24th January, 2020 - Hpmg Share & Services

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24th January, 2020 - Hpmg Share & Services
24th January, 2020

PRIVATE & CONFIDENTIAL                        1
Daily Market Insight

PRIVATE & CONFIDENTIAL                          2
Sectoral Indices

                         Close      % Change                         Nifty Performance
 Nifty 50                12248.25   0.56%             1200
 Nifty Auto              8274.85    0.4%
                                                      1000
 Nifty Energy            15674.65   -0.19%
 Nifty Fin Se            14420.4    0.92%              800
 Nifty FMCG              31474.9    0.79%
                                                       600
 Nifty IT                16472.75   -0.01%
 Nifty Media             1889.9     0.96%              400
 Nifty Metal             2796.2     0.97%
                                                       200
 Nifty Pharma            8294.05    -0.07%
 Nifty Bank              31241.75   0.77%                0
 Nifty Realty            328.65     0.31%                       Advances    Declines     Unchanged

PRIVATE & CONFIDENTIAL                                                                               3
Top Gainers (BSE)                             Top Gainers (NSE)
            Company Name          LTP         %GAIN       Company Name          LTP         %GAIN
         UltraTech cement       4641.05       2.47%      Yes Bank               42.8        4.52%
         Tech Mahindra           787.5        2.43%      Ultratech cement     4642.75       2.57%
         Larsen                  1359.8       2.03%      Britannia             3192.5       2.56%
                          Top Losers (BSE)                              Top Losers (NSE)
            Company Name          LTP         %LOSS       Company Name          LTP         %LOSS
         Powergrid corp          196.95       -2.14%     Zensar Tech           174.4        -12.32%
         Indusind Bank            1316        -1.21%     PNB Housing Fin       482.75       -10.55%
         Tata Motors             186.45       -1.04%     Edelweiss              92.3        -5.82%
                         52 Week High (BSE)                            52 Week High (NSE)
            Company Name                      Day High    Company Name                      Day High
         A & M Febcon                          21.25     Adani Enterprise                    232.4
         AF Ent                                 7.06     ALLSEC Tech                         348.7
         Adani enterprise                       232      Amara Raja Batt                      811

PRIVATE & CONFIDENTIAL                                                                                 4
52 Week Low (BSE)                        52 Week Low (NSE)
            Company Name                     Day High    Company Name               Day Low
         Achal Invest                          0.35     Agro Phos India                  30.4
         Ajcon Global                          24.5     Bkm Industries                   0.5
         Alfa Transforme                      16.25     C & C Construct                   2

                         Only Buyers (BSE)                          Only Buyers (NSE)
           Company Name           LTP        % chg       Company Name        LTP        % chg
         Kenvi Jewels             24          20%       GP Petroleums        55.2        20%
         Sadhana Nitro          210.75       19.98%     Dolat Investments    57.4       15.38%
         GP Petroleums           55.3        19.96%     Orissa Minerals     1664.45     11.69%

                     Only Sellers (BSE)                            Only Sellers (NSE)
            Company Name       LTP            % chg       Company Name       LTP         % chg
          V R Films              128.3       -16.96%    Zensar Tech         174.4       -12.32%
          Hind Flurocarbo         7.05        -9.96%    PNB Housing fin     482.75      -10.55%
          Acewin Agriteck         6.81       -9.92%     MIC Electronics       0.6       -7.69%

PRIVATE & CONFIDENTIAL                                                                            5
Most Active stocks (BSE)                      Most Active stocks (NSE)
            Company Name           Current          Value     Company Name         LTP            Value
         Infosys                    782.95           55.9   Yes Bank               42.8      1240.58
         Reliance                   1521.7          48.74   Bharti Airtel         524.25     1225.99
         HDFC Bank                 1244.15          43.09   Reliance             1521.55     1017.56
                    Price shockers (BSE)                              Price shockers (NSE)
           Company Name        LTP               % Chg       Company Name       LTP          Day Low
         Sadhana Nitro       210.75             43.27%      Coromandel engg 45.15            165.59%
         Guj Intrux          98.85               31.71      Advance Meter     23.9            98.01%
         Prism medico        22.3               30.79%      Marg              14              75.22%

