Date: 12 June, 2020

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DOMESTIC INDICES

Close Points % Change

SENSEX 33538 -709 -2.07

NIFTY 9902 -214 -2.12

MIDCAP 12481 -179 -1.41

SMALL CAP 11830 -125 -1.04

SECTORAL INDICES

Close Points % Change

POWER 1554 -11 -0.71

OIL & GAS 12402 -185 -1.47

IT 14589 -243 -1.64

Healthcare 16043 -289 -1.77

CG 12626 -230 -1.79

CD 20231 -382 -1.85

AUTO 14430 -293 -1.99

REALTY 1566 -32 -2.00

TECK 7424 -166 -2.19

Finance 4694 -107 -2.22

BANKEX 23431 -672 -2.79

METAL 7066 -207 -2.85

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS %

PNBHOUSING 4.99 IDEA -13.22

FRETAIL 4.98 INFRATEL -9.49

INDUSINDBK 4.49 ZEEL -7.25

ENDURANCE 2.14 SBIN -5.64

LICHSGFIN 2.05 IBULHSGFIN -5.44

ADVANCE/DECLINES

BSE %

ADVANCES 993 37

DECLINES 1565 58

UNCHANGED 147 5

INSTITUTIONAL ACTIVITY

Rs Cr 11/06/20 10/06/20 June Total

FII -805 -919 14967(prov.)

MF -874 501 -2977(prov.)

Markets could open sharply lower following global weakness…

Indian markets could open sharply lower today followingnegative Asian markets which in turn were influenced by USindices that crashed on Thursday.

U.S. stocks on Thursday marked the worst day since the heightof the coronavirus-induced rout, amid signs of a re-accelerationof cases of COVID-19, and as investors digested Wednesday’ssobering economic outlook from Federal Reserve ChairmanJerome Powell. Despite fewer cases being recorded in somecities and states, the seven-day average of new cases over thepast two weeks is still rising in more than 20 states, leadinginvestors to worry about a second wave of the epidemic just asbusiness activity is resuming. And globally, Wednesday’s newcase load of 135,000 is the highest daily tally to date. Both theS&P 500 and the Dow finished at their lowest levels since May26 while Nasdaq closed at its lowest level since May 29.

Another 1.54 million Americans filed for initial jobless claims inthe US. That beat expectations for 1.565 million people seekingunemployment benefits.

The VIX rose to 40.79, its highest closing level since April 23. Itregistered its biggest daily point gain since March 16.

Oil prices closed sharply lower Thursday. WTI crude fell $3.26,or 8.2%, to settle at $36.34 a barrel on the NYME, marking theworst one-day slide since April 27. In precious metals, Augustgold on Comex rose $19.10, or 1.1%, to settle at $1,739.80 anounce, as investors piled into less-risky assets.

Asian equities fell sharply on Friday after Wall Street stocks andoil tumbled over growing concerns that a resurgence ofcoronavirus infections could stunt the pace of reopeningeconomies.

Indian equity markets posted their biggest single-day drop inthree weeks. The NSE Nifty 50 index ended 2.1% lower at 9,902.Weak global cues, adverse comments by SC in AGR case andwidespread profit taking on weekly F&O expiry day pulledindices lower.

Technically, the Nifty has fallen again after showing a briefupward correction on Wednesday. 9707 followed by 9598 couldbe the next supports while 9944-10021 could be the nextresistance for the Nifty in the near term. Doubts have surfacedas to whether we are now about to witness a second round offall that may result in a W shaped recovery.

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GLOBAL INDICES

EXCHANGE RATES

Value % Change

USD/INR 76.2 0.20

EURO/USD 1.130 -0.01

USD/GBP 1.257 -0.25

USD/JPY 106.9 0.00

COMMODITIES

Value %

Gold ($ / Oz) 1733.4 -0.37

Silver ($ / Oz) 17.6 -1.54

Crude Oil Futures 35.7 -1.71

Brent Oil ($ / Barrel) 38.0 -1.37

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 5.8 +1

ADR

Value $ %

Dr Reddys Labs 52.52 -3.51

HDFC Bank 40.73 -6.65

ICICI Bank 8.67 -7.47

Tata Motors 6.55 -9.15

Wipro 3.12 -4.88

Vedanta Ltd 5.05 -8.84

INFOSYS 8.86 -4.73

Close Points % Chg

DOW JONES 25128 -1861.82 -6.90

S & P 500 3002 -188.04 -5.89

NASDAQ 9493 -527.62 -5.27

FTSE 6077 -252.43 -3.99

CAC 4816 -237.82 -4.71

DAX 11970 -559.87 -4.47

NIKKEI 225 22192 -280.91 -1.25

SHANGHAI COMP. 2901 -19.42 -0.66

HANG SENG 24210 -270.15 -1.10

BOVESPA 94686 -2060.57 -2.13

RBI seeks greater separation between bank ownership andmanagement

The RBI believes that 10 years is adequate for promoters and/orlarge shareholders to continue as either MD & CEO or wholetime directors of a bank. An MD & CEO, who is not a promoter,can serve tenure of 15 years. Thereafter, the MD & CEO shall beeligible for re-appointment only after the end of three years.From the date of releasing the final guidelines, the incumbentMD & CEO and whole time directors who have served theirmaximum tenure , will have 2 years (or time up to the end ofthe current term, whichever is later) to appoint a successor.

