/-6%; EBITDA -3%/-6%; PAT -6%/-8%
Recommendation Rationale
 Indian operations likely to outperform underlying industry growth: As per management revenue in Q2 was impacted by
differential performance across segments and across customers; along with certain impact due to product mix. In the medium
term, the management is confident of outperformance in India operations led by overall industry growth, demand-backed capex
and existing order commitments from OEMs. The management is focused on operational efficiencies to meet CIE parents’
EBITDA standards (18-19%)
 Europe Business – Sluggish short-term but tailwinds likely to emerge in the mid-term: The management informed that
revenue from EU operations in Q2CY23 was impacted on account of weaker performance in the PV forgings division, the decline
in the Metalcastello plant due to subdued US demand and reduction in scrappage surcharge from Euro 120/ton in Q2CY22 to
Euro 100/ton in Q2CY23. It expects a flat industry growth in CY24 on a YoY basis and CIE to report similar to slightly positive
growth than the industry (recovery post that may be expected with tailwinds such as peaking out of interest rates, stability in RM
costs, and preparedness towards EV transition). Post the hive-off of the German trucking business, the EBITDA margins continue
to have been positively impacted led by lower energy prices, input cost pass-through and internal efficiencies.
 EV Portfolio: Electrification of powertrain has seen rapid adoption in Europe with a market share of greater than 10%; and
gradual pick up in India especially in the 2w and 3w segments. The company’s Spanish plant has orders for steel forgings used in
battery packs and aluminium forging parts for chassis. The Italian plant has orders from US OEMs for EV transmission parts
(commercial production to start in CY24). The management reiterated that these orders (forming >30% of total new order wins)
should compensate for any potential drop in future revenues due to EV penetration.
Company Outlook & Guidance: The management indicated that the company will continue to outperform overall industry growth by
5-10% in India and European business to grow in line with industry growth. It maintained long-term EBITDA margin guidance at 18-
19%, which has been in line with the CIE global business operations.
Current Valuation: 24x PE (earlier 22x) on Indian and 10x (earlier 11x) PE on European Jun’25 EPS (earlier CY24 EPS ).
Current TP: Rs 585/share (Rs 595 earlier)
Recommendation: Our BUY recommendation is based on growth potential in Indian operations led by increased capacities, further
headroom for operational efficiencies and a healthy balance sheet. We expect weakness in European business in H2CY23 but a
gradual recovery post that in CY24.

For private circulation only 2

Polycab India Result Update Q1FY24: BUY with TP Rs. 4,876/share

Robust growth led by Strong demand environment

Est. Vs. Actual for Q1FY24: Revenue – BEAT; EBITDA Margin – BEAT; PAT – BEAT

Change in Estimates post Q1FY24

FY24E/FY25E: Revenue (4.5%/6.4%); EBITDA (10.4%/6.4%); PAT (14%/17%)

Recommendation Rationale

 Strong growth outlook for C&W: The company witnessed robust growth with a strong demand environment led by
sustained domestic demand, government measures and improvement in private capex. The management expects demand
momentum to sustain given higher infra spends by the government , increasing private capex announcements and higher
contribution from exports.
 Healthy Growth in Cables & Wires continues: Polycab’s C&W segment grew 46% YoY driven by healthy 50%+ volume
growth of in the segment. The international business grew 88% YoY, contributing to 8.9% of the consolidated revenue in
Q1FY24. The C&W segment margins at 14.8% improved by ~326 bps YoY led by calibrated price hikes, operating
leverage and strong growth in international business.
 Outlook for FMEG: The FMEG segment grew 3% YoY to Rs 313 Cr during the quarter. Weak consumer sentiment during
the quarter impacted the sales, however channel realignment started to play-out leading to YoY and Sequential growth. The
management expects profitable growth in the FMEG segment going forward and reiterated the EBITDA margin target of
10% by FY26.

Sector Outlook: Optimistic

Company Outlook & Guidance: The Management expects strong traction in domestic Cables and Wires, increasing contribution
from exports and strong demand led by government spending. The management hopes to achieve the Rs 20,000 cr revenue ahead
of its earlier guidance of FY26 .

Current Valuation: 36X FY25E of Rs 135.4 (Earlier Valuation: 32X FY25E of Rs 116.8 )

Current TP: Rs 4,876/share (Earlier TP: Rs 3,740/share)

For private circulation only 3

Q1FY24 Earnings preview: Our Coverage

Year end March QoQ YoY

Q1FY24E Q4FY23 Q1FY23 Result expectations
(Rs Cr) (%) (%)
 Revenue is expected to moderate to 9% YoY
Hindustan
Unilever (~5% volume growth) on account of
anniversarization price increase and price cuts.
Revenues 15,600 14,893 4.7% 14,272 9.3% However, volume growth likely to inch up further
led by home care and personal care.
EBITDA 3,647 3,471 5.1% 3,247 12.3%  EBITDA margins to expand modest by 63bps
YoY owing to higher ad-spends, offsetting gross
EBITDA margin (%) 23.4 23.3 7bps 22.8 63bps margins expansion of 150bps YoY.
 PAT growth is expected to be ahead of EBITDA

PAT 2,602 2,471 5.3% 2,289 13.7% growth

 Key Monitorables - Demand outlook on rural vs
urban, competitive intensity; RM trends, OOH
EPS (Rs) 11.1 10.5 5.3% 9.7 13.7%
and discretionary categories

Year-end March QoQ YoY

Q1FY24 Q4FY23 Q1FY23 Result expectations
(Rs Cr) (%) (%)
Coforge Ltd

Revenues 2,260 2,170 4.1% 1,830 23.5%  We expect 4% growth in revenue owing to large

EBITDA 310 336 -7.7% 229 35.4% deal ramp up

 Expect EBIT margin decline of 190bps QoQ on
EBITDA margin (%) 13.7 15.5 (177) 16.8 (308) account of wage hikes

PAT 189 115 64.3% 150 26.0%

Digital transformation deals and ramp-up on new deal
wins are key things to see
EPS (Rs) 31.0 18.9 64.0% 24.6 26.0%

Infosys
 We expect revenue to grow at 0.9% QoQ on the
Revenues 37,742 37,411 0.9% 34,470 9.5% backdrop of delayed decision making
 Margins likely to contract because of wage hike
EBITDA 7,790 7,878 -1.1% 6,914 12.7% partially offset by reduced subcon cost
 Key monitorables are BFSI impact after the
EBITDA margin (%) 20.6 21.1 (42) 27.6 (696) banking crisis and vertical commentary going
ahead
PAT 5,998 6,129 -2.1% 5,360 11.9%