                         Volume Shockers (BSE)                      Volume Shockers (NSE)
          Company Name              Avg vol         % chg     Company Name   Avg Vol      % chg
         Aavas Financier             1528       20077%      Essel Propack         5484.4     31893%
         FDC                         3338       12946%      AllCargo              8711.4     27267%
         Alembic Pharma             14234        6278%      IndoThai Sec          1727.2     22487%

PRIVATE & CONFIDENTIAL                                                                                    6
Daily Performance

PRIVATE & CONFIDENTIAL                       7
Analyst Meet Reports
•      DB Corp
•      D. B. Corp hosted a conference call on Jan 23, 2020. In the conference call the company was represented by Pawan Agarwal ?
       Deputy Managing Director, Girish Agarwaal ? Non Executive Director, Mushtaq Ali - Vice President (Fin. & A/c), Lalit Jain CGM
       ( Fin. & A/c) and P. K. Pandey ? Head Investor & Media Relations

•      Key takeaways of the company
•      The present market conditions continue to be challenging on the back of weak consumer demand and a general economic
       slowdown. However, the innovative knowledge-driven product strategies and well implemented circulation expansion drive is
       yielding results.
•      Dainik Bhaskar newspaper DB works to gain market share in Bihar, Gujarat, Rajasthan and Punjab besides maintaining
       dominance in remaining markets. According to latest readership survey, DB has strengthened its readership base in Bihar by
       adding 1.82 lakh readers, Similarly in Rajasthan, DB has increased its lead in Urban Rajasthan to 10% from 4% in last quarter
       and in Jaipur to 47% from 37% in the previous quarter. In Gujarat DBs lead has widened to 30% against earlier 19% lead in
       key market of Ahmedabad.
•      On the revenue front, growth continues to be challenging for the industry, however, softening newsprint prices is a silver
       lining. This coupled with cost-rationalization measures has enabled it to improve profit margins.
•      The advertisement revenue both print and radio together was down by 12%yoy to Rs 425 crore in Q3FY20 and down 9%yoy
       to Rs 1233.8 crore in 9mFY20. Q3FY19 had the benefit of election in the states of MP, Chhattisgarh and Rajasthan in Q3FY19.
•      Circulation revenue was up by 2%yoy to Rs 132.1 crore in Q3FY20 and down 1% to Rs 392.1 crore in 9mFY20. The growth in
       circulation revenue for Q3FY20 was largely due to increase in cover price in select markets especially Madhya Pradesh rather
       than increase in circulation volume. The circulation volume for the quarter was maintained or almost equal at about 56.4
       lakh copies in Q3FY20compared to 56.58 lakh copies in Q3FY19.

    PRIVATE & CONFIDENTIAL                                                                                                             8
Analyst Meet Reports
•      Increase in cover price in MP is to the tune of about Rs 6-8 per month.
•      The newsprint prices in Q3FY20 at Rs 38158/ MT was down by 16%yoy from RS 45390/MT in corresponding previous period.
       Softening trend in newsprint prices are expected to continue in Q4FY20 as well.
•      The company expects the news print price in Q4FY20 to go down by atleast 3% from Q3FY20 number.
•      Radio stations are operating on 60% inventory. If lifestyle and auto comes back there will be strong growth. The focus is on
       combination of local and national. The company is working on lifestyle and auto to come back to radio with the company is
       working on certain product where these players will get value.
•      The earlier GOI permission of taking news from AIR is not working for FM radios and the players has to be allowed to create
       and experiment their own news content.
•      In 9mFY20 ? The share of government in advertisement revenue is about 18%. Education, automobile, real estate and
       governments roughly about 65%. While advertisement revenue on overall basis was down by 9%, the print advt revenue was
       down by 7%. Government advertisement revenue was down by 15%, automobile advt revenue was down by 8-10%. While
       Education has maintained, surprisingly the real estate category stayed flat.
•      Government advertisement especially the Central Government advertisement has come down sharply. While the state
       government advertisements have stayed on the drag of government advertisement happed due to sharp fall in Central
       Government advertisement. Sharp fall in Central Government advertisement is largely due to absence of any new schemes,
       which the government wants to promote. So the fall in central government advertisement pie is largely due to lack of reason
       to exhaust the advertisement budget and not on account of any diversion of revenue to other medium considering the fall in
       government advertisement in Radio and Television. Overall government advertisement revenue is down by 15% in 9mFY20.
•      Radio - If DIPP advt is removed the fall is in low double digit.
•      Going forward, the company is optimistic about revival in consumer spending and better revenue scenario.
•      The company is striving hard to improve circulation in crucial markets.

