JULY 02, 2021 - Progressive Share Brokers

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JULY 02, 2021 - Progressive Share Brokers
JULY 02, 2021
JULY 02, 2021 - Progressive Share Brokers
 Bharti Group to invest USD500mn in OneWeb
 Tech Mahindra announces partnership with TAC Security
 Cipla on Moderna vaccine says, "no definitive agreement on commercial supplies"
 AstraZeneca Pharma files writ petition before Delhi HC challenging NPPA demand notice for Tagrisso tablets
 Bharat Forge buys 100% stake of Sanghvi Forging and Engineering
 CCI approves Adani Green's 100% buy of SB Energy Holding
 L&T-led construction arm secures major contracts
 Unichem Lab receives USFDA approval for Aripiprazole Tablets
 Airtel deploys additional 21.6 Mhz spectrum to deliver the best network experience for customers in Bengal
 Sterlite Tech completes PoC for pFTTx stack with Chunghwa Telecom’s open broadband network
 Tata Motors bags order of 15 hydrogen-based fuel cell buses from IOCL
 5 pharma majors collaborate for clinical trial of Molnupiravir for Covid-19
 Reliance Infrastructure Ltd in talks with Singapore's Cube Highways for sale of four road assets
 Jindal Steel and Power to invest Rs7,500cr, set up steel plant in Andhra Pradesh
  J&J's Covid-19 vaccine shows promise against Delta variant

 India's current account surplus at 0.9% of GDP in FY21 as trade deficit witness sharp contraction
 India PMI contracts for first time in 11 months amid Covid-19 crisis; June Manufacturing PMI at 48.1
 Fiscal deficit at Rs1.23 lakh-cr for FY22 in April-May

 FMCG companies focus on last-mile deliveries as local curbs return
 Passenger vehicle sales nearly double in June driven by pent-up demand
 Banks' gross NPAs may rise to 9.8% by March 2022: RBI report

Alembic Pharmaceuticals Ltd The company has received USFDA final approval for Nitrofurantoin Capsules, USP
(Macrocrystals), 25/50/100mg. According to IQVIA, the drug has an estimated market size of USD23mn for twelve months ended
March, 2021.
Sterlite Technologies Ltd: Ster lite has successfully completed a pr oof-of-concept (PoC) for its programmable FTTx (pFTTx)
software solutions with Chunghwa Telecom’s (largest integrated telecommunication service provider in Taiwan) open broadband
access network. The implementation of PoC would enable in building and scaling open, disaggregated wired access networks, that
will be critical in delivering 5G use cases to millions of customers.
HFCL Ltd: HFCL Ltd has incorporated a wholly-owned subsidiary company namely, HFCL Technologies Private Limited by
subscribing 10 lacs shares of Rs10/- each. HFCL Technologies Private Limited proposes to deal in various electronics and
telecommunication equipment.
Vimta Labs Ltd: The company has entered into a long term Public Private Partnership (PPP) with FSSAI in order to setup,
operate and transfer, the National Food Laboratory at JNPT; primarily meant to cater to test samples of food imports. This setup is
expected to be completed by December, 2021 and would be operational in Q4FY22.
Acrysil Ltd: The company has announced expansion of production capacity of Quartz Kitchen Sinks from 700,000 units p.a. to
840,000 units p.a. i.e. an additional capacity of 140,000 units p.a. (20% of its existing production capacity) at its Bhavnagar plant in
Gujarat. The project is likely to be completed by Q3FY22 and will be financed by mix of internal accruals and debt.

The Week That Went By:
Indian markets kicked off the week on record levels but failed to hold higher levels and erased all its gains. By continuing weak
momentum, Nifty50 extended its losses for most of the week; however, on the last day of the week, frontline stocks and selected
pharma counters came to the rescue.