EPS (Rs) 14.5 14.8 -2.0% 12.8 13.3%

For private circulation only 4

Year-end March QoQ YoY
Q1FY24 Q4FY23 Q1FY23 Result expectations
(RsMn) (%) (%)
Dalmia Bharat
 Volume to grow YoY driven by better demand in
Volume (mntpa) 7.07 7.40 -4% 6.20 14% its operating region.
Revenues 3718 3912 -5% 3302 13%  Consol revenue to grow owing to higher volume
YoY.
Gross Profit 1500 1469 2% 1,248 20%
 Gross margins to be higher YoY & QoQ owing to
Gross margin (%) 40.3% 37.6% 270bps 37.8% 250bps lower cost.
 Ebitda margin to be higher YoY & QoQ due to
EBITDA 725 707 3% 586 24%
higher volume and lower cost.
EBITDA margin (%) 19.5% 18.1% 140bps 17.7% 180bps  PAT to be higher YoY owing to higher sales and
PAT 279 589 -53% 196 42% lower cost.
 EPS to be in line with PAT
EPS (Rs) 14.89 31.42 -53% 10.5 42%  EBITDA/tonne to be higher YoY owing to higher
EBITDA/Tonne 1026 955 7% 945 9% sales and better absorption of fixed cost.
 Realization to be lower YoY .
Realization/tonne 5260 5286 -1% 5326 -1%
 Cost/Tonne to be lower YoY& QoQ.
Cost/Tonne 4234 4331 -2% 4381 -3%

Year-end March
Q1FY24 Q4FY23 QoQ(%) Q1FY23 YoY(%) Result expectations
(Rs Cr)
IndiaMart
Intermesh
Revenues 282 269 4.8% 225 25.3%

EBITDA 66 60 0.09 58 13.1%  QoQ improvement may be seen with the increase
in strong addition of customers
EBITDA margin (%) 23 22 95.76 26 (252)  Higher employee costs may impact margins
PAT 59 56 5.4% 47 25.5%  Higher collections and bookings

EPS (Rs) 19.4 18.3 6.0% 15.3 26.8%

Year-end
QoQ YoY
March Q1FY24E Q4FY23 Q1FY23 Result expectations
(%) (%)
(Rs Cr)
ICICI Bank  Growth momentum to sustain with healthy growth across

NII 17,843 17,667 1.0% 13,210 35.1% segments; Advances growth seen at ~18% YoY

Non-Interest  NII growth expected to remain healthy despite margin

5,364 5,088 5.4% 4,665 15.0%
Income compression of ~15bps
PPOP 14,097 13,826 2.0% 10,309 36.7%  PPOP growth to remain strong backed by stable
Provision 1,950 1,620 20.4% 1,144 70.5% operational metrics
Net Profit 9,167 9,122 0.5% 6,905 32.8%  Credit costs to remain steady; no challenges on the asset
quality
EPS 13.1 13.1 0.5% 9.9 32.3%  Key monitorables: (1) NIM outlook; (2) Comments on
deposit accretion

For private circulation only 5

Year-end March
Q1FY24 Q4FY23 QoQ(%) Q1FY23 YoY(%) Result expectations
(Rs Cr)
Persistent
Systems Ltd
Revenues 2,340 2,255 3.8% 1,878 24.6%  We expect 3.8% growth in revenue because of a
EBITDA 368 347 6.1% 269 36.8% large deal ramp up
 Operating margins are likely to improve aided by
EBITDA margin (%) 15.7 15.4 34 16.9 (117)
improvement in utilizations
PAT 283 252 12.3% 212 33.5%  Digital transformation deals and ramp-up on new
deal wins are key things to monitor
EPS (Rs) 36.6 32.9 11.2% 27.7 32.1%

Year-end March
Q1FY24 Q4FY23 QoQ(%) Q1FY23 YoY(%) Result expectations
(Rs Cr)
Zensar
Technologies
Revenues 1,235 1,213 1.8% 1,203 2.7%
 We expect 1.8% growth in revenue, driven by the
EBITDA 149 141 5.7% 87 71.3% Hi-tech vertical. We also expect the recovery in
digital business mainly from the BFSI Vertical
EBITDA margin (%) 12.1 11.6 44 7.2 483  Operating margins are likely to improve aided by
improvement in utilizations
PAT 124 119 4.2% 75 65.3%  Vertical commentary on Hi-tech and New deal
wins should be key things to watch out for
EPS (Rs) 5.5 5.3 3.8% 3.3 66.7%
Note: Showcasing the Earnings preview (expectations) for the companies under our coverage whose results are expected by today or by tomorrow (If
weekend or Holiday)

For private circulation only 6

For private circulation only 7
Weekend AI Stocks for the week 17 July 2023 to 21 July 2023`
Name of Stock Sector Mcap