    PRIVATE & CONFIDENTIAL                                                                                                            9
Analyst Meet Reports
•      GMM Pfaudler
•      GMM Pfaudler (GMMP) hosted a conference call on Jan 23, 2020 to discuss the performance of the company for the quarter
       and nine-month ended Dec 2019. In the conference call the company was represented by Tarak Patel, Managing Director of
       the company
•      Key takeaways of the call
•      Q3FY20 turned out as yet another quarter of strong performance for the company with consolidated operating revenue
       growth of 19% and EBITDA growth of 46% over the same period in the previous year. The growth was led by volume as well
       as realisation.
•      The company continues to be bullish about Q4FY20. Similar growth story for revenue and profitability expected
•      The order book continues to remain healthy on the back of strong demand from the Chemical and Pharmaceutical sectors.
       Moreover the Order backlog for all the three product line of the company are good. Of the order backlog about 50% is GLE;
       30% is HE and balance will be Proprietary products
•      The order backlog of the company is about 800 equipment, which will be delivered over next 5-6 months range considering
       the fact that the companys delivering about 200 equipment a month currently.
•      The company embarked on selectively adding capacity looking at the robust demand environment
•      The company has commissioned one gas furnace recently. It has now ordered two more gas furnaces which will be
       commissioned by June/July 2020.
•      Steel used for next 3 months are already purchased and any fresh purchase and that price will be passed to the customers.
•      Order backlog of the company in glass lined equipment is about 800 equipment currently.
•      Heavy Engineering also have strong backlog with Q1FY21 and Q2FY21 already booked. So Q4FY20 and Q1FY21 will be good
       for HE.Expects FY2021 will be a breakthrough year in-terms of performance for HE.

    PRIVATE & CONFIDENTIAL                                                                                                         10
Analyst Meet Reports
•      Heavy Engineering also have strong backlog with Q1FY21 and Q2FY21 already booked. So Q4FY20 and Q1FY21 will be good
       for HE.Expects FY2021 will be a breakthrough year in-terms of performance for HE.
•      The company has to grow other business such as HE and take it to about 30-40% of annual sales.
•      The company has two dedicated sheds for Heavy Engineering and the fair revenue expected from current capacity is about Rs
       150-200 crore
•      For HE, the company is confident of continuing the growth trend of last 9mFY20 going ahead
•      The company will have 25% volume growth for GLE in Q4FY20. The company have clocked a volume of 1600 numbers in
       9mFY20.
•      The market size for GLE is growing at healthy rate and it is about Rs 800 crore. Of the GLE market the company is doing a
       revenue of Rs 300 crore accounting for good market share.
•      The Company has also laid out a five-year plan with an aim to take the Company to next level of sustainable growth. The 5
       year plan come into operation from April 2020.
•      Not seen any slowdown in specialty chemicals industry investments
•      Under new 5 year plan the company looks to grow organically and inorganically. Few opportunities are available for M&A and
       one or two of it may materialize soon. M&A will be another leg of growth for the company in coming period.

