DAILY MORNING NOTE

8 February 2019
Indices Current % % Markets to focus on quarterly earnings and global cues
Value 1D YTD
Sensex 36971 (0.01) 2.50
Asian markets were trading lower tracking weak cues from Wall
Nifty 11069 0.06 1.90
BSE – Mid Cap 14532 0.74 (5.87) Street overnight. Nikkei is trading lower by 1.31% while
BSE – Sml Cap 13779 0.81 (6.31)
Hangseng is trading lower by 1.03. Indian indices are expected to
SGX Nifty Fut 11058 (0.33) -
Sectors –Performance (BSE) open lower. Sgx Nifty is trading lower by 0.10%.
Telecom 985 2.48 (0.38)
Auto 19604 1.77 (5.90) The US markets ended lower amid renewed concerns about a U.S.-China
Healthcare 14068 1.47 1.04
trade deal after reports that meeting between Donald Trump and Xi
Capital Goods 17180 (0.08) (8.72)
Metals 10630 (0.03) (10.22) Jinping would not happen before March deadline. The Dow Jones lost 221
Bankex 30718 0.04 1.12
points or 0.08% to close at 25,170 while NASDAQ lost 87 points, or 1.17%,
Index FY19E FY20E FY21E to close at 7,288.
Sensex EPS 1593 2036 2389
What to watch
P/E 23 18 15

Nifty EPS 515 638 743  Results Today: BPCL, Tata Steel, M&M, Sun TV Network, Amber
P/E 21 17 15
Enterprises, UCO Bank, Alkem Laboratories, Allcargo Logistics, Inox
FII Trading activities in Cash Wind, Cochin Shipyard, Engineers India, HFCL, Sonata Software, Jk
Date Net MTD CYTD
FII 06/02 1092 2119 613 Lakshmi Cement, KRBL, Marksans Pharma, SJVN, VIP Industries.
DII 07/02 294 943 3090  RBI cuts repo rate by 25 bps to 6.25%
Figs. in Rs Cr., Source: Bloomberg.
 RBI changes threshold for bulk deposit to Rs 2 crore

Current % % Corporate
Global Indices
Value 1D YTD
Dow 30 25170 (0.87) 7.90  Varun Beverages board has approved a plan to acquire PepsiCo
Nasdaq 7288 (1.18) 9.84 India’s franchisee rights in three states from SMV Group. The
DAX 11022 (2.67) 4.39 company will acquire the rights in 13 districts of Karnataka,
Nikkei 225 20480 (1.31) 2.32 14 districts of Maharashtra and three districts of Madhya Pradesh.
FTSE 100 7094 (1.11) 5.43  CEAT has commissioned commercial production of Truck Bus Radial
Hang Seng 27701 (1.03) 7.18
Tyres at the expansion phase of Halol plant in with effect from
Shanghai 2618 1.30 0.26
February 7.
Bovespa 94406 (0.24) 7.42
 Shriram EPC has received three orders worth Rs 291.6 cr from
STI Index 3203 0.07 4.37
Jharkhand Government for construction in the water management
Source: Bloomberg; As on 8.30 am IST
sector.
 Healthcare Global (HCG) announced that it will increase its stake
Forex Rate
from 50.1 percent to 100 percent in its arm BACC Health
INR/USD 71.46 0.13 (2.71)
 Sun Pharma Advanced Research received demand order worth
INR/EUR 80.97 0.55 (1.37)
Rs 46.04 cr for payment of Service Tax, from Commissioner of GST
INR/GBP 92.14 0.44 (3.80)
INR/YEN (100) 65.05 0.02 (2.45)
and Central Excise (Mumbai).

8 February 2019 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

Scrip Delivery % CMP*
(OverAvg 30 days) (‘000s)

