May 2019

Research Scorecard

ICICI Securities – Retail Equity Research MOMENTUM PICK

Key pillars of our equity proposition

Intensive Research Innovative & flexible products

MOMENTUM PICK
 Dedicated team for fundamental, derivative  Offer innovative and unique products to
and technical research cater to every client’s need
 Total 32 fundamental research analysts  Provide flexibility in product and
covering 218 companies across sectors service features
 Customised research solutions – for  Execution
investing or trading using cash, equities or
 Margins
derivatives
 Liquidity

Strong service platform Institutional & Corporate Services

ICICI Securities – Retail Equity Research

 Dedicated equity advisors to guide you on  Institutional services offered to our HNI
the markets clients
 Online and mobile platforms for trading  Block deals
and account tracking  VWAP trading
 Online reporting systems for tracking  Compliance reporting and monitoring
transactions, profitability, securities services for employee accounts
position and cash movement

2
 Research Philosophy

ICICI Securities – Retail Equity Research MOMENTUM PICK

Stock selection basis

Fundamentals Momentum

MOMENTUM PICK
• Financials of the company  Stock price movement vis-à-vis

• Growth prospects of the industry and market and historical averages

company  Transaction volume

• Quality of management
• Competitive landscape

Valuations Technicals

ICICI Securities – Retail Equity Research

 Stock price vis-à-vis:  Chart based parameters

 Peers  Moving average price

 Earnings quality  Trend reversals

 Intrinsic value  Historical cycles

 Patterns

4
Research catering to client needs

Fundamentals Momentum Technicals

MOMENTUM PICK
Long term
Investing

Medium term
Investing

ICICI Securities – Retail Equity Research

Short term
Trading

Intra – day
Trading

High Low Absent

5
Research basket

MOMENTUM PICK
 Three to five years perspective – Equity model portfolio
Long term  Twelve to 15 month perspective – Detailed company reports
Investing
 Others – Muhurat Picks and Annual & Mid-Strategy Picks

Medium term  Six months perspective

Investing  Techno Funda Picks, Gladiator Stocks

 Seven to 30 days perspective

ICICI Securities – Retail Equity Research

Short term  Monthly and Weekly Calls – Technical & Derivatives
Trading
 Stocks on the Move, Positional Derivatives and Volatility Insight

 One to three days perspective

Intra – day
 Daily Calls – Technical, Momentum and Derivatives
Trading
 Intra-day Calls – BTST, Margin and Derivatives

6
7
Research Performance – Long Term Investing

ICICI Securities – Retail Equity Research MOMENTUM PICK

Detailed Company Coverage

Overall Basket

MOMENTUM PICK
• Coverage: 218 companies
• Target achieved: 157 companies (72% strike rate)

ICICI Securities – Retail Equity Research

8
Nano Nivesh & I-direct Instinct well accepted fundamental products

MOMENTUM PICK
 It is a regular pursuit of the Research team to identify new investment ideas for our valuable customers. The same has
been bought under coverage through detailed initiating reports, Nano Nivesh and I-direct Instinct formats
 The Nano Nivesh product has been well accepted in the marketplace with a rich history of wealth generation for investors.
Average five day return is to the tune of ~5% while average return for released reports since initiation is -1.5% with seven
stock turning into a multi-bagger
 In order to capture the tactical market opportunity in a time bound manner, we introduced an abridged report format viz.
I-direct Instinct, which clocked an average five day return of 7% while average return since inception for released reports
is 9%

ICICI Securities – Retail Equity Research

Nano Nivesh Return Distribution
12 10 11
Of the total 32 recommended Nano
8
3
6
stocks, there are 18 where
4 1
0
I-direct was the first to
Returns >300% Returns of 20- Returns of 0-20% Return of -25%- Return of -40%- initiate/recommend in the market
300% 0% -25%
I-direct Instinct performance

MOMENTUM PICK
Idirect Instinct Recommendations
Idirect Instinct Initiation Date (T) Stock Price (T) Stock Price (T+5) Return (%) CMP Return (%)
Sandesh Ltd 17-Mar-17 911 975 7.0 725 -20.4
Oriental Hotel 23-Mar-17 36 37 2.8 43 18.1
Hester Biosciences 29-Mar-17 732 965 31.8 1867 155.1
Mangalam Drugs 19-Apr-17 154 210 36.4 43 -72.4
Godrej Industries 10-Jul-17 660 662 0.3 499 -24.3
Morganite Crucible 11-Jul-17 1122 1200 7.0 1335 19.0
HUDCO 13-Jul-17 97 90 -7.2 43 -55.4
Zydus Wellness 13-Jul-17 894 889 -0.6 1320 47.7
Birla Corporation 13-Jul-17 919 940 2.3 676 -26.5
Zee Media Corp 19-Sep-17 35 37 5.7 14 -60.9
Royal Orchid 19-Sep-17 130 133 2.3 120 -7.8