    PRIVATE & CONFIDENTIAL                                                                                                          11
Analyst Meet Reports
•      SBI Life Insurance
•      SBI Life Insurance conducted a conference call on 22 January 2020 to discuss its financial results for the quarter ended
       December 2019. Sanjeev Nautiyal, MD&CEO of the company addressed call:
•      Highlights:
•      The company has maintained its leadership position in life insurance sector. GWP increased by 33% to Rs 28700 crore in
       9MFY2020 mainly due to strong growth in NBP by 35% to Rs 12790 crore 9MFY2020 from Rs 9470 crore in 9MFY2019. The
       company expects to sustain strong growth for next two years.
•      The Company has increased its private market share based on New Business Premium (NBP) from 20.0% in 9MFY2019 to
       22.3% in 9MFY2020.
•      The Company has registered growth in savings and protection business reflecting balanced product mix. Total protection new
       business premium has increased by 37% from Rs 1060 crore in 9MFY2019 to Rs 1440 crore in 9MFY2020.
•      Total Cost ratio has decreased to 10.0% in 9MFY2020, from 11.0% in 9MFY2019. Commission ratio has decreased to 3.9% in
       9MFY2020, from 4.1% in 9MFY2019. Operating Expense has decreased to 6.1% in 9MFY2020 from 6.9% in 9MFY2019.
•      During the period ended December 2019, the Company has classified its investment in Dewan Housing Finance (DHFL) bonds
       as NPA on account of default in interest and principal repayment of non-convertible debenture (NCDs) held in Unit Linked
       Funds. The provision of Rs 157 crore (including MTM Change in Fair value of Rs 116 crore) under unit linked fund and Rs 113
       crore under Shareholders funds in 9MFY2020 has been recognized. DHFL exposure has been provided to the tune of 80%.
•      The company has exhibited strong 13th month persistency of 85.71% in 9MFY2020 as compared to 83.33% in 9MFY2019.
       49th month persistency has improved to 67.35% in 9MFY2020 as compared to 65.28% in 9MFY2019.The company will
       continue to focus on all lines of product, while raising business coming from protection, non-par saving and annuity.

    PRIVATE & CONFIDENTIAL                                                                                                           12
Analyst Meet Reports
•      VoNB margin increased from 19.6% in 9MFY2019 to 20.5% in 9MFY2020 (with effective tax rate). The higher share of
       protection business in overall business mix would continue to support VNB margin.
•      AuM has grown by 22% to Rs 164190 crore end December 2019 from Rs 134150 crore end December 2018 with debt-equity
       mix of 76:24. 93% of the debt investments are in AAA and Sovereign instruments.
•      The solvency ratio end December 2019 was at 2.30x as against the regulatory requirement of 1.50x.
•      ULIP segment has sustained momentum in terms of new business as well as renewals.
•      The share of protection is expected in double digits in next three years on APE basis from 8% currently. The protection share
       is expected to touch 15% on NBP basis from 11%.
•      The company expects healthy growth in the productivity of banca channel, while aims to achieve 20% growth in banca
       channel.
•      The company has no plans to raise employee strength significantly.

    PRIVATE & CONFIDENTIAL                                                                                                             13
Analyst Meet Reports
•      HDFC Life Insurance Company
•      The company has sustained strong performance across all key metrics, whilst maintaining focus on profitable growth. Product
       innovation remains a key focus area with newly launched product Sanchay Par Advantage being received well.
•      Expanding and diversifying distribution mix continues to be a vital component of strategy powered by technology and backed
       by a customer-centric approach.
•      The company has sustained growth momentum across proprietary channels, coupled with steady performance across
       corporate partners.
•      The company has maintained leadership position within the group segment, growing by 25%, resulting in a market share of
       28.6%. The market share basis Individual Weighted Received Premium (WRP) has increased by 160 basis points to 14.3% with
       31% growth in individual WRP.
•      Total number of lives insured grew by 29% to 4.5 crore during 9MFY2020.
•      The company has recorded growth across all product segments, whilst maintaining a balanced product mix.
•      The savings business which includes unit linked, par and non-par segments, grew by 32%.
•      The Protection APE has grown by 32% in 9MFY2020 to Rs 886 crore, while the company eyes on tapping the protection space
       further and its bullish on growth of protection business in India. Protection share basis APE is 16.7% in 9M FY20.
•      The diversified distribution mix is evidenced by the wide access to customers with 270 plus partners, including more than 40
       new-ecosystem partners end December 2019. This is further supplemented by 421 branches spread across the country.
•      Proprietary channel posted 16% growth and corporate 19% growth in Individual APE, while the share of proprietary channel
       has increased to 36% from 29%. The share of agency channel has also moved up to 14% from 11%. The direct sales channel
       has posted strong growth of 57%.
•      HDFC Bank contributes 85% to overall bancassurance business. The company accounts for roughly two-third of the business
       generated by HDFC Bank, while the balance is towards other insurance players.