The upper age limit for MD & CEO/WTDs of a bank is 70 years.The board can prescribe a lower age limit. The application forre-appointment of the MD&CEO must be made to RBI at least 6months before the completion of tenure of the incumbent andat least 4 months prior in case of fresh appointment.

The proposed guidelines will be applicable to Private Banks,including SFBs and Payment banks.The aforementioned points are part of the draft guidelines byRBI on recent discussion paper on topic of governance atcommercial banks in India. Actual implementation would benegative for private banks.

Telecom Sector NewsThe Supreme Court directed the telecom companies, BhartiAirtel and Vodafone Idea, to finalise a roadmap of payment ofAdjusted Gross Revenue (AGR) related dues to the government,including the time to be allowed for payment along withsubmission of securities.

SBI to sell 2.1% stake in SBI Life via OFS on June 12 & 15SBI proposes to sell up to 2.1 crore equity shares (representing2.1 percent of the total issued and paid-up equity share capitalof SBI Life) on June 12 and June 15 -- through an offer for sale inthe next two trading sessions.

SBI held 57.6 percent equity stake in the company, whilepromoter BNP Paribas Cardif held 5.20 percent stake as ofMarch. The offer for sale issue will be opened for non-retailinvestors on June 12, while on June 15, retail as well as non-retail investors can participate in the issue. The floor price forthe sale will be Rs 725 per equity share.

Lupin recieves USFDA nod to market generic anthelmintictabletsLupin received an approval from the US health regulator tomarket its generic anthelmintic Albendazole tablets USP, 200mg. The product is a generic version of Impax Laboratories Inc'sAlbenzatablets in the same strength, it added.

According to IQVIA MAT April 2020 data, Albendazole tabletshad an annual sales of around $34 million in the US, Lupin said.Drug is used to treat tapeworm diseases.

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Zara to continue India expansionInditex, the parent company that owns the world's top fashion retailer Zara may be shutting down between 1,000 to1,200 stores mostly in Asia and Europe, but it is planning to increase its presence in India with at least four to five moreproperties for which it has already signed up with top mall developers. Currently, the company has 22 stores in thecountry.

Wipro has partnered with iCloudKnox SecurityWipro has partnered with iCloudKnox Security to secure multi-cloud and hybrid cloud infrastructure. Wipro Ventures,the corporate investment arm of Wipro, invested in CloudKnox through its recently announced $150 million fund , tostrengthen the strategic partnership.

Dixon Technologies Q4FY20 result updateRevenue of the company posted has flat y-o-y to Rs.857.41 cr. The net profit of the company has posted a growth of67% y-o-y to Rs.27.58 cr from Rs.16.53 cr in the same quarter previous year.

Segment-wise: Revenue of Consumer Electronics Products segment has posted 22% y-o-y growth to Rs.392.97 cr and EBIT of this

segment grows by 138% y-o-y to Rs.9.76 cr. Revenue of The lighting Products segment has posted 16% y-o-y degrowth to Rs.254.78 cr and EBIT of this segment

grew by 18% y-o-y to Rs.25.41 cr. Revenue of Home Appliances segment has posted 3% y-o-y degrowth to Rs.90.02 cr and EBIT of this segment grows

by 4% y-o-y to Rs.9.87 cr. Revenue of Mobile Phones segment has posted 10% y-o-y degrowth to Rs.60.30 cr, and EBIT of this segment grows

by 416% y-o-y to Rs.8.52 cr. Revenue of Security Systems segment has posted 20% y-o-y degrowth to Rs.54.64 cr, and EBIT of this segment grew

by 20% y-o-y to Rs.1.90 cr.

Sundram Fasteners Q4FY20 Results updateSundram Fasteners reported consolidated sales revenue at Rs 830.9cr, a 27.3% yoy decline. EBITDA for the quarterended March slumped by 35.6% yoy to Rs 122.8cr with EBITDA margin decreasing by 192bps to 14.8%. Net profit innQ4FY20 fell by 52.7% to Rs 53.4cr while PAT margin decreased by 345bps to 6.4%. The business was impacted by thedisruption in supply chain management caused due to COVID-19 pandemic.

For the full year FY20 revenues were down 18.3% to Rs 3723.2cr while net profit declined by 29% to Rs 324.9cr. TheBoard has not proposed any final dividend and the interim dividends of Rs 4.15 have been considered as final dividendfor the year.