Glenmark Pharmaceuticals Ltd Healthcare Small Cap

India Cements Ltd. Build Mate Small Cap

Jubilant Foodworks Limited Discretionary Mid Cap

The Ramco Cements Limited Build Mate Mid Cap

Mahindra Holidays & Resorts India Limited Discretionary Small Cap

Oberoi Realty Limited Build Mate Mid Cap

Glaxosmithkline Pharmaceuticals Ltd. Healthcare Mid Cap

Shree Renuka Sugars Ltd. Staples Small Cap

Ingresoll-Rand (India) Ltd. Industrials Small Cap

E.I.D Parry (India) Ltd. Staples Small Cap

For private circulation only 8

Investment Picks
Target %
Company Recommendation CMP
Price Upside
Aarti Drugs Ltd BUY 518 600 15.8
ACC Ltd BUY 1,800 2,300 27.8
Affle India Ltd BUY 1,077 1,250 16.1
Amber Enterprises India Ltd BUY 2,208 2,580 16.9
Aptus Value Housing Finance India Ltd BUY 270 320 18.5
Bandhan Bank Ltd BUY 215 255 18.9
Bharti Airtel Ltd BUY 870 960 10.4
Camlin Fine Sciences Ltd BUY 158 210 33.1
CCL Products (India) Ltd BUY 619 750 21.1
CIE Automotive India Ltd BUY 518 595 15.0
City Union Bank Ltd BUY 130 160 23.3
Coal India Ltd BUY 229 275 20.3
DCB Bank Ltd BUY 125 150 20.1
Eicher Motors Ltd BUY 3,331 3,900 17.1
Embassy Office Parks REIT BUY 307 367 19.7
Federal Bank Ltd BUY 136 160 17.9
H. G. Infra Engineering Ltd BUY 877 1,105 25.9
HDFC Bank Ltd BUY 1,685 2,050 21.7
ICICI Bank Ltd BUY 974 1,150 18.1
JK Lakshmi Cement Ltd BUY 676 820 21.2
JTL Industries Ltd BUY 349 470 34.8
Kirloskar Brothers Ltd BUY 706 850 20.5
KNR Constructions BUY 245 325 32.7
Kotak Mahindra Bank Ltd BUY 1,906 2,180 14.4
Manappuram Finance Ltd BUY 126 150 19.3
Maruti Suzuki India Ltd BUY 9,607 10,790 12.3
MAS Financial Services Ltd BUY 769 955 24.3
Navin Fluorine International Ltd BUY 4,417 5,200 17.7
Orient Cement Ltd BUY 147 165 12.3
Oriental Carbon & Chemicals Ltd BUY 795 950 19.5
PNC Infratech Ltd BUY 344 425 23.6
Praj Industries Ltd BUY 424 500 18.0
SBI Life Insurance Company Ltd BUY 1,310 1,565 19.5
Star Cement Ltd BUY 143 165 15.1
State Bank of India BUY 601 715 18.9
Sundaram Finance Ltd BUY 2,579 3,015 16.9
Symphony Ltd BUY 871 1,430 64.1
UltraTech Cement Ltd BUY 8,331 9,350 12.2
V I P Industries Ltd BUY 600 730 21.8
V Mart Retail Ltd BUY 2,237 2,500 11.7
Varun Beverages Ltd BUY 820 930 13.4

For private circulation only 9

 Index CMP % Chng S2 S1 P R1 R2
Nifty 19,833.15 0.42% 19680 19755 19805 19880 19930
Sensex 67,097.44 0.45% 66525 66810 66990 67280 67460
Bank Nifty 45,669.30 0.57% 45330 45500 45605 45775 45880

Nifty opened with an upward gap and witnessed selling for the first part of the session. However, last hour pullback action pulled
the index higher to close near the day's high. Nifty closed at 19833 on 19th July with a gain of 84 points.

On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. The inde x is
moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart pattern
suggests that if Nifty crosses and sustains above the 19850 level it would witness buying which would lead the index towards
19900-20000 levels. Important Support for the day is around 19800 However if index sustains below 19800 then it may witness
profit booking which would take the index towards 19700-19600 levels.. Nifty is trading above 20, 50, 100 and 200 day SMA
indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips
continues to be our preferred strategy.

The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 19805. If NIFTY trades above this level then we may witness a further rally up to 19880-
19930-20005 levels. However, if NIFTY trades below 19805 levels then we may see some profit booking initiating in the market,
which may correct up to 19755-19680-19630 levels.

For private circulation only 10

 Corporate Action Tracker - Dividend (BSE 500 universe)

Security Code Security Name Purpose Ex-Date Record Date Dividend Per Share
523367 DCM Shriram Limited Final Dividend 18-Jul-23 18-Jul-23 3.6
524000 Poonawalla Fincorp Ltd Final Dividend 18-Jul-23 - 2
543238 UTI Asset Management Company Final Dividend 18-Jul-23 - 22
526612 BLUE DART EXPRESS LTD. Dividend 19-Jul-23 - 30
MAHINDRA LIFESPACE
532313 DEVELOPERS LTD. Dividend 19-Jul-23 - 2.3
540749 MAS Financial Services Ltd Final Dividend 19-Jul-23 - 1.85
522205 PRAJ INDUSTRIES LTD. Dividend 19-Jul-23 - 4.5
532843 FORTIS HEALTHCARE LTD. Final Dividend 20-Jul-23 20-Jul-23 1
509488 GRAPHITE INDIA LTD. Dividend 20-Jul-23 20-Jul-23 8.5
532281 HCL TECHNOLOGIES LTD. Interim Dividend 20-Jul-23 20-Jul-23 10
500290 MRF LTD. Final Dividend 20-Jul-23 - 169
532540 TATA CONSULTANCY SERVICES Interim Dividend 20-Jul-23 20-Jul-23 9
500488 ABBOTT INDIA LTD. Final Dividend 21-Jul-23 21-Jul-23 180
500488 ABBOTT INDIA LTD. Special Dividend 21-Jul-23 21-Jul-23 145
543235 Angel One Ltd Interim Dividend 21-Jul-23 21-Jul-23 9.25
500042 BASF INDIA LTD. Final Dividend 21-Jul-23 - 8
500067 BLUE STAR LTD. Final Dividend 21-Jul-23 21-Jul-23 6
500087 CIPLA LTD. Final Dividend 21-Jul-23 21-Jul-23 8.5
500096 DABUR INDIA LTD. Final Dividend 21-Jul-23 - 2.7
507717 DHANUKA AGRITECH LTD. Final Dividend 21-Jul-23 - 2
538835 Intellect Design Arena Ltd Final Dividend 21-Jul-23 - 2.5
520051 JAMNA AUTO INDUSTRIES LTD. Final Dividend 21-Jul-23 - 1.1
532889 K.P.R. Mill Limited Final Dividend 21-Jul-23 - 2
533519 L&T FINANCE HOLDINGS LTD. Final Dividend 21-Jul-23 21-Jul-23 2
543277 Laxmi Organic Industries Ltd Final Dividend 21-Jul-23 21-Jul-23 0.5
MAHINDRA & MAHINDRA FINANCIAL
532720 SERVICES LTD. Dividend 21-Jul-23 - 6
538962 Minda Corporation Ltd Final Dividend 21-Jul-23 - 0.8
532221 SONATA SOFTWARE LTD. Final Dividend 21-Jul-23 - 8.75
542920 Sumitomo Chemical India Ltd Final Dividend 21-Jul-23 21-Jul-23 1.2
517385 Symphony Limited Final Dividend 21-Jul-23 - 1
532755 TECH MAHINDRA LTD. Final Dividend 21-Jul-23 - 32
500411 THERMAX LTD. Dividend 21-Jul-23 21-Jul-23 10
517506 TTK PRESTIGE LTD. Dividend 21-Jul-23 - 6
504067 ZENSAR TECHNOLOGIES LTD. Final Dividend 21-Jul-23 21-Jul-23 3.5
531335 ZYDUS WELLNESS LTD.-$ Final Dividend 21-Jul-23 21-Jul-23 5
500252 LAKSHMI MACHINE WORKS LTD. Dividend 24-Jul-23 - 98.5
500730 NOCIL LTD. Final Dividend 24-Jul-23 - 3
513375 CARBORUNDUM UNIVERSAL LTD. Final Dividend 25-Jul-23 - 2
Cholamandalam Investment and
511243 Finance Company Ltd Final Dividend 25-Jul-23 - 0.7
532714 KEC INTERNATIONAL LTD. Final Dividend 25-Jul-23 25-Jul-23 3
523395 3M INDIA LTD. Final Dividend 26-Jul-23 26-Jul-23 100
500480 CUMMINS INDIA LTD. Final Dividend 26-Jul-23 26-Jul-23 13
533248 GUJARAT PIPAVAV PORT LTD. Final Dividend 26-Jul-23 - 3.4
541301 Orient Electric Ltd Final Dividend 26-Jul-23 - 0.75
540762 Tube Investments of India Ltd Final Dividend 26-Jul-23 - 1.5
500710 Akzo Nobel India Limited Final Dividend 27-Jul-23 - 40
506401 DEEPAK NITRITE LTD.-$ Final Dividend 27-Jul-23 - 7.5
531531 HATSUN AGRO PRODUCT LTD. Interim 27-Jul-23 27-Jul-23
500182 HERO MOTOCORP LTD. Final Dividend 27-Jul-23 - 35
530007 JK TYRE & INDUSTRIES LTD. Dividend 27-Jul-23 - 2
500331 PIDILITE INDUSTRIES LTD. Final Dividend 27-Jul-23 27-Jul-23 11
520111 RATNAMANI METALS & TUBES Final Dividend 27-Jul-23 - 12
532538 ULTRATECH CEMENT LTD. Final Dividend 27-Jul-23 - 38
542772 360 ONE WAM LTD Interim 28-Jul-23 28-Jul-23
524208 AARTI INDUSTRIES LTD. Final Dividend 28-Jul-23 28-Jul-23 1.5
ADANI PORTS AND SPECIAL
532921 ECONOMIC ZONE LTD. Final Dividend 28-Jul-23 28-Jul-23 5
500008 AMARA RAJA BATTERIES LTD. Final Dividend 28-Jul-23 - 3.2
533573 ALEMBIC PHARMACEUTICALS Final Dividend 28-Jul-23 28-Jul-23 8
500031 BAJAJ ELECTRICALS LTD.-$ Final Dividend 28-Jul-23 - 4
532868 DLF LTD. Final Dividend 28-Jul-23 28-Jul-23 4