Bajaj Electrical 1307 1846 20 519

Blue Star 1018 611 96 588

Manappuram Fin. 889 26137 20 104

Cadila Health. 694 7883 34 322

Siemens 617 2568 25 1049

Bajaj Holdings 583 556 92 3122

Welspun Corp 451 2759 37 106

Insight from delivery

Scrip Delivery % Total Volume (‘000s) 30 days avg Delivery % CMP*

TI Financial 97 161 88 445

Blue Star 96 611 86 588

Guj Pipavav Port 94 452 84 83

Bajaj Holdings 92 556 86 3122

GE T&D India 92 284 69 298

Unichem Labs. 92 579 68 202

Heidelberg Cem. 91 265 67 148

*CMP-Closing Market Price

8 February 2019 2
Investment Picks

Target % Target %
Company CMP Company CMP
Price Upside Price Upside

Alkem Labs 1883 2300 22 Motherson Sumi 142 190 34

Apcotex Industri 449 664 48 Narayana Hrudayalaya 193 251 30
APL Apollo Tubes 1107 1532 38 Natco Pharma 681 840 23
Ashok Leyland 88 122 39 Oberoi Realty 452 517 14
Asian Paints 1472 1550 5 Oriental Carbon 1149 1343 17
Bajaj Auto 2856 3044 7 Persistent Systems 651 840 29
Berger Paints 314 360 15 Petronet LNG 222 270 21
Biocon 656 820 25 Phoenix Mills 571 675 18
Carborundum Universal 350 426 22 Power Grid 185 224 21
CARE 988 1310 33 Quess Corp 642 760 18
CDSL 209 280 34 Reliance Inds 1290 1400 9
Cholamandalam Invst 1250 1550 24 SBI 288 380 32
City Union Bank 190 228 20 SBI Life 579 725 25
Coromandel Intl 451 620 37 Shriram City Union Fin 1554 2000 29
CRISIL 1653 1850 12 Shriram Transport 1101 1300 18
Dabur 459 495 8 SIS 767 980 28
Emami 396 500 26 Sundaram Finance Ltd 1401 2090 49
Endurance Technologies 1242 1512 22 Sunteck Realty 351 424 21
Federal Bank 86 103 20 Suprajit Engg 193 261 36
Finolex Industries 496 621 25 Supreme Ind 990 1100 11
Gabriel India 149 165 11 Take Solutions 131 178 35
GAIL 339 420 24 Tata Motors 183 217 19
Gateway Distriparks 105 150 43 Tata Power 69 90 30
GMM PFAUDLER 1090 1276 17 Tata Steel 488 543 11
Godrej Agrovet 489 540 10 Tech Mahindra 804 930 16
Gulf Oil Lubricants 887 940 6 Trident Ltd 63 88 39
HDFC 1971 2240 14 Westlife Devlp 364 475 31
HDFC Bank 2117 2700 28
Hero MotoCorp 2933 3239 10
Hindalco Inds 209 262 25
ICICI Bank 359 500 39
ICRA 2928 3620 24
IndusInd Bank 1514 1800 19
Infosys Tech 763 810 6
IPCA 744 860 16
ITC 280 325 16
JK Cement 703 797 13
JSW Steel 273 328 20
Jubilant Foodworks 1338 1525 14
Jyothy Lab 176 225 28
Karnataka Bank 121 135 12
L&T Infotech 1868 2020 8
L&T Technology 1580 1870 18
LIC Housing 466 630 35
Lumax Inds 1549 2287 48
Manappuram Fin 104 118 13
Marico 369 410 11
Maruti Suzuki 7284 7674 5
Mold-Tek Pack 233 325 39

8 February 2019 3
Technical View (Equity)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,069.40 0.06% 11005 11035 11075 11110 11150
Sensex 36971.09 -0.01% 36740 36855 37015 37130 37285

Nifty Daily Chart

Comments:
Nifty opened on a positive note and traded with extreme volatility on either side to end on a flat note. Nifty
closed at 11069 with a gain of 7 points.
On the daily chart the index has formed a small bearish candle with either side long shadows indicating extreme
volatility at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart
indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 11080 levels it
would witness buying which would lead the index towards 11120-11150 levels. However if index breaks below
11030 level it would witness selling which would take the index towards 11000-10970. Nifty is trading above 20,
50 and 100 day SMA's which are important short term moving averages, indicating positive bias in the short to
medium term. Nifty continues to remain in an uptrend in the short and medium term, so buying on dips
continues to be our preferred strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above
their respective reference lines indicating positive bias.
The trend deciding level for the day is 11075. If NIFTY trades above this level then we may witness a further rally
up to 11110-11150-11185 levels. However, if NIFTY trades below 11075 levels then we may see some profit
booking initiating in the market, which may correct up to 11035-11005-10960 levels

Stocks to focus for intraday Long Strtech, Ashokley,AjantaPharma, PidiliIind., Pfc, Ceatltd.

Stocks to focus for intraday Short CumminsInd., Pvr, Reliance, Mrf, LT, HDFC

8 February 2019 4
Technical View (Currency)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
71.56 -0.22% 71.13 71.35 71.63 71.85 72.13
(Future)

USDINR (Feb. Future) Daily chart

Comments:

USDINR opened on a flat note and witnessed some buying momentum however selling pressure at higher levels
led USDINR downwards to end in red. USDINR closed at 71.56 with a loss of 0.22 %.