Nifty50=15722.20           BSE Sensex30=52484.67             Nifty Midcap 100=27020.10             Nifty Smallcap100=9903.10

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JULY 02, 2021 - Progressive Share Brokers
Result Synopsis
           Company                                            Result This Week

  KCP Ltd                  The net sales for the quarter grew by 60.8% to Rs4091mn as compared to Rs2544mn in the same quarter last year. The
  CMP: Rs147               EBITDA margins for the quarter stood at 21.6% as against 11.5% in Q4FY20. The company reported profits of Rs489mn as
  Target: Rs175            against Rs7mn in the same quarter last year. The EPS stands at Rs3.79. On the segmental front, the company has reported
                           growth of 96% in the Engineering segment. The Cement and Power grew by 59% and 89% respectively; whereas the Hotels
                           segment de-grew by 40% for the quarter. The Board has recommended for the approval of the shareholders at the ensuing
                           AGM, a dividend of Rs2 per share on equity share of Rs1 each.

                           Outlook and Recommendations:
                           The company has reported good results for the quarter under reference both at the topline as well as at the operational levels.
                           For full year FY21, the Revenue grew by 38.7% whereas the company reported a profit at Rs1533mn as against a loss of
                           Rs68mn in FY20. Although the base of comparison i.e. FY20 numbers was low, the company is gradually trying to get back
                           on track which is well depicted in its segmental performance. The realizations across the cement and engineering segment
                           have been good with a hit to the hospitality seen in the reportings. The balance sheet has also depicted some strength with
                           debt repayments and enhanced cash balances. Considering the overall macro environment as well as the pandemic related
                           disruptions, the company has performed much better than expectations. The future performance would depend on how things
                           normalize or we have more waves to deal with. However, betting on the working capabilities of the company we maintain
                           our positive stance on the company and revise our target to Rs175 from the earlier Rs105 over a period of 12 months.
  Remsons Industries Ltd   The net sales for the quarter grew by 70% to Rs604mn as compared to Rs355mn in the same quarter last year. The EBITDA
  CMP: Rs272               margin for the quarter under review stood at 7.6% as compared to 5.0% in the same quarter last year. The company reported
  Target: Rs250            a net profit of Rs49mn as against Rs8mn in the comparative quarter. This included exceptional income from sale of assets of
                           Rs33mn. Adjusting for that as well the profits have doubled when compared y-o-y. On the sequential comparison however,
                           the profits are lower. The EPS for the quarter came in at Rs8.57 as compared to Rs1.34 in the corresponding quarter last
                           year. The company has recommended dividend of Rs1/- per Equity Share of Rs10/- each (10%) for FY21, subject to
                           approval of the shareholders.

                           Outlook and Recommendations:
                           The company has reported decent numbers for the quarter under reference as well as FY21. There has been a gradual pick up
                           seen in the performance inspite of the lockdowns and general slowdown witnessed in the Auto sector. The Ebitda margins
                           have been maintained, hinting on the cost efficiency measures adopted by the company. Although the profits are inflated due
                           to the exceptional income, operationally the company has been on track. Going forward, one will have to see how the
                           pandemic shapes up and how demand from the Auto sector gets back on track, essential for companies like Remsons. We
                           have achieved our earlier target of Rs200 and would recommend to book 20% profits with a cautious outlook and
                           maintain a Hold for a target of Rs250 over a 12 months horizon.
  The Hi-Tech Gears Ltd    The total revenue for the quarter grew by 54.0% to Rs1,688mn as compared to Rs1,096mn in the same quarter last year. The
  CMP: Rs290               EBITDA margin for the quarter under review stood at 17.1% as compared to 10.2% in the corresponding quarter of last year.
  Target: Rs350            The company has reported a net profit of Rs133mn as against a loss of Rs37mn in the comparative quarter. The EPS stands
                           at Rs7.07. With regard to the geographical performance, the key markets of India and Canada have clocked 54% and 78%
                           growth y-o-y. The Board of Directors have recommended a final dividend of Rs2 per equity shares of Rs10 each, subject to
                           the approval of the shareholders.