For private circulation only 11

 Corporate Action Tracker - Dividend (BSE 500 universe)

Security Code Security Name Purpose Ex-Date Record Date Dividend Per Share
522074 ELGI EQUIPMENTS LTD. Final Dividend 28-Jul-23 - 2
543243 Equitas Small Finance Bank Ltd Dividend 28-Jul-23 28-Jul-23 1
540935 Galaxy Surfactants Ltd Final Dividend 28-Jul-23 28-Jul-23 4
540743 Godrej Agrovet Ltd Final Dividend 28-Jul-23 - 9.5
540750 Indian Energy Exchange Ltd Final Dividend 28-Jul-23 28-Jul-23 1
543258 Indigo Paints Ltd Final Dividend 28-Jul-23 - 3.5
530965 INDIAN OIL CORPORATION LTD. Final Dividend 28-Jul-23 28-Jul-23 3
532777 INFO EDGE (INDIA) LTD. Final Dividend 28-Jul-23 28-Jul-23 9
505355 NESCO LTD. Final Dividend 28-Jul-23 - 4.5
532784 Sobha Limited Final Dividend 28-Jul-23 28-Jul-23 3
SUN PHARMACEUTICAL
524715 INDUSTRIES LTD. Final Dividend 28-Jul-23 28-Jul-23 4
500570 TATA MOTORS LTD. Final Dividend 28-Jul-23 - 2
570001 Tata Motors Ltd - DVR Final Dividend 28-Jul-23 - 2.1
540212 TCI Express Ltd Final Dividend 28-Jul-23 - 2
532477 UNION BANK OF INDIA Final Dividend 28-Jul-23 - 3
532321 Zydus Lifesciences Ltd Final Dividend 28-Jul-23 28-Jul-23 6
532929 BRIGADE ENTERPRISES LTD. Final Dividend 31-Jul-23 31-Jul-23 2
500086 EXIDE INDUSTRIES LTD. Final Dividend 01-Aug-23 - 2
532644 J.K.CEMENT LTD. Final Dividend 01-Aug-23 - 15
503806 SRF LTD. Interim 01-Aug-23 01-Aug-23
500092 CRISIL LTD. Interim 02-Aug-23 02-Aug-23
500840 EIH LTD. Final Dividend 02-Aug-23 - 1.1
508486 HAWKINS COOKERS LTD.-$ Dividend 02-Aug-23 - 100
500510 LARSEN & TOUBRO LTD. Dividend 02-Aug-23 02-Aug-23 24
500003 AEGIS LOGISTICS LTD. Interim 03-Aug-23 03-Aug-23
512573 AVANTI FEEDS LTD.-$ Dividend 03-Aug-23 - 6.25
500043 BATA INDIA LTD. Dividend 03-Aug-23 - 13.5
504973 Cholamandalam Financial Holdings Ltd Final Dividend 03-Aug-23 - 0.55
500133 ESAB INDIA LTD. Final Dividend 03-Aug-23 - 20
532482 GRANULES INDIA LTD.-$ Final Dividend 03-Aug-23 03-Aug-23 1.5
501455 GREAVES COTTON LTD. Final Dividend 03-Aug-23 - 0.9
HONEYWELL AUTOMATION INDIA
517174 LTD. Dividend 03-Aug-23 - 10
532500 MARUTI SUZUKI INDIA LTD. Final Dividend 03-Aug-23 - 90
500260 The Ramco Cements Limited Dividend 03-Aug-23 03-Aug-23 2
532478 UNITED BREWERIES LTD.-$ Dividend 03-Aug-23 - 7.5
512070 UPL Limited Final Dividend 03-Aug-23 - 10
540025 Advanced Enzyme Technologies Ltd Final 04-Aug-23 05-Aug-23
532830 Astral Ltd Final Dividend 04-Aug-23 04-Aug-23 2.25
506285 BAYER CROPSCIENCE LTD. Final Dividend 04-Aug-23 - 30
509480 BERGER PAINTS INDIA LTD. Dividend 04-Aug-23 - 3.2
500135 EPL Ltd Final Dividend 04-Aug-23 04-Aug-23 2.15
506076 GRINDWELL NORTON LTD.-$ Final Dividend 04-Aug-23 - 14.5
543278 Kalyan Jewellers India Ltd Final Dividend 04-Aug-23 - 0.5
500247 KOTAK MAHINDRA BANK LTD. Final Dividend 04-Aug-23 04-Aug-23 1.5
522113 TIMKEN INDIA LTD. Final Dividend 04-Aug-23 04-Aug-23 1.5
509966 VST INDUSTRIES LTD. Final Dividend 04-Aug-23 - 150
541556 RITES Ltd Interim 07-Aug-23 07-Aug-23
500870 CASTROL INDIA LTD. Interim 08-Aug-23 08-Aug-23
532374 STERLITE TECHNOLOGIES LTD. Final Dividend 08-Aug-23 - 1
532174 ICICI BANK LTD. Final Dividend 09-Aug-23 09-Aug-23 8
539523 Alkem Laboratories Ltd Final Dividend 10-Aug-23 10-Aug-23 10
523457 Linde India Limited Special Dividend 10-Aug-23 - 7.5
523457 Linde India Limited Final Dividend 10-Aug-23 - 4.5
543187 Hitachi Energy India Ltd Final Dividend 10-Aug-23 - 3.4
541153 Bandhan Bank Ltd Final Dividend 11-Aug-23 - 1.5
500103 BHARAT HEAVY ELECTRICALS LTD. Final Dividend 11-Aug-23 11-Aug-23 0.4
519600 CCL PRODUCTS (INDIA) LTD. Final Dividend 11-Aug-23 11-Aug-23 2.5
532488 DIVI'S LABORATORIES LTD. Final Dividend 11-Aug-23 11-Aug-23 30
540153 Endurance Technologies Ltd Dividend 11-Aug-23 - 7
523642 PI Industries Ltd Final Dividend 11-Aug-23 11-Aug-23 5.5