ICICI Securities – Retail Equity Research

Action Construction Equipemnt 14-Nov-17 95 126 32.6 105 10.8
NESCO 23-Nov-17 535 513 -4.1 522 -2.4
Hawkins Cookers 24-Nov-17 2800 2809 0.3 3047 8.8
South Indian Bank 27-Nov-17 31.5 31.7 0.6 14 -54.8
Titagarh Wagons 27-Nov-17 165 171 3.6 68 -58.6
Sundaram Finance 6-Dec-17 1870 1878 0.4 1674 -10.5
Sanofi India 18-Dec-17 4581 4656 1.6 5390 17.7
Merck ltd 19-Dec-17 1200 1315 9.6 3968 230.7
Abbott India 19-Dec-17 5389 5431 0.8 7825 45.2
 I-direct Instinct performance

MOMENTUM PICK
Idirect Instinct Recommendations
Idirect Instinct Initiation Date (T) Stock Price (T) Stock Price (T+5) Return (%) CMP Return (%)
Pfizer Ltd 19-Dec-17 2000 2049 2.5 3105 55.2
Goodyear India 3-Jan-18 1110 1221 10.0 940 -15.3
GM Brewaries 4-Jan-18 776 865 11.5 518 -33.2
Pokarna Ltd 4-Jan-18 222 269 21.2 175 -21.1
Hindustan Oil Exploration 7-Feb-18 118 121 2.5 126 6.9
Fortis Hospitals 16-Mar-18 159 143.4 -9.8 125 -21.5
NGL Fine-Chem Ltd 20-Mar-18 386 427.4 10.7 552 43.0
EIH Associated Hotels 27-Mar-18 467 495 6.0 363 -22.3
Magma Fincorp 17-May-18 183 191 4.4 130 -28.9
FDC India 7-Aug-18 244 248 1.6 203 -16.8

ICICI Securities – Retail Equity Research

Globus Spirits 29-Aug-18 160 195 21.9 139 -13.2
Dhampur Sugar Mills 12-Sep-18 98 141 43.9 230 134.7
Balrampur Chini 14-Sep-18 88 88 0.0 162 84.3
Suven 10-Oct-18 244 262 7.4 273 11.7
Hikal 12-Oct-18 154 157 1.9 171 10.8
Brigade Enterprises 18-Jan-19 212 211 -0.5 252 19.0
Gokuldas Exports 7-Feb-19 72 72.5 0.7 106 47.0
Hind Rectifiers 29-Mar-19 114 120 5.3 136 19.3

June 4, 2019 ICICI Securities Ltd. | Retail Equity Research 11

Equity Model Portfolio (rejigged on March, 2019) – Large Cap

Earlier Now

MOMENTUM PICK
Name of the company Weightage(%) Name of the company Weightage(%)
Auto 14.0 Auto 4.0
Maruti Suzuki 6.0 Mahindra & Mahindra (M&M) 4.0
Eicher Motors 4.0 BFSI 39.0
Mahindra & Mahindra (M&M) 4.0 HDFC Bank 10.0
BFSI 37.0 Axis Bank 6.0
HDFC Bank 10.0 HDFC Limited 9.0
Axis Bank 6.0 Bajaj Finance 6.0
HDFC Limited 9.0 State Bank of India 8.0
Bajaj Finance 6.0 Capital Goods 6.0
State Bank of India 6.0 Larsen & Toubro 6.0
Capital Goods 6.0 Cement 4.0
Larsen & Toubro 6.0 UltraTech Cement 4.0
Cement 4.0 FMCG/Consumer 19.0
UltraTech Cement 4.0

ICICI Securities – Retail Equity Research

Dabur India 5.0
FMCG/Consumer 19.0 Marico 4.0
Dabur India 5.0 ITC 6.0
Marico 4.0 Nestle India 4.0
ITC 6.0 IT 12.0
Nestle India 4.0 Tata Consultancy Services 6.0
IT 6.0 Tech Mahindra Limited 6.0
Tata Consultancy Services 6.0 Metals 6.0
Metals 6.0 Hindustan Zinc 6.0
Hindustan Zinc 6.0 Oil and Gas 5.0
Oil and Gas 5.0 GAIL Ltd. 5.0
GAIL Ltd. 5.0 Pharma 5.0
Pharma 3.0 Divis Laboratories 5.0
Divis Laboratories 3.0 Total 100.0
Total 100.0