    PRIVATE & CONFIDENTIAL                                                                                                            14
Analyst Meet Reports
•      Assets Under Management stood at Rs 1.36 lakh crore (Debt:Equity mix - 63:37), while 96% debt investments are in G-Secs
       and AAA bonds end December 2019.
•      The company is well positioned to harness the long term growth potential of the life insurance industry and provide a
       sustainable value proposition to customers, partners and shareholders.
•      The pensions subsidiary of the company is fastest growing pension fund manage under the NPS architecture and posted 93%
       yoy growth in AUM to Rs 7680 crore. Its market share grew from 25% end December 2018 to 30% end December 2019.
•      HDFC International Life and Re registered growth of 79% in revenues to US$ 3.9 million in 9MFY2020, while it continues to
       trend positively on both technical and net profit.
•      The impact of new business strain is mitigated by strong 27% growth in backbook profit in 9MFY2020.
•      As per the company various levers such as balance product mix, expense leverage and volume leverage would help to
       maintain margins.
•      The company has posted 21% growth in the credit protect segment, despite slow lending environment
•      The share of non-par saving business, which had showed unusual spurt in Q1FY2020, has declined 47% in 9MFY2020 from
       54% in H1FY2020. With its share at 35% in Q3FY2020, the company has already achieved the target exit of 35% for FY2020
•      The company is comfortable with current level of solvency with the board approved policy of maintaining solvency ratio of
       180-200% which product enough headroom for growth, while avoiding excess capitalization

    PRIVATE & CONFIDENTIAL                                                                                                         15
Sector & Economic News Analysis
•      Indian Rupee: Depreciates In Early Trades
•      The Indian rupee depreciated against the dollar in early trades on Friday, 24 January 2020 as spread of a deadly new
       virus from China kept investors edgy. Besides, rise in crude oil prices and lower opening in the domestic equity
       market also impacted the rupee movement. However, fresh foreign fund inflows supported the Indian currency.
       Foreign institutional investors bought equities worth Rs 1,352.13 crore on a net basis on Thursday, provisional
       exchange data showed.
•      The domestic currency opened at Rs 71.34 against the dollar but recovered to a high of 71.25 so far during the day.
       In the spot currency market, the Indian unit was last seen trading at Rs 71.26. The domestic currency had settled at
       71.26 against the American currency on Thursday
•      Domestic indices were trading lower on weak Asian cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was
       down 70.98 points or 0.17% at 41,315.42. The Nifty 50 index was down 17.75 points or 0.15% at 12,162.60.
•      Overseas, most Asian stocks were trading lower on Friday as worries over rapid spread of the deadly coronavirus
       virus kept investors on guard. In US, stocks ended mixed on Thursday, recovering from early losses, as investors
       digested earnings reports and took heart from a World Health Organization decision to refrain from declaring Chinas
       coronavirus outbreak a global emergency.
•      Meanwhile, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major
       currencies, rose by 0.19% to 97.71. Gains in the greenback were limited by a firmer yen on safe-haven demand
       despite the White Health Organization easing fears about the spread of the deadly coronavirus that origination in
       China, saying it was ?bit too early to consider this event is a public health emergency of international concern.