                           Outlook and Recommendations:
                           There has been a gradual comeback seen in the performance of the company with a decent wrap to the year as well. In the
                           quarter under reference, the base of Mar-20 was low which has led to better numbers, but operationally the company has
                           performed well. Growth across the key markets continues. And this is considering the fact that lockdowns and pandemic
                           disruptions did play a key drag on business. There was some pick up seen in the Auto sector, but with the second wave, all of
                           it went back to square one. Now with the anticipation of the third wave there is uncertainty around the future demand and
                           supply scenario. All of it depends on how the Auto sector pans out for companies like Hitech Gears. Although we continue to
                           be positive on the operational capabilities of the company, there is some cautious approach warranted. We have achieved our
                           earlier target of Rs200 and would maintain a Buy on the stock for a target of Rs350 over a 12 months horizon.
  Grauer & Weil (I) Ltd    The net revenue for the quarter under review grew by 39.8% to Rs2436mn as compared to Rs1743mn in the same quarter
  CMP: Rs66                last year. The EBITDA margins for the quarter under review stood at 16.38% as compared to 15.74% in the same quarter last
  Target: Rs75             year. The net profit came in at Rs298mn as against Rs220mn in the comparative quarter. EPS for the quarter under review
                           stood at Rs1.32 as compared to Rs0.97 in the corresponding period last year. For the full year, the company has reported a
                           degrowth in turnover by 2% with revenues earned at Rs6048mn for FY21 as compared to Rs6172mn in FY20; while
                           recording a net profit of Rs696mn in FY21 as compared to Rs758mn in FY20.

                           Outlook and Recommendations:
                           The company has been able to report a good quarter under review, and despite the issues faced in the business of
                           shoppertainment, for the full year too, the company has reported a good profitable year ending. As mentioned in our previous
                           notes as well, the operations of the company seem to be coming back to normalcy. Growel is a diversified business
                           organization; thus, its engineering and surface finishing segments which were also the flavor of the market (in the quarters
                           gone by), has helped the company report better margins and turnover. On a y-o-y basis, the surface finishing segment has
                           grown by 22.7% and 21.4% q-o-q. The engineering segment has shown a smart jump with revenues earned at Rs456mn as
                           compared to Rs109mn on y-o-y basis. As and when the footfalls increase, the shoppertainment segment may begin to show
                           an uptick (due to low base effect). Overall, we feel, the company will get back on track gradually as and when the
                           shoppertainment businesses opens up; thus, being very cautious on the further opening up of the economy and gradual lifting
                           of lockdown (especially related to F&B, cinema restrictions and mall), we cautiously increase our target price to Rs75.

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Result Synopsis
           Company                                            Result This Week

  Triveni Turbine Ltd      The net sales for the quarter grew by 16.0% to Rs1,785mn as compared to Rs1,539mn in the same quarter last year. The
  CMP: Rs121               EBITDA margins for the quarter under review stood at 13.8% as against 11.62% in Q4FY20. The net profit grew by 69.0%
  Target: Rs150            to Rs233mn as against Rs138mn in the comparative quarter last year. The EPS for the quarter under review stood at Rs0.72
                           as compared to Rs0.43 in the corresponding period last year. The Board has recommended a final dividend of Rs1.20 per
                           equity share for FY21.

                           Outlook and Recommendations:
                           The company reported satisfactory results for the quarter under reference. The company has witnessed good growth in the
                           enquiry generation business and anticipates the demand to grow further in various geographies. The management further
                           indicated the order book opportunities to be decent in H1FY22, although executions might get a bit delayed on account of
                           any unavoidable circumstances. Despite lockdown restrictions and global slowdown, the company maintained its share both
                           in the international and domestic markets. The management has strategies in place to increase the share of refurbishment and
                           aftermarket as a percentage of total order book in the near future; additionally good order booking is envisioned in segments
                           of bulk drugs, food processing and pharmaceuticals. The stock has breached our earlier target of Rs110 and we upgrade the
                           same to Rs150 over a 12 months horizon.
  Bharat Rasayan Ltd       The net revenue for the quarter under review degrew by a meagre 0.4% to Rs2698mn as compared to Rs2710mn in the same
  CMP: Rs13692             quarter last year. The EBITDA margins for the quarter under review stood at 24.32% as compared to 17.86% in the same
  Target: Rs15000          quarter last year. The net profit came in at Rs472mn as against Rs362mn in the comparative quarter. EPS for the quarter
                           under review stood at Rs111.14 as compared to Rs85.25 in the corresponding period last year. For the full year (standalone),
                           the company has reported a degrowth in turnover by 10.1% with revenues earned at Rs10920mn for FY21 as compared to
                           Rs12151mn in FY20; while recording a net profit of Rs1645mn in FY21 as compared to Rs1576mn in FY20. EPS for the
                           full year ending March 2021 came in at Rs387.11 as compared to Rs371.03. The Board of Directors of the company have
                           recommended a dividend of Rs1.5 per share of face value of Rs10 share, which is subject to approval by the shareholders of
                           the company.