12
Equity Model Portfolio (rejigged on March, 2019) – Midcap

Earlier Now

MOMENTUM PICK
Name of the company Weightage(%) Name of the company Weightage(%)
Auto 12.0 Auto 6.0
Bharat Forge 6.0 Bharat Forge 6.0
Exide Industries 6.0 BFSI 14.0
BFSI 14.0 Bajaj Finserv 8.0
Bajaj Finserv 8.0 Indian Bank 6.0
Indian Bank 6.0 Capital Goods 12.0
Capital Goods 12.4 AIA Engineering 6.0
AIA Engineering 6.0 Kalpataru Power transmission 6.0
Kalpataru Power transmission 6.0 Cement 6.0
Anup Engineering 0.4 Ramco Cement 6.0
Cement 6.0 Consumer 24.0
Ramco Cement 6.0 Kansai Nerolac 6.0

ICICI Securities – Retail Equity Research

Consumer 24.0 Pidilite Industries 6.0
Kansai Nerolac 6.0 Tata Chemicals 6.0
Pidilite Industries 6.0 Bata India 6.0
Tata Chemicals 6.0 IT 6.0
Bata India 6.0 Firstsource Solutions 6.0
Metals 6.0 Logistics 6.0
Graphite India 6.0 Container Corporation of India 6.0
IT 6.0 Pharma 8.0
Firstsource Solutions 6.0 Syngene International 8.0
Logistics 6.0 Real Estate 12.0
Container Corporation of India 6.0 Brigade Enterprises 6.0
Pharma 8.0 Somany Ceramics 6.0
Syngene International 8.0 Textile 6.0
Textile 5.6 Arvind Fashions 6.0
Arvind 2.6 Total 100.0
Arvind Fashion 3.0
Total 100.0

13
Equity Model Portfolio (rejigged on March, 2019) – Diversified (1/2)

Earlier Now

MOMENTUM PICK
Name of the company Weightage(%) Name of the company Weightage(%)
Auto 13.4 Auto 4.6
Bharat Forge 1.8 Bharat Forge 1.8
Eicher Motors 2.8 Mahindra & Mahindra (M&M) 2.8
Exide Industries 1.8 BFSI 31.5
Mahindra & Mahindra (M&M) 2.8 Axis Bank 4.2
Maruti Suzuki 4.2 Bajaj Finance 4.2
BFSI 30.1 Bajaj Finserv 2.4
Axis Bank 4.2 HDFC Bank 7.0
Bajaj Finance 4.2 HDFC Limited 6.3
Bajaj Finserv 2.4 Indian Bank 1.8
HDFC Bank 7.0 State Bank of India 5.6
HDFC Limited 6.3 Power, Infrastructure & Cement 12.4
Indian Bank 1.8 Larsen & Toubro 4.2
State Bank of India 4.2 AIA Engineering 1.8

ICICI Securities – Retail Equity Research

Power, Infrastructure & Cement 12.5 Kalpataru Power transmission 1.8
Larsen & Toubro 4.2 Ramco Cement 1.8
AIA Engineering 1.8 UltraTech Cement 2.8
Kalpataru Power transmission 1.8 FMCG/Consumer 20.5
Ramco Cement 1.8 Bata India 1.8
UltraTech Cement 2.8 Dabur India 3.5
Anup Engineering 0.1 ITC 4.2
FMCG/Consumer 20.5 Kansai Nerolac 1.8
Bata India 1.8 Marico 2.8
Dabur India 3.5 Nestle India 2.8
ITC 4.2 Pidilite Industries 1.8
Kansai Nerolac 1.8 Tata Chemicals 1.8
Marico 2.8
Nestle India 2.8
Pidilite Industries 1.8
Tata Chemicals 1.8