For private circulation only 12

Corporate Action Tracker - Dividend (BSE 500 universe)

Dividend Per
Security Code Security Name Purpose Ex-Date Record Date
Share
543232 CAMS Interim 14-Aug-23 15-Aug-23
543232 CAMS Final Dividend 14-Aug-23 15-Aug-23 12
505200 EICHER MOTORS LTD. Final Dividend 14-Aug-23 - 37
541557 Fine Organic Industries Ltd Final Dividend 14-Aug-23 - 9
J.B.CHEMICALS &
506943 Final Dividend 17-Aug-23 17-Aug-23 9.25
PHARMACEUTICALS LTD.
532953 V-GUARD INDUSTRIES LTD. Final Dividend 17-Aug-23 - 1.3
508869 APOLLO HOSPITALS Final Dividend 18-Aug-23 19-Aug-23 9
532827 PAGE INDUSTRIES LTD. Interim 18-Aug-23 19-Aug-23
DEEPAK FERTILISERS &
500645 PETROCHEMICALS Dividend 25-Aug-23 - 10
CORPORATION

Bulk Deals (Mcap> 1000 Cr.)

Mcap Quantity Trade Value
Date Security Name Acquirer/Seller B/S
(In Cr.) Traded Price (In Cr.)
19-07-2023 Reliance Power Limited 4,614 HRTI PRIVATE LIMITED BUY 2,32,80,501 16 36

19-07-2023 South Indian Bank Ltd. 1,647 M/S. PRARTHANA ENTERPRISES BUY 1,56,26,550 23 36

19-07-2023 Reliance Power Limited 4,614 HRTI PRIVATE LIMITED SELL 2,12,79,428 16 33

19-07-2023 Reliance Power Limited 4,614 M/S. PRARTHANA ENTERPRISES SELL 2,03,82,993 15 31

19-07-2023 South Indian Bank Ltd. 1,647 M/S. PRARTHANA ENTERPRISES SELL 1,35,90,731 23 31

19-07-2023 Newgen Software Tech Ltd 3,208 GRAVITON RESEARCH CAPITAL LLP SELL 4,28,859 722 31

19-07-2023 Newgen Software Tech Ltd 3,208 GRAVITON RESEARCH CAPITAL LLP BUY 4,28,859 721 31
YUGA STOCKS AND COMMODITIES
19-07-2023 Reliance Infrastructu Ltd 3,053 BUY 19,83,988 153 30
PRIVATE LIMITED .
YUGA STOCKS AND COMMODITIES
19-07-2023 Reliance Infrastructu Ltd 3,053 SELL 19,83,978 153 30
PRIVATE LIMITED .
19-07-2023 Reliance Power Limited 4,614 M/S. PRARTHANA ENTERPRISES BUY 1,77,75,314 15 27
PACE STOCK BROKING SERVICES PVT
19-07-2023 South Indian Bank Ltd. 1,647 SELL 1,10,45,298 23 25
LTD
PACE STOCK BROKING SERVICES PVT
19-07-2023 South Indian Bank Ltd. 1,647 BUY 1,10,45,298 23 25
LTD
19-07-2023 South Indian Bank Ltd. 1,647 HRTI PRIVATE LIMITED SELL 1,08,51,560 23 25

19-07-2023 South Indian Bank Ltd. 1,647 HRTI PRIVATE LIMITED BUY 1,03,73,816 23 24

For private circulation only 13

Trading Insights
Insight from trading volumes
Total Volume Monthly Avg
Script CMP % Change
(x1000) Volume(x1000)

NTPC 193 33,926 11,991 182.9%

HDFC 2,724 42,806 15,919 168.9%

INDUSINDBK 1,420 9,180 3,779 142.9%

INFY 1,475 13,958 7,946 75.7%

ITC 479 14,126 8,314 69.9%

BRITANNIA 5,066 374 264 41.7%

POWERGRID 243 17,536 12,592 39.3%

Insight from delivery

Total Delivery Monthly Avg Delivery
Script CMP %Change
Volume(x1000) Volume(x1000)