                           Outlook and Recommendations:
                           Despite a drop in the revenues earned by the company, BRL has been able to report good numbers at the bottom-line, which
                           is clearly due to good product mix. In addition to this, Metribuzin prices which were not supportive for the last 3-4 quarters
                           seems to have been gaining strength in the current scenario. There is immense traction seen in the businesses related to
                           herbicides (especially in LATAM) and BRL had already embarked on this opportunity since the last 4-6 quarters. The
                           company has had a buyback programme, the effects of which can be EPS accretive from the upcoming quarters. On the net
                           profit margins front, the company continues to deliver small but constant upticks. The current investments made by the
                           company (especially in the form of FDs) depicts the financial strengthening of the company while at the same time, the debt
                           burden too is reducing. BRL belongs to the Agrochemical sector, where the company faces seasonality and fluctuations in
                           the prices of the key raw materials acting as a major risk to the business. The trend of consistently achieving higher and
                           steady growth with improvement in the financial performance continues for BRL. As per our previous notes, the company
                           balances the product mix very well and at the same time is working towards reducing the interest cost burden. The recent
                           buyback indicates good cash generated by the company; coupled with good Rabi season so far & better Kharif anticipated,
                           the new developments in the operations of the company propelled by a strong portfolio, well managed product mix,
                           distribution network, brand equity and focus towards working on backward integration to reduce the risk related to imports
                           of basic raw materials via debottlenecking as well as expansion via brownfield project continues for BRL. The ambitious
                           vision of the Management further strengthens our conviction in the company. The stock has breached our 10th revised
                           target price of Rs12500 and looking at the prospects of the growth story to continue, we upgrade the same to Rs15000.
  Mishra Dhatu Nigam Ltd   The net revenue for the quarter under review grew by 69.9% to Rs3459mn as compared to Rs2036mn in the same quarter
  CMP: Rs201               last year. The EBITDA margins for the quarter under review stood at 29.82% as compared to 24.61% in the same quarter last
  Target: Rs240            year. The net profit came in at Rs746mn as against Rs404mn in the comparative quarter. (PAT for the previous financial year
                           includes the deferred tax benefit due to implementation of new corporate tax rates). EPS for the quarter under review stood at
                           Rs3.99 as compared to Rs2.14 in the corresponding period last year. For the full year, the company has reported a growth in
                           turnover by 14.1% with revenues earned at Rs8132mn for FY21 as compared to Rs7129mn in FY20; while recording a net
                           profit of Rs1663mn in FY21 as compared to Rs1597mn in FY20. The Board of Directors of the company have recommended
                           a final dividend Rs1.58 per equity share of face value of Rs10 each for year ending FY21.

                           Outlook and Recommendations:
                           The company has managed to report good numbers for the quarter under review and the full year, despite loss of nearly
                           operational days. In times to come, the Management is anticipating the order book proportion to drift from space to defence.
                           In addition to this the orders from PSU defence and energy segment are anticipated to go up. The revenue mix for the
                           upcoming year too is anticipated to be the same mix which was in FY21. During the quarter under review, the company has
                           allotted commercial papers (CPs) to the tune of Rs500mn to Union Bank of India on private placement. Q1FY22 has seen
                           some hiccups related to the second wave of Covid-19, however, the Management is ambitious to scale it up in the second
                           half of the year or at the earliest when operations normalise (since the operations and the business require a highly skilled
                           manpower). Management is looking at volumes but is guiding for some stress in terms of margins as well. The company
                           works with hi-tech methods for various processes & services for which they see some challenging times at the initial stage,
                           but once the stability and quality standard is maintained, the orders continue to flow as per the requirements from the client.
                           The company has a proactive R&D team which continues to work on certain grades and tries to be future ready for
                           developing new products and introductions. Midhani continues to have a good foothold in defence and aerospace sectors; the
                           OFS as and when commenced will be an opportunity to add; however, with the prospect available, we continue to
                           maintain our target price of Rs240.