    PRIVATE & CONFIDENTIAL                                                                                                    16
Foreign Market Commentary
•    Headline equities of the US equity market finished session mostly higher on Thursday, 23 January 2020, as gains in
     technology and industrial companies offset declines elsewhere in the market amid concern about the potential impact of a
     deadly new virus outbreak. At closing bell, the Dow Jones Industrial Average shed 26.18 points, or 0.1%, at 29,160.09 but the
     S&P 500 index was up 3.79 points or 0.1% at 3,325.50, and the Nasdaq Composite Index recovered to gain 18.71 points or
     0.2%, to 9,402.48.
•    Stocks got off to a shaky start following a sell-off in global markets amid concerns over the coronavirus outbreak that has
     rocked Chinese markets and threatens to hurt an already-sluggish economy, along with the potential to harm global
     economic growth. Worries about the coronavirus accelerated after Beijing quarantined two cities with a combined
     population of about 17 million in an effort to contain the spread of the disease which is being compared with a deadly
     outbreak of the severe acute respiratory syndrome epidemic in 2003 that killed about 800 people. The central Chinese city of
     Wuhan, where the virus is concentrated, closed down its train station and airport Thursday to prevent people from entering
     or leaving the city.
•    However, U.S. stocks recovered from early losses after the World Health Organization said it wouldnt declare the coronavirus
     outbreak in China to be a global health emergency yet.
•    Technology stocks notched the biggest gains. Citrix Systems led all S&P 500 stocks, vaulting 7.8%, after the software company
     reported fourth-quarter earnings and revenue that topped market expectation.
•    Industrial stocks also rose, helped by solid earnings from American Airlines Group. Strong travel demand resulted in record
     occupancy levels on its planes, though the airline noted it had to cancel about 10,000 flights during the fourth quarter
     because of the grounding of the Boeing 737 Max jets. Its stock climbed 5.4% and helped lift other airlines. Southwest Airlines
     gained 3.6% and Alaska Air Group rose 2.4%.
•    Health care stocks were the biggest losers. Edwards LifeSciences, which makes heart valves, dropped 4.8%.
•    Financial stocks, including insurers, also fell. Travelers Cos. slid 5.1%, while financial services firm Raymond James dropped
     6.2% after falling short of profit forecasts.

PRIVATE & CONFIDENTIAL                                                                                                           17
Derivatives Market Commentary
•    HThe Nifty January 2020 futures were at 12,271.20, a premium of 22.95 points compared with the Niftys closing of 12,248.25
     in the cash market.
•    In the cash market, the Nifty 50 index gained 67.9 points or 0.56% to 12,248.25.
•    Turnover on the National Stock Exchanges futures & options (F&O) segment was Rs 9.66 lakh crore compared with Rs 34.45
     lakh crore reported in the previous session.
•    The NSEs India VIX, a gauge of markets expectation of volatility over the near term, fell 2.04% to 15.53.
•    On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 33.67 lakh
     contracts at the 12,300 strike price. Maximum put OI of 42.95 lakh contracts was seen at 12,000 strike price.
•    The option chain indicates that Nifty will hover between 12,000 and 12,300 in the January 2020 series.
•    Yes Bank (up 3.91%) was banned from trading in NSEs F&O segment for today after the security crossed 95% of market wide
     position limit.
•    Ultratech Cement, SBI and ICICI Bank were the top traded individual stock futures contracts in F&O segment of NSE for
     January expiry.

PRIVATE & CONFIDENTIAL                                                                                                         18
Derivatives Market Commentary
•    Deadline equities of the US equity market finished session mostly higher on Thursday, 23 January 2020, as gains in
     technology and industrial companies offset declines elsewhere in the market amid concern about the potential impact of a
     deadly new virus outbreak. At closing bell, the Dow Jones Industrial Average shed 26.18 points, or 0.1%, at 29,160.09 but the
     S&P 500 index was up 3.79 points or 0.1% at 3,325.50, and the Nasdaq Composite Index recovered to gain 18.71 points or
     0.2%, to 9,402.48. Stocks got off to a shaky start following a sell-off in global markets amid concerns over the coronavirus
     outbreak that has rocked Chinese markets and threatens to hurt an already-sluggish economy, along with the potential to
     harm global economic growth. Worries about the coronavirus accelerated after Beijing quarantined two cities with a
     combined population of about 17 million in an effort to contain the spread of the disease which is being compared with a
     deadly outbreak of the severe acute respiratory syndrome epidemic in 2003 that killed about 800 people. The central
     Chinese city of Wuhan, where the virus is concentrated, closed down its train station and airport Thursday to prevent people
     from entering or leaving the city.
•    However, U.S. stocks recovered from early losses after the World Health Organization said it wouldnt declare the coronavirus
     outbreak in China to be a global health emergency yet.
•    Technology stocks notched the biggest gains. Citrix Systems led all S&P 500 stocks, vaulting 7.8%, after the software company
     reported fourth-quarter earnings and revenue that topped market expectation.
•    Industrial stocks also rose, helped by solid earnings from American Airlines Group. Strong travel demand resulted in record
     occupancy levels on its planes, though the airline noted it had to cancel about 10,000 flights during the fourth quarter
     because of the grounding of the Boeing 737 Max jets. Its stock climbed 5.4% and helped lift other airlines. Southwest Airlines
     gained 3.6% and Alaska Air Group rose 2.4%.
•    Health care stocks were the biggest losers. Edwards LifeSciences, which makes heart valves, dropped 4.8%.
•    Financial stocks, including insurers, also fell. Travelers Cos. slid 5.1%, while financial services firm Raymond James dropped
     6.2% after falling short of profit forecasts.