HDFC 2,724 34,078 12,276 177.6%

INFY 1,475 9,723 5,198 87.0%

HDFCBANK 1,685 16,886 9,377 80.1%

UPL 639 2,402 1,482 62.0%

GRASIM 1,784 406 302 34.6%

TCS 3,470 1,585 1,240 27.8%

SBILIFE 1,310 801 650 23.2%

*CMP-Closing Market Price

For private circulation only 14

Daily Support/ Resistance of Nifty Companies
Company CMP Pivot Point R1 R2 S1 S2
NIFTY 50 19,833 19,804 19,881 19,928 19,757 19,680
ADANIPORTS 731 732 735 738 728 726
ASIANPAINT 3,515 3,508 3,535 3,556 3,488 3,461
AXISBANK 964 964 971 977 957 951
BAJAJ-AUTO 4,824 4,848 4,878 4,932 4,794 4,764
BAJAJFINSV 1,644 1,636 1,658 1,672 1,622 1,600
BAJFINANCE 7,585 7,535 7,649 7,712 7,471 7,357
BHARTIARTL 871 872 876 881 866 862
BPCL 385 383 387 390 380 376
BRITANNIA 5,066 5,081 5,129 5,193 5,017 4,969
CIPLA 1,036 1,034 1,044 1,053 1,025 1,015
COALINDIA 229 229 230 231 228 227
DIVISLAB 3,638 3,638 3,675 3,712 3,601 3,564
DRREDDY 5,221 5,212 5,279 5,336 5,154 5,087
EICHERMOT 3,330 3,335 3,350 3,369 3,316 3,301
GAIL 110 110 111 112 109 108
GRASIM 1,784 1,781 1,792 1,799 1,774 1,763
HCLTECH 1,169 1,167 1,177 1,185 1,159 1,149
HDFCBANK 1,685 1,683 1,691 1,696 1,677 1,670
HDFCLIFE 659 656 663 668 652 645
HEROMOTOCO 3,097 3,107 3,131 3,165 3,073 3,049
HINDALCO 439 441 443 447 437 435
HINDUNILVR 2,672 2,676 2,692 2,713 2,656 2,640
ICICIBANK 973 974 980 986 967 961
INDUSINDBK 1,420 1,424 1,439 1,458 1,405 1,391
INFY 1,475 1,478 1,496 1,516 1,458 1,440
IOC 98 98 99 100 98 97
ITC 479 476 483 488 471 463
JSWSTEEL 792 793 797 802 788 784
KOTAKBANK 1,907 1,905 1,917 1,927 1,894 1,882
LT 2,494 2,488 2,509 2,524 2,473 2,451
LTIM 1,544 1,539 1,555 1,565 1,529 1,513
M&M 1,544 1,539 1,555 1,565 1,529 1,513
MARUTI 9,608 9,602 9,678 9,749 9,532 9,456
NESTLEIND 22,942 22,924 23,043 23,144 22,823 22,704
NTPC 193 193 196 199 190 187
ONGC 167 167 168 169 166 165
POWERGRID 243 243 246 249 241 238
RELIANCE
SBILIFE 1,310 1,312 1,317 1,324 1,305 1,300
SBIN 601 599 605 609 595 588
SHREECEM 24,030 24,020 24,129 24,228 23,920 23,811
SUNPHARMA 1,082 1,077 1,091 1,099 1,068 1,055
TATAMOTORS 621 619 627 634 612 603
TATASTEEL 117 117 117 118 116 116
TCS 3,470 3,478 3,509 3,548 3,439 3,407
TECHM 1,245 1,246 1,261 1,276 1,230 1,215
TITAN 2,996 2,999 3,014 3,032 2,981 2,967
ULTRACEMCO 8,329 8,277 8,402 8,475 8,204 8,079
UPL 639 641 644 648 636 634
WIPRO 418 418 421 425 414 411
Source: Axis Direct.

For private circulation only 15

 SLBM T-1 Activities
Key Highlights for 18 July (T-1):

 Total Notional Volume - 72Cr

 Total Notional Lending Fee – 1Cr
 Top traded counter by absolute yield– JUBLFOOD G1 with an absolute yield of 1.10%
 Counter with highest OI – IDFC FIRST with OI of 303 Lacs

Our Top 5 Deals for your 2nd Income (Absolute yield-Lending Fee/Share Price) -

Top Absolute Yield Counters Abs. Yield till Expiry Lending Fee in INR per share
JUBLFOODG1 1.10% 5
ATULG1 0.54% 35
AUBANKG1 0.96% 7
AUBANKX9 0.92% 7
BATAINDIAX9 0.90% 15

Top 20 Active Counters as on 18 July (T-1):

Lendi Value of
Absolute Annualize Days Expected
Settlement No. of Traded ng SharePri Open Investment
SecurityName Yield d to Value at
Date Share Value fee/ ce Interest (for 100
Till Expiry Yield expiry Maturity
share stocks)
JUBILANT
07-Sep-23 37,308 1,93,432 5 476 1.09% 8.0% 2,25,354 50 47,600 48,118
FOODWORKS
AU SMALL
07-Sep-23 3,99,858 28,20,056 7 769 0.92% 6.7% 16,33,151 50 76,935 77,640
FINANCE BANK
BATA INDIA 07-Sep-23 6,050 93,037 15 1,700 0.90% 6.6% 34,239 50 1,70,030 1,71,568
LAURUS LABS
07-Sep-23 66,859 1,76,900 3 351 0.75% 5.5% 66,859 50 35,080 35,345
LIMITED
TATA
07-Sep-23 1,015 6,071 6 998 0.60% 4.4% 3,11,335 50 99,775 1,00,373
CHEMICALS
VEDANTA
07-Sep-23 9,850 16,720 2 284 0.60% 4.4% 21,71,622 50 28,365 28,535
LIMITED
LAURUS LABS
03-Aug-23 1,313 2,495 2 351 0.54% 13.2% 4,45,040 15 35,080 35,270
LIMITED
UNICHEM
LABORATORIE 07-Sep-23 500 1,000 2 377 0.53% 3.9% 5,000 50 37,725 37,925
S
BATA INDIA 03-Aug-23 19,120 1,57,155 8 1,700 0.48% 11.8% 2,19,664 15 1,70,030 1,70,852
ATUL 07-Sep-23 312 9,850 32 6,609 0.48% 3.5% 1,18,782 50 6,60,875 6,64,032
DALMIA
BHARAT 03-Aug-23 52 501 10 2,038 0.47% 11.5% 52 15 2,03,770 2,04,734
LIMITED
L&T
TECHNOLOGY 07-Sep-23 7,306 1,04,476 14 4,143 0.35% 2.5% 49,066 50 4,14,280 4,15,710
SER. .
IDFC FIRST
07-Sep-23 37,22,137 9,81,602 0 82 0.32% 2.4% 61,84,322 50 8,180 8,206
BANK LIMITED
ADITYA BIRLA
03-Aug-23 33 19 1 185 0.31% 7.6% 2,583 15 18,525 18,583
CAPITAL .
COFORGE
07-Sep-23 85 1,275 15 4,876 0.31% 2.2% 703 50 4,87,595 4,89,095
LIMITED
POLYCAB INDIA
07-Sep-23 55,177 6,51,719 12 4,309 0.27% 2.0% 63,437 50 4,30,885 4,32,066
LIMITED
JINDAL
STAINLESS 03-Aug-23 113 113 1 367 0.27% 6.6% 113 15 36,730 36,830
LIMITED
LIC HOUSING
03-Aug-23 1,047 1,047 1 384 0.26% 6.3% 4,004 15 38,380 38,480
FINANCE
AUROBINDO
03-Aug-23 1,20,305 2,28,580 2 751 0.25% 6.2% 1,20,613 15 75,110 75,300
PHARMA
SBI CARDS &
07-Sep-23 1,60,000 3,45,000 2 866 0.25% 1.8% 4,77,693 50 86,575 86,791
PAY SER