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Coverage Universe Valuations
 Company                                       Reco      Reco at (Rs) CMP (Rs) Tgt price (Rs)   Upside   1M Var   3M Var   12M Var

 Supreme Petrochem Ltd                          BUY           77        725          900        24.1%     -5.8%    70.6%   322.0%
 Shanthi Gears Ltd                              BUY          107        151          200         33%      1.0%     15.2%   71.0%
 Hind Rectifiers Ltd                            BUY           69        157          200         27%      13.1%    28.2%   24.3%
 KCP Ltd                                        BUY           71        147          175         19%      43.6%    78.6%   206.8%
 The Hitech Gears Ltd                           BUY          298        290          350         21%      20.7%    70.6%   158.7%
 Bharat Bijlee Ltd                              BUY          787       1226          1300         6%      -3.1%    10.9%   57.3%
 Triveni Turbines Ltd                           BUY           92        121          150         24%      5.1%     21.3%   73.5%
 GMM Pfaudler Ltd                               BUY          332       4620          6200        34%      -5.7%    7.5%      9.7%
 Alicon Castalloy Ltd                           BUY          288        762          750           -      37.3%    80.8%   203.7%
 Gufic Biosciences Ltd                          BUY           50        181          250         38%      -6.1%    62.0%   131.6%
 Excel Industries Ltd                           BUY          380       1160          1200         3%      7.3%     38.2%   57.6%
 Vesuvius India Ltd                             BUY         1165       1146          1165         2%      5.4%     17.4%   25.6%
 Munjal Showa Ltd                               BUY          191        147          191         30%      -4.4%    2.1%    41.7%
 Bharat Rasayan Ltd                             BUY         2747       13692        15000        10%      4.8%     45.6%   79.4%
 Grauer and Weil (India) Ltd                    BUY           45         66           75         14%      28.6%    67.0%   79.5%
 Texmaco Rail & Engineering Ltd                 BUY           91         38           50         33%      16.3%    39.6%   27.7%
 Nagarjuna Agrichem Ltd                         BUY           29         76           70           -      40.4%    94.9%   96.9%
 ITD Cementation India Ltd                      BUY          158         83          100         21%      -1.1%    8.7%    53.8%
 Westlife Development Ltd                       BUY          266        494          525          6%      0.3%     12.3%   59.1%
 Dynamatic Technologies Ltd                     BUY         2160       1469          1750        19%      6.9%     41.9%   149.7%
 Hitech Corporation Ltd                         BUY          175        237          225           -      37.6%   102.0%   211.3%
 NRB Bearings Ltd                               BUY          138        145          138           -      21.8%    32.1%   61.6%
 Timken India Ltd                              HOLD          883       1459          1500          -      11.4%    12.2%   44.2%
 Vardhman Special Steels Ltd                    BUY          151        245          250          2%      22.7%    79.6%   302.3%
 Zen Technologies Ltd                           BUY          115         99          100          1%      38.1%    26.8%   81.9%
 KSB Ltd                                        BUY          820       1014          980           -      2.4%     14.7%   116.0%
 Thermax Ltd                                   HOLD         1019       1485          1450          -      3.8%     14.9%   94.7%
 Transpek Industry Ltd                          BUY         1547       1634          2000        22%      6.1%     17.9%     5.0%
 BASF India Ltd                                 BUY         1954       2628          3000        14%      5.5%     29.1%   112.6%
 Artson Engineering Ltd                         BUY           64         63           55           -      27.5%    53.7%   125.8%
 Remsons Industries Ltd                         BUY          104        272          250           -      55.2%    84.4%   303.0%
 Snowman Logistics Ltd                          BUY           33         55           80         46%      6.5%     21.6%   89.3%
 Alembic Pharmaceuticals Ltd                    BUY          605        984          1256        28%      3.3%     1.4%      9.2%
 SKF India Ltd                                 HOLD         1942       2739          2620          -      15.6%    25.4%   64.2%
 HFCL Ltd                                   ACCUMULATE        25         73           45           -      60.9%   183.2%   357.4%
 Sudarshan Chemical Industries Ltd              BUY          372        768          750           -      14.8%    49.3%   96.3%
 Huhtamaki India Ltd                            BUY          254        298          320          8%      3.7%     6.3%    42.5%