PRIVATE & CONFIDENTIAL                                                                                                           19
Insider Buying/Selling
                                                                         Securities Acquired / Disposed
                                         Category of Securities held                                            Securities held   Mode of
Security Name         Name of Person                                                           Transaction
                                          Person * pre Transaction     Number      Value                       post Transaction Acquisition #
                                                                                                  Type
RADHE DEVELOPERS                         Promoter                                                                                  Market
                 Jahnavi A. Patel                   6390984 (25.38)        149     1982          Acquisition 6391133 (25.38)
(INDIA) LTD.                             & Director                                                                               Purchase
HDFC Life Insurance   NARENDRA           Designated
                                                       9000 (0.00)        4,100   1811995        Acquisition       13100 (0.00)     ESOP
Company Ltd           GANGAN               Person
GKB OPHTHALMICS                          Promoter
                      Mr. K.G. Gupta                  800024 (0.17)    1,00,000 15500000         Acquisition     900024 (0.18)    Allotment
LTD.                                     & Director
GKB OPHTHALMICS                          Promoter
                      Mr. Vikram Gupta                373105 (0.08)      50,000   7750000        Acquisition     423105 (0.08)    Allotment
LTD.                                     & Director
GKB OPHTHALMICS
                      Mr. Gaurav Gupta   Promoter     357966 (0.08)      50,000   7750000        Acquisition     407966 (0.08)    Allotment
LTD.
HDFC Life Insurance
                      VIBHA PADALKAR      Director    1274205 (0.06)     28,629 11211116         Acquisition    1302834 (0.06)      ESOP
Company Ltd
                                         Promoter                                                                    22311059      Market
INDIAN ACRYLICS LTD.DHEERAJ GARG                    22301059 (16.48)     10,000   103000         Acquisition
                                         & Director                                                                    (16.49)    Purchase
Larsen & Toubro
                      SANJAY JALONA       Director    167420 (0.10)      11,028 21111483            Disposal     156392 (0.09) Market Sale
Infotech Ltd
Larsen & Toubro                          Designated
                      UNMESH DESAI                     6500 (0.00)        2,500   4776750           Disposal        4000 (0.00) Market Sale
Infotech Ltd                               Person
Larsen & Toubro
                      SANJAY JALONA       Director    156392 (0.09)      17,872 34261453            Disposal     138520 (0.08) Market Sale
Infotech Ltd
STEEL STRIPS WHEELS                                                                                                                Market
                    Sunena Garg          Promoter     629619 (4.04)       1,050   798900         Acquisition     630669 (4.05)
LTD.-$                                                                                                                            Purchase
PRIVATE & CONFIDENTIAL                                                                                                                          20
Disclaimer:

           Disclaimer: The content of Market insight Published by HPMG shares and securities Private Limited (the
           ‘daily News Letter’) are not intended to serve as a professional advice or guidance and the newsletter
           takes no responsibility or liability, express or implied whatsoever for any investment decision made or
           taken by readers of this newsletter based on its content thereof. The readers of this newsletter should
           exercise due caution and/or seek independent professional advice before entering into any commercial
           or business relationship or making any investment decision or entering into any financial obligation
           based on any information, statement or opinion which is contained, provided or expressed in this
           newsletter.

PRIVATE & CONFIDENTIAL                                                                                           21
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