On the daily chart USDINR has formed a small bearish candle carrying long upper shadow indicating resistance at
higher levels. It has also formed a lower High-Low formation indicating negative bias USDINR is moving in a
Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently USDINR is
sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if USDINR crosses and sustains above 71.60 levels it would witness buying which
would lead USDINR towards 71.80-72 levels. However if USDINR breaks below 71.40 level it would witness
selling which would take USDINR towards 71.20-71.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below
their respective reference lines indicating negative bias.

8 February 2019 5
Daily Support/ Resistance of Nifty Companies

Company CMP Pivot Point R1 R2 S1 S2

NIFTY 50 11069 11077 11110 11152 11036 11003
ADANIPORTS 332 330 338 344 324 317
ASIANPAINT 1470 1468 1479 1488 1459 1448
AXISBANK 730 729 735 739 725 719
BPCL 340 340 342 344 338 336
BAJAJ-AUTO 2854 2833 2893 2932 2793 2733
BAJFINANCE 2692 2702 2721 2749 2674 2655
BAJAJFINSV 6237 6242 6284 6331 6195 6153
BHARTIARTL 310 310 315 319 305 301
INFRATEL 305 301 312 319 294 283
CIPLA 532 536 543 554 525 517
COALINDIA 224 223 226 227 221 218
DRREDDY 2822 2816 2841 2860 2797 2772
EICHERMOT 21855 21657 22163 22471 21349 20843
GAIL 339 339 343 346 335 332
GRASIM 755 747 764 773 738 722
HDFC 1966 1973 1984 2003 1955 1944
HINDPETRO 237 235 239 241 233 230
HCLTECH 1065 1066 1077 1088 1055 1044
HDFCBANK 2111 2116 2125 2140 2101 2091
HEROMOTOCO 2933 2922 2960 2987 2896 2858
HINDUNILVR 1838 1837 1846 1854 1829 1820
HINDALCO 209 210 212 214 207 206
IOC 138 138 139 140 137 136
ICICIBANK 358 359 361 364 356 354
IBULHSGFIN 647 657 669 690 636 624
INDUSINDBK 1517 1518 1529 1541 1506 1495
INFY 763 764 768 773 760 756
ITC 280 279 282 283 278 275
JSWSTEEL 273 275 279 285 269 266
KOTAKBANK 1282 1284 1293 1304 1273 1264
LT 1295 1302 1314 1333 1283 1270
M&M 703 702 710 717 694 686
MARUTI 7286 7264 7342 7399 7207 7129
NTPC 136 136 138 139 135 133
ONGC 148 147 149 150 146 145
POWERGRID 185 185 187 189 183 182
RELIANCE 1288 1298 1311 1334 1276 1263
SBIN 287 289 292 297 284 282
SUNPHARMA 434 434 446 458 421 409
TATAMOTORS 183 182 186 188 180 176
TATASTEEL 488 486 494 499 480 473
TCS 2078 2081 2095 2112 2064 2050
TECHM 806 807 815 825 797 789
TITAN 1059 1059 1067 1076 1050 1042
ULTRACEMCO 3564 3556 3615 3666 3506 3447
UPL 804 808 814 823 798 793
VEDL 163 164 165 167 161 160
WIPRO 374 373 376 378 371 368
YESBANK 177 178 181 185 174 171
ZEEL 406 401 416 427 391 376
Source: Axis Direct.

8 February 2019 6
Commodity snapshot

8 February 2019 7
DAILY DERIVATIVE REPORT

08 February 2019

Nifty Futures View Volatility FII Activity

Nifty Active Futures 11093.8 India VIX Index 15.43 INDEX FUTURES 999
Nifty Active Futures OI 21240750 Nifty ATM Call IV 10.46 INDEX OPTIONS 1174
Change in OI 108900 Nifty ATM Put IV 15.64 STOCK FUTURES 473
Premium / Discount 24.40 PCR Index Options 1.78 STOCK OPTIONS 85
Inference Long Build Up PCR F&O Total 1.06 FII Net Activity 2731

Nifty Options OI Distribution HIGHLIGHTS: Nifty futures closed at 11093.80 on a positive

note with 0.52% increase in open interest indicating Long
Build Up. Nifty Futures closed at a premium of 24 points
compared to previous day premium of 28 points.