 Mishra Dhatu Nigam Ltd                         BUY          123        201          240         19%      4.6%     7.1%     -6.2%
 Kirloskar Pneumatic Co. Ltd                    BUY          134        394          475         21%      6.6%     51.5%   262.2%
 Integra Engineering India Ltd                  BUY           37         43           40           -      24.5%    57.7%   72.8%
 ICICI Bank Ltd                                 BUY          535        640          725         13%      -1.2%    12.1%   76.5%
 Srikalahasthi Pipes Ltd                        BUY          205        219          250         14%      15.1%    27.4%   22.2%
 Acrysil Ltd                                   HOLD          115        626          600           -      16.5%    83.5%   758.7%
 Paushak Ltd                                    BUY         2210       7450         10000        34%      -1.1%    -5.7%   183.7%
 FDC Ltd                                        BUY          240        360          456         27%      6.0%     26.6%   33.6%
 Cipla Ltd                                      BUY          612        979          1055         8%      2.6%     19.5%   51.6%
 S H Kelkar and Company Ltd                     BUY           51        183          200          9%      16.4%    65.7%   169.3%
 Revathi Equipment Ltd                          BUY          291        677          900         33%      18.1%    38.1%   72.6%
 Ajanta Pharma Ltd                              BUY         1478       2123          2250         6%      8.2%     22.0%   48.3%
 Container Corporation of India Ltd             BUY          448        680          750         10%      -1.6%    17.4%   61.6%
 Chambal Fertilisers & Chemicals Ltd            BUY          148        295          350         19%      4.6%     32.2%   100.2%
 Punjab Chemicals and Crop Protection Ltd       BUY          602       1356          1500        11%      19.8%    48.8%   186.6%
 La Opala RG Ltd                                BUY          209        270          325         20%      -3.9%    19.4%   42.6%
 Axtel Industries Ltd                           BUY          232        342          375         10%      13.1%    9.0%    248.7%
 Sterlite Technologies Ltd                      BUY          151        281          300          7%      10.3%    36.0%   121.2%
 Salzer Electronics Ltd                         BUY          101        159          195         23%      1.4%     27.4%   77.5%
 Amrutanjan Health Care Ltd                     BUY          435        715          900         26%      3.4%     27.9%   97.3%
 Century Enka Ltd                               BUY          217        395          472         19%      -0.3%    58.6%   125.0%
 Ultramarine & Pigments Ltd                     BUY          241        353          400         13%      4.0%     10.4%   93.0%
 J.B. Chemicals & Pharmaceuticals Ltd           BUY         1033       1864          1734          -      23.4%    51.8%   161.8%
 Sumitomo Chemical India Ltd                    BUY          275        386          425         10%      5.6%     36.8%   42.0%
 Oriental Aromatics Ltd                         BUY          864        820          1200        46%      0.6%     35.5%   224.0%
 Vimta Labs Ltd                                 BUY          240        267          325         22%      19.8%    66.1%   212.7%
 Aurobindo Pharma Ltd                           BUY         1018        994          1250        26%      2.8%     12.6%   27.4%
 Gland Pharma Ltd                           ACCUMULATE      2882       3450          3305          -      9.1%     37.8%       -
 Torrent Pharmaceuticals Ltd                    BUY         2980       2964          3430        16%      6.2%     17.6%   25.8%
 IHP Ltd                                        BUY          171        230          300         30%      8.4%     33.7%   29.2%
 Engineers India Ltd                            BUY          105         79          150         90%      -7.4%    4.4%      5.5%
 Gulshan Polyols Ltd                            BUY           78        198          200          1%      19.7%    85.0%   465.4%
 Nesco Ltd                                      BUY          479        601          640          7%      7.8%     16.0%   37.5%
 Castrol India Ltd                              BUY          223        143          200         40%      8.3%     14.1%   15.3%
 Hikal Ltd                                      BUY           95        526          350           -      30.9%   231.2%   317.5%
 Morganite Crucible (India) Ltd                 BUY          524        830          1250        51%     111.0%   113.4%     5.1%
 Laurus Labs Ltd                            ACCUMULATE       120        678          601           -      26.4%   806.9%   545.2%
 Alkyl Amines Chemicals Ltd                    HOLD          156       3697          4000          -      3.2%    226.6%   749.6%