# Indicative diversified portfolio has 70%

weightage to large cap and 30% to midcap

14
Equity Model Portfolio (rejigged on March, 2019) – Diversified (2/2)

Earlier Now

MOMENTUM PICK
Name of the company Weightage(%) Name of the company Weightage(%)
IT 6.0 IT 10.2
Firstsource Solutions 1.8 Firstsource Solutions 1.8
Tata Consultancy Services 4.2 Tech Mahindra Limited 4.2
Metals 6.0 Tata Consultancy Services 4.2
Graphite India 1.8 Metals 4.2
Hindustan Zinc 4.2 Hindustan Zinc 4.2
Pharma 4.5 Pharma 5.9
Divis Laboratories 2.1 Divis Laboratories 3.5
Syngene International 2.4 Syngene International 2.4
Oil and Gas 3.5 Oil and Gas 3.5

ICICI Securities – Retail Equity Research

GAIL Ltd. 3.5 GAIL Ltd. 3.5
Logistics 1.8 Logistics 1.8
Container Corporation of India 1.8 Container Corporation of India 1.8
Textile 1.7 Real Estate 3.6
Arvind 0.8 Brigade Enterprises 1.8
Arvind Fashion 0.9 Somany Ceramics 1.8
Textile 1.8
Arvind Fashion 1.8

# Indicative diversified portfolio has 70%

weightage to large cap and 30% to midcap

15
Equity Model Portfolio

Performance (return since inception)#

MOMENTUM PICK
All three portfolios continue to outperform their respective benchmark indices, indicating that our
picks have been more consistent and stable vis-à-vis their respective indices on an average.

300 273.6

191.1
200 163.4
% 126.0 132.3 126.2
100

ICICI Securities – Retail Equity Research

0
Large Cap Midcap Diversified
Portfolio Benchmark

As on May 31, 2019

# includes the dividend yield

16
SIP in Model Portfolio

Value as on May 31, 2019

MOMENTUM PICK
16,000,000

9,600,000

9,600,000
9,600,000
14,000,000

23,353,147
12,000,000

16,619,027
10,000,000

15,595,989

14,681,771
13,864,175

13,322,724
8,000,000

|
6,000,000
4,000,000
2,000,000
0

ICICI Securities – Retail Equity Research

Largecap Midcap Divesified
Investment Value of Investment in Portfolio Value if invested in Benchmark

 SIPs in all three portfolios (large cap, midcap and diversified portfolio) continue to outperform
their SIPs in the respective index
 Assuming | 1,00,000 invested as SIP at the end of every month
 Start date of SIP is June 31, 2011

17
Muhurat Picks

Recommended on October 31, 2018

MOMENTUM PICK
Company Reco Price (|) Target Price (|) Return (%) Status
Aurobindo Pharma 770 915 Open
Divis Lab 1486 1700 14.4 Target Achieved
SBI 270 340 25.9 Target Achieved
Axis Bank 560 725 29.5 Target Achieved
Titan 825 950 15.2 Target Achieved
Trent 322 410 27.3 Target Achieved
EIH 163 205 25.8 Target Achieved

ICICI Securities – Retail Equity Research

18
Yearly Strategy picks – Fundamental

Recommended on December 27, 2018

MOMENTUM PICK
Company Reco Price (|) Target Price (|) Return (%) Status
Apollo Hospitals 1240 1440 Open
Astral Poly Technik 1116 1250 12% Target Achieved
City Union Bank 185 225 Open
Grindwell Norton 542 625 10% Profits Booked at | 596
Jyothy Lab 201 240 Open
Ramco Cements 641 760 17% Profits Booked at | 750
Somany Ceramics 324 410 21% Profits Booked at | 392

ICICI Securities – Retail Equity Research

19
Yearly Technical picks

Technical Recommendations of 2019

MOMENTUM PICK
Rec. Date Stock Recommended Rec Price (|) Target (|) Stoploss (|) % Profit/Loss Comment
21-Dec-18 Axis Bank 630 820 569 30.0 Target Achieved
21-Dec-18 Britannia 3125 3790 2740 -11.0 Exit at 2758.00
21-Dec-18 Abbott India 7400 9368 6380 Open
20-Dec-18 VOLTAS 565 688 497 11.0 Booked 50% profit at 626
21-Dec-18 TVS Motors 580 720 495 -14.0 Stoploss triggered
21-Dec-18 JSW Energy 70 96 56 10.0 Booked profit at 77
20-Dec-18 ABFRL 200 263 163 12.0 Booked profit at 223