For private circulation only 16

Rollover Contracts (T-1):
Absolute Annualized
Security Series Expiry Shares Traded Value Lending Fee Share Price
Yield Yield
JUBLFOOD G1 03-Aug-23 1,49,296 7,82,494 5 476 1.10% 26.8%

AUBANK G1 03-Aug-23 2,23,746 16,51,795 7 769 0.96% 23.3%

LAURUSLABS G1 03-Aug-23 25,556 57,402 2 351 0.64% 15.6%

VEDL G1 03-Aug-23 23,105 38,285 2 284 0.58% 14.2%

ATUL G1 03-Aug-23 10,840 3,84,575 35 6,609 0.54% 13.1%

TATACHEM G1 03-Aug-23 85,391 4,49,964 5 998 0.53% 12.9%

LTTS G1 03-Aug-23 10,412 1,90,220 18 4,143 0.44% 10.7%

IDFCFIRSTB G1 03-Aug-23 2,93,717 60,722 0 82 0.25% 6.1%

BATAINDIA G1 03-Aug-23 9,127 34,275 4 1,700 0.22% 5.4%

SLBM expiries

Sr No. Series (A) Series (B) Month

1 01 X1 January

2 02 X2 February

03 03 X3 March

04 04 X4 April

05 05 X5 May

06 06 X6 June

07 07 X7 July

08 08 X8 August

09 09 X9 September

10 10 XO October

11 11 N November

12 12 D December

Two separate series of contracts are made available as given below:-

A. Contracts which shall continueto be mandatorily foreclosed in the event of AGM/EGM

B.Contracts which shall not be foreclosed in the event of AGM/EGM.

For private circulation only 17

7

Daily Derivative Report

20ThJuly 2023

Nifty Futures View Volatility Bank Nifty Future View

Nifty Active Futures 19847.00 India VIX Index 11.60 BankNifty Active Futures 45718.00
Nifty Active Futures OI 1,05,01,750 Nifty ATM Call IV 13.84 BankNifty Active Futures OI 21,50,805
Change in OI 5500 Nifty ATM Put IV 10.41 Change in OI 75135
Premium / Discount 14.00 PCR Index Options 1.34 Premium / Discount 48.00
Inference Long Build Up PCR F&O Total 1.00 Inference Long Build Up
Nifty Options OI Distribution-Weekly
HIGHLIGHTS:
Nifty futures yesterday closed at 19847 on a positive note with 0.05%
Increase in the open interest indicating Long Build Up.
Nifty Futures yesterday closed at a premium of 14 points compared to it’s
previous day premium of 21 points.
BankNifty yesterday closed at 45718 on positive note with 3.62%
Increase in open interest indicating Long Build Up.
BankNifty Futures yesterday closed at a premium of 48 points compared
to its previous day premium of 74 points.

In Yesterday Trading Session FII's

Sold Index Futures to the tune of 460 CR,
Bought Index Option worth 1605 CR
Bought Stock Futures to the tune of 2399 CR
Net Bought in the derivative segment to the tune of 3440 crores.
While in Cash Segment
FII Bought 1166 CR & DII Sold 2135 CR

India VIX index is at 11.60 v/s 11.71 ATM CE IV 13.84 & PE IV 10.41
Bank Nifty Options OI Distribution-Weekly
Yesterday Index options PCR is at 1.34 as compared to 1.34
Nifty Put options OI distribution shows that 19800 has highest OI
concentration followed by 19500 & 19700 which may act as
support for current expiry.
Nifty Call strike 20000 followed by 19900 witnessed significant OI
concentration and may act as resistance for current expiry.
BankNifty Put options OI distribution shows that 45500 has
highest OI concentration followed 45400 which may act as
support for current expiry.
BankNifty Call strike 46000 followed by 45800 witnessed
significant OI concentration and may act as resistance for current
expiry.
SECURITIES IN BAN PERIOD: DELTACORP, IBULHSGFIN,
MANAPPURAM, RBLBANK, L&TFH & POLYCAB

Stock Futures - Long Build Stock Futures - Short Build Up

Fut Open Open
Symbol % Chg % Chg Symbol Fut Price % Chg % Chg
Price Interest Interest