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NIFTY (WEEKLY)

                                                   BANK NIFTY (WEEKLY)

                                                     MARKET OUTLOOK

Two major sectors are oscillating in a triangle formation i.e., Auto and BankNifty. For the market to scale high, these two sectors
have to come out of their range. Q1FY22 result season is about to start from the coming week with the IT giants TCS followed by
Infosys, IT sector will remain in focus and can outperform the Frontline Index. Metal sector is oscillating in a channel with a lower
top lower bottom formation which indicates that lower levels can be seen in the upcoming weeks. Pharma sector has ended the
week on a strong note but there are chances of a negative divergence which will give a good entry point. PSU banking sector stands
at a crucial level, any developments regarding disinvestment will boost the sentiments and can see a strong uptick in the sector.

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NIFTY 50 COMPONENTS (WEEKLY PERFORMANCE)

  Adani Ports         0.11    HDFC Life        -5.21   ONGC            -1.74
  Asian Paints        0.00    Hero Motocorp    -0.54   PowerGrid       -1.26
  Axis Bank           -1.42   Hindalco         0.23    Reliance        1.31
  Bajaj Auto          -0.20                            SBI Life        -0.18
                              HUL              1.47
  Bajaj Finserv       -1.26                            SBIN            -1.00
                              ICICI Bank       -1.39
  Bajaj Finance       -5.95
                                                       Shree Cement    -5.85
                              Indusind Bank    -0.30
  Bharti Airtel       -1.89
                                                       Sun Pharma      1.40
  BPCL                -1.49   INFY             -0.63
                                                       Tata Consumer   0.88
  Britannia           -3.06   IOC              -2.38
                                                       Tata Motors     1.64
  Cipla               2.30    ITC              -1.27
                                                       Tata Steel      -2.42
  Coal India          -0.84   Jsw Steel        -2.33
                                                       TCS             -1.60
  Divis Labs          6.49
                              Kotak Bank       -1.08
                                                       Tech Mahindra   0.05
  DR Reddy’s Labs     4.79
                              LT               -2.25
                                                       TITAN           -0.10
  Eicher Motors       -2.08
                              M&M              -1.27   Ultratech       -2.95
  Grasim              -1.26
                              Maruti           -1.18   UPL             -0.71
  HCL Tech            -0.99
  HDFC                -1.24   Nestle India     0.45    Wipro           -1.62

  HDFC Bank           -2.02   NTPC             1.64

  * Gain/ Loss in %

                              SECTORAL PERFORMANCE

Please Turn Over                                                        Page No 6
SECTORAL GAINER

Pharma sector outper for med the fr ontline Index and ended the week with gains of 3.27% . With the gains of 6.49% , Divis
Labs outperformed the sector. Stocks like Aurobindo Pharma, DR Reddy too ended the week with the return of (+5.24%) and
(+4.79%) respectively. Sector is in a primary uptrend but there are chances of negative divergence and it can correct a bit which
will provide a good entry point.

                                                     SECTORAL LOSER

With a loss of 1.80%, Metal sector underperformed Nifty50. Top losers were Adani Enterprise (6.15%) and Sail (5.10%). On the
other hand, stocks like Nalco, NMDC managed to end the week with gains. Sector is oscillating in a channel with a lower top lower
bottom formation which indicates lower levels can be seen in the upcoming weeks.

                                                                                                                       Page No 7
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