ICICI Securities – Retail Equity Research

• Recommendations: 7

• Open: 1

• Positive: 4

• Strike Rate: 67%

• Average return on positive calls : 16%

20
Yearly Quant picks

Derivatives recommendations for 2019

MOMENTUM PICK
Stock Recommended Rec Price (|) Target (|) Stoploss (|) % Profit/Loss Comment
Asian Paints 1290-1310 1635 1110 13.0% Booked profit at 1465
Federal Bank 83-86 112 69.5 12.0% Booked profit at 95
Nestle India 10550-10850 13550 9075 -- Open
Ultratech Cement 3820-3900 4850 3320 26.0% Target Achieved
United Spirits 605-625 775 520 -15.5% Stop loss triggered

Derivatives recommendations performance in 2019

ICICI Securities – Retail Equity Research

• Recommendations: 5

• Profits booked : 3

• Open : 1

• Strike Rate: 75%

• Average return on positive calls : 17.0%

21
22
Research Performance – Medium Term Investing

ICICI Securities – Retail Equity Research MOMENTUM PICK

Gladiator Stocks

YTD Performance

MOMENTUM PICK
 Recommendations: 24
 Open: 3
 Exit at cost: 0
 Strike Rate: 71%
 Average return on positive calls: 13.0%
 Average return on negative calls: -9.0%

As on Date Performance

ICICI Securities – Retail Equity Research

 Recommendations: 434
 Open: 3
 Exit at cost: 10
 Strike Rate: 75%
 Average return on positive calls: 18.0%
 Average return on negative calls: -8.0%

23
24
Research Performance – Short Term Trading

ICICI Securities – Retail Equity Research MOMENTUM PICK

Momentum Pick (Positional Recommendations)

May Performance

MOMENTUM PICK
 Recommendations : 8
 Open: 0
 Exit at cost: 1
 Strike rate: 100%
 Average return on positive calls: 7%

YTD Performance

ICICI Securities – Retail Equity Research

 Recommendations : 14
 Open: 0
 Exit at cost: 4
 Strike rate: 90%
 Average return on positive calls : 8%
 Average return on negative calls : -3%

25
Quant Pick

May Performance

MOMENTUM PICK
 Number of Calls recommended: 05
 Positive payoff: 2
 Open : 3
 Strike rate: 100%
 Average return on Positive Calls : 8.6%

FY20 Performance

ICICI Securities – Retail Equity Research

 Number of Calls recommended: 9
 Positive payoff: 3
 Open : 3
 Exit in loss : 3
 Strike rate: 50%
 Average return on Positive Calls : 11.5%
 Average return on Negative Calls : -10.5%

26
Derivatives Strategies

May Performance

MOMENTUM PICK
 No. of Calls : 8
 Profits Booked : 3
 Exit in loss : 3
 Open/Not Initiated : 2
 Strike rate: 50%
 Average profit per call: | - 486

FY20 Performance

ICICI Securities – Retail Equity Research

 No. of Calls : 24
 Profits Booked : 14
 Exit in loss : 7
 Open/Not Initiated : 3
 Strike rate: 67%
 Average profit per call: | 1650

27
Currency Derivatives

May Performance

MOMENTUM PICK
 Recommendations: 40
 Exit at cost : 6
 Profits Booked : 20
 Strike Rate: 59%

ICICI Securities – Retail Equity Research

FY20 Performance
 Recommendations: 73
 Exit at cost : 9
 Profit Booked : 42
 Strike Rate: 66%

28
29
Research Performance – Intra Day Trading

ICICI Securities – Retail Equity Research MOMENTUM PICK

Trading Calls

May Performance

MOMENTUM PICK
 Strike rate of 63%

Trading Derivatives/Margin Calls

Total calls 323
Positive Payoff 203
Open 0
Strike rate 63%

ICICI Securities – Retail Equity Research

30
 Disclaimer

ANALYST CERTIFICATION
We /I, Pankaj Pandey, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the 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. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve

MOMENTUM PICK
months and do not serve as an officer, director or employee of the companies mentioned in the report.

Terms & conditions and disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI Registration
Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset
management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies
covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc. as opposed to focusing on a company's fundamentals and, as such, may not match with the
recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary with the views,
estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient 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 ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under
no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such
suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

ICICI Securities – Retail Equity Research

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall
not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities
will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities
discussed and opinions expressed 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 may not be taken in substitution for the
exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no
liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not 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.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance,
investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies mentioned in the
report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.

Since associates of ICICI Securities 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.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

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 ICICI Securities and affiliates 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. Persons in whose possession this
document may come are required to inform themselves of and to observe such restriction.

31
 Thank You

ICICI Securities – Retail Equity Research MOMENTUM PICK