POLYCAB 4300.75 4.49% 2587200.00 29.66% COFORGE 4874.05 -1.35% 801150.00 18.95%

CANFINHOME 822.00 3.06% 2624700.00 18.59% APOLLOTYRE 419.45 -0.05% 12707500.00 8.92%

MCX 1621.00 1.86% 2371200.00 10.85% ICICIPRULI 560.85 -2.74% 11370000.00 6.06%

HAVELLS 1365.55 2.32% 8686000.00 9.59% INFY 1473.75 -0.06% 38864400.00 5.07%

For private circulation only 1

7

Daily Derivative Report

20ThJuly 2023

Nifty 50 Open Interest (OI) Dashboard

HIGHEST OPEN INTEREST IN NIFTY 50 – STOCKS CE & PE HIGHEST OPEN INTEREST IN NIFTY 50 – STOCKS CE & PE

NIFTY 50 CE STRIKE CE OI CMP PE Strike PE OI NIFTY 50 CE STRIKE CE OI CMP PE Strike PE OI

ADANIENT 2500 1848300 2432.15 2400 1037100 INFY 1500 2427200 1473.75 1400 2422800

ADANIPORTS 800 2568800 733.75 700 1058400 ITC 480 11606400 480.65 470 4561600

APOLLOHOSP 5300 408125 5196.2 5200 119625 JSWSTEEL 800 2336850 795 750 978750

ASIANPAINT 3500 347600 3526.8 3300 237800 KOTAKBANK 1900 1678800 1908.25 1860 730000

AXISBANK 980 3563125 967.15 950 1188125 LT 2500 1123500 2500.1 2400 415800

BAJAJ-AUTO 5000 220750 4841.8 4800 122250 LTIM 5200 437100 5009.9 5000 198300

BAJAJFINSV 1700 708000 1650.3 1600 552500 M&M 1600 1274000 1547.25 1500 719600

BAJFINANCE 8000 700750 7604.95 7000 270500 MARUTI 10000 927700 9639.9 9500 218000

BHARTIARTL 900 4062200 871.75 830 837900 NESTLEIND 23500 13680 22958 22000 8680

BPCL 400 4195800 385.3 380 860400 NTPC 200 20724000 193.05 190 2658000

BRITANNIA 5200 241000 5085.7 4900 93600 ONGC 170 28309050 167.35 160 1470700

CIPLA 1040 771550 1028.3 1020 515450 POWERGRID 270 7695000 244.15 240 2324700

COALINDIA 250 14868000 229.4 230 3435600 RELIANCE 2900 1374250 2840.85 2700 1055500

DIVISLAB 3700 277400 3652.8 3500 120000 SBILIFE 1340 668250 1315.2 1300 313500

DRREDDY 5500 137125 5235.5 5000 73125 SBIN 600 16308000 602.4 590 4749000

EICHERMOT 3500 648550 3329 3300 185850 SUNPHARMA 1060 2457000 1084.75 1060 1023400

GRASIM 1800 777100 1787.25 1700 220400 TATACONSUM 900 1525500 861.25 830 507600

HCLTECH 1200 3217900 1162.9 1100 1269100 TATAMOTORS 630 5662950 622.25 600 3182025

HDFCBANK 1700 9257050 1686.3 1600 3221350 TATASTEEL 120 18700000 116.9 115 5681500

HDFCLIFE 700 1293600 661.5 600 809600 TCS 3500 1338050 3472.4 3300 852425

HEROMOTOCO 3200 775800 3067.45 2800 289200 TECHM 1250 751200 1248.7 1200 625800

HINDALCO 450 2905000 440.8 430 1853600 TITAN 3200 1401000 3005.75 3000 534750

HINDUNILVR 2800 873300 2680 2600 390300 ULTRACEMCO 8500 160900 8290.5 8000 63800

ICICIBANK 980 2723000 976.25 930 1761200 UPL 700 3434600 640.7 620 1134900

INDUSINDBK 1500 1407000 1424.25 1400 1083000 WIPRO 420 5404500 418.65 400 3913500

Participant wise Change in Open Interest for Today.

FII TODAY PREV DAY NET Net 1 Day Ago DII TODAY PREV DAY NET Net 1 Day Ago
INDEX FUT -3464 5590 93237 96701 INDEX FUT -1814 692 -20408 -18594
INDEX CALL 37142 -22994 286787 249645 INDEX CALL 0 0 0 0
INDEX PUT -28975 51947 229857 258832 INDEX PUT 6000 3500 50020 44020
STK FUT 29317 -6454 133021 103704 STK FUT 4261 7037 -1323180 -1327441

CLIENTS TODAY PREV DAY NET Net 1 Day Ago PRO TODAY PREV DAY NET Net 1 Day Ago
INDEX FUT 7763 -15506 -54787 -62550 INDEX FUT -2485 9224 -18042 -15557
INDEX CALL -85872 318839 -271016 -185144 INDEX CALL 48730 -295845 -15774 -64504
INDEX PUT 242584 -337329 39661 -202923 INDEX PUT -219608 281883 -319537 -99929
STK FUT -30584 -4869 1044023 1074607 STK FUT -2994 4286 146136 149130

Inference:

Sold 3,464 Lots of Index Futs,

Bought 37,142 Lots of Index Calls,
Sold 28,975 Lots of Index Puts,
Bought 29,317 Lots of Stock Futs...

For private circulation only 2

7

Daily Derivative Report

20ThJuly 2023

For private circulation only 5

Disclaimer:

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including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction
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in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation
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not be eligible for sale in all jurisdictions or to certain category of investors.

The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated
as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this
document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company
may or may not subscribe to all the views expressed therein.

Copyright in this document vests with Axis Securities Limited.

Axis Securities Limited, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, ARN No. 64610, CDSL-IN-DP-CDSL-693-2013, SEBI-
Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No.- INP000000654, Main/Dealing off.- Axis Securities Ltd, Unit
No.1001, 10th Floor, Level-6, Q2 Building, Aurum, Q Parc, Plot No. 4/1, TTC, Thane – Belapur Road, Ghansoli, Navi Mumbai. – 400 710.,
Regd. off.- Axis House,8th Floor, Wadia International Centre, PandurangBudhkar Marg, Worli, Mumbai – 400 025. Compliance Officer:
AnandShaha, Email: compliance.officer@axisdirect.in, Tel No: 022-49212706

NEERAJ Digitally signed by NEERAJ

CHADAWAR

CHADAWAR Date: 2023.07.20 08:46:31

+05'30'

For private circulation only 19

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined
in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial
products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and
has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking,
the details in respect of which are available on www.axisbank.com.
2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the
Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance
business activity.
3. ASL has no material adverse disciplinary history as on the date of publication of this report.
4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect my/our views about the subject issuer(s) or securities. I/We (Research Analyst) also certify that no part of my/our compensation
was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL or its
Associate does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial
ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report.
Since associates of ASL 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. I/we or my/our relative or ASL or its associate does not have any
material conflict of interest. I/we have not served as director / officer, employee, etc. in the subject company in the last 12-month period.
5. ASL or its Associates has not received any compensation from the subject company in the past twelve months. I/We or ASL or its Associate has not
been engaged in market making activity for the subject company.
6. In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, ASL or any of
its associates may have:
i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the subject
company of this research report and / or;
ii. Managed or co-managed public offering of the securities from the subject company of this research report and / or;
iii. Received compensation for products or services other than investment banking, merchant banking or stock broking services from the subject
company of this research report;

ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any other third-party in
connection with this report.

Term& Conditions:
This report has been prepared by ASL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly
confidential 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 ASL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate.
The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources 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 change without notice. The report is prepared solely for informational purpose
and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ASL will not treat recipients as customers by
virtue of their receiving this report.

For private circulation only 18