FII's were Buyers in Index Futures to the tune of 999 crores

and were Buyers in Index Options to the tune of 1174 crores,
Stock Futures were Buyers to the tune of 473 crores.

FII's were Net Buyers in derivative segment to the tune of

2731 crores.

India VIX index is at 15.43 Nifty ATM call option IV is

currently at 10.46 whereas Nifty ATM put option IV is quoting
at 15.64..

Nifty Options -Change in OI

Index options PCR is at 1.78 and F&O Total PCR is at 1.06.
Among stock futures MUTHOOTFIN, MANAPPURAM,
RAMCOCEM & IGL have witnessed long build up and may
show strength in coming session.
Stock which witnessed short build up are RPOWER,
UJJIVAN, MRF & ARVIND witnessed short build up may
remain weak in coming session.
Nifty Put options OI distribution shows that 11000 has highest
OI concentration followed by 10700 & 10500 which may act
as support for current expiry.
Nifty Call strike 11000 followed by 11300 witnessed
significant OI concentration and may act as resistance for
current expiry.

SECURITIES IN BAN PERIOD:

ADANIENT,DHFL,IDBI,JETAIRWAYS,RELINFRA,RPOWER
__________________________________________________________ ______________________________________________________
Stock Futures - Long Build Stock Futures - Short Build Up
Open %
Symbol Fut Price % Chg Open Interest % Chg Symbol Fut Price % Chg
Interest Chg
RPOWER 10.10 -0.21 102976000.00 0.34
MUTHOOTFIN 516.80 0.08 2020500.00 0.29
UJJIVAN 287.05 -0.03 3987200.00 0.18
MANAPPURA
104.10 0.07 10536000.00 0.25
M
MRF 59819.30 -0.01 34970.00 0.17
RAMCOCEM 619.60 0.02 648800.00 0.24

ARVIND 81.65 -0.03 7236000.00 0.15

IGL 299.70 0.00 3786750.00 0.23

8 February 2019 For private circulation only

 Disclosures

Disclaimer:
Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable
or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report
may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial
positions and needs of specific recipient.

This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should
make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies
referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of
such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade
securities involve substantial risk and are not suitable for all investors. ASL, 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 any action 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. Past performance is not necessarily a guide to future performance. Investors are advise
necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before
investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are
not predictions and may be subject to change without notice.

ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell
the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage
or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or
investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any
recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of
each other. The recipient should take this into account before interpreting this document.

ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a
result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this
report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service
transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in
this report.

Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed,
directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is
inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of
the sender. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or
located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The securities described
herein may or may 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.- Unit No. 2, Phoenix Market
City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. – 022-40508080/ 022-61480808, Reg. off.- Axis House, 8th
Floor, Wadia International Centre, PandurangBudhkar Marg, Worli, Mumbai – 400 025.
Compliance Officer: AnandShaha, E-Mail ID: compliance.officer@axisdirect.in,Tel No: 022-42671582.

8 February 2019 For private circulation only

DAILY DERIVATIVE REPORT

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 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 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, etc. in the subject company in the last 12-
month period.
Research Team
Sr. No Name Designation E-mail
1 Rajesh Palviya Technical & DerivativeAnalyst - (Head) rajesh.palviya@axissecurities.in
2 Vaishnavi Jagtap Technical Analyst vaishnavi.jagtap@axissecurities.in
3 Hemang.Gor Derivative Analyst hemang.gor@axissecurities.in

4 Hiren Trivedi Research Associate hiren.trivedi@axissecurities.in

5 Rahil Vora Derivative Analyst rahil.vora@axissecurities.in

5. ASL has not received any compensation from the subject company in the past twelve months. ASL 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.

8 February 2019 For private circulation only

DAILY DERIVATIVE REPORT

Disclaimer:
Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable
or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report
may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial
positions and needs of specific recipient.

This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should
make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies
referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of
such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade
securities involve substantial risk and are not suitable for all investors. ASL, 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 any action 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. Past performance is not necessarily a guide to future performance. Investors are advise necessarily
a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in
the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not
predictions and may be subject to change without notice.

ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell
the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or
other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or
investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any
recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of each
other. The recipient should take this into account before interpreting this document.

ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a
result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this
report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service
transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in
this report.

Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed,
directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is
inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of
the sender. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located
in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The securities described herein
may or may 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.- Unit No. 2, Phoenix Market
City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor, Wadia
International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID:
compliance.officer@axisdirect.in,Tel No: 022-42671582.

8 February 2019 For private circulation only