KNR constructions ltd Q4FY20 result updateQ4FY20 vs Q4FY19 comparison: KEC reported a 4.6% decline in its quarterly revenue on a yoy basis, down from Rs765.4cr to Rs 730.1cr. Quarterly EBITDA was however up by 3.8% at Rs 187.4cr up from last year's Rs 180.6cr, whereas,Net Profit declined by 25.4%, from last year's profit of Rs 107.7cr to a loss of Rs 80.3cr this quarter.

FY20 vs FY19 comparison: For the full year FY20, the company reported a 7% increase in revenue at Rs 2451.7cr, upfrom Rs 2291.5cr last year FY19. Full year EBITDA was also up by 16% at Rs 622.4cr from last year's Rs 536.7cr, however,full year PAT reported a decline by 3.4% at Rs 25.9cr, down from Rs 264.9cr.

Order book updates: Total Orderbook as on 31st March 2020, is Rs 5229.7cr, out of which, Karnataka formed up thehighest at Rs 1255.7cr; Arunachal Pradesh- Rs 93.2cr; AP & Telangana- Rs 3121.8cr; Tamil Nadu- Rs 732.2cr & Kerala- Rs26.8cr.

Key Updates:❑ Signed SPA with Cube Highways and Infrastructure III Pte. Ltd for sale of its 100% stake in KNR Walayar Tollways PvtLtd for an enterprise value of Rs. 5,292.7 Million on 9th January 2020.❑ Concession Agreement for KNR Palani Infra Pvt. Ltd. (NHAI HAM) project worth Rs. 9,200 Million (BPC) in Tamil Naduhas been signed on 6th December 2019 and submitted documents for Financial Closure on 22nd May 2020.❑ The Company along with its JV partners has received 2 irrigation projects worth Rs. 23,092.3 Million from Irrigation &CAD Department, Govt. of Telangana on 17th May 2020.❑ Company has a Portfolio of 5 HAM Projects worth of Rs. 60,491.7 Million (BPC).

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❑ Entered into a Share Purchase Agreement with Cube Highways and Infrastructure III Pte. Ltd for the following SPVs(HAM projects).❑ Received Appointed for the following projects and execution is in full swing.

Westlife development Q4FY20 result updateRevenue of the company posted has flat y-o-y to Rs.336.35 cr. The net profit of the company has posted a losscompared to profit y-o-y to Rs.-25.27 cr from Rs.1.28 cr in the same quarter previous year.

Eicher Motors Q4FY20 Result expectationsRevenues are expected to decline by 18/13% YoY/QoQ to Rs 2060cr on 18% yoy decline in quarterly volumes. EBITDAmargin is likely to fall to 22.2% (-520/280bps YoY/QoQ). PAT is estimated to be Rs 390cr,a decline of 28% YoY (-21%QoQ). Demand outlook for the 350cc range in the semi urban areas, where new format stores have opened up andoutlook for the 650cc Twins – both in local as well as overseas markets would be key monitorables.

Mahindra & Mahindra Q4FY20 Result expectationsRevenue to decline by 39% YoY to Rs 8470cr owing to 36% drop in volumes. EBITDA margin at 11.3% to contract by220/350bps YoY/QoQ. PAT anticipated to fall to Rs 480cr, a decline of 55% YoY, 51% QoQ . Key monitorables would benew BSVI product launches, price hikes on its diesel model range due to the emission rollover and outlook for tractorbusiness.

Hindalco Q4FY20 results previewHindalco revenues are expected to decline 20% YoY to Rs 27053 crore while EBITDA is expected to decline 13% YoY to Rs2980 crore. PAT is expected to decline 55% YoY to Rs 779 crore. Key monitarables will be debt reduction plan, aleristurnaround strategy and guidance for FY21.

Redington India on Covid-19 Impact:Vendors hold the view that from second quarter of fiscal 2021, business should be usual. Through the month of May,70% of warehouses had been operation, while currently all of them are operational.

Hikal on Covid-19 Impact:Currently running at approximately 80 - 85% capacity utilisation at all manufacturing sites. There has been nocancellation of orders. Not opted for the moratorium option and continue to meet all debt obligations.

Important news/developments to influence markets

The BSI Large Manufacturing Conditions Index tumbled from -17.2 to -52.3 in the 2nd quarter. In the 1st quarter, theindex had fallen from -7.8 to -17.2.

Japan Investors Net Buying of Foreign Bonds: +¥1.07T v -¥499.3B prior week; Foreign Net Buying of Japan Stocks:+¥268.7B v -¥38.0B prior week.

British house prices hit a 10-year low in May, but there are signs that confidence is returning to the market after thegovernment lifted its novel coronavirus lockdown for buyers and sellers in England. Its headline house price balanceslumped to -32 per cent in May, its lowest since 2010, from -22 per cent in April.

US Producer Price Index (PPI) for final demand arrived at +0.4% in May on a monthly basis following April's reading of-1.3%.

US core PPI, which excludes volatile food and energy prices, dropped to 0.3% annually from 0.6% and missedanalysts' estimate of 0.4%. On a monthly basis, the core PPI rose to -0.1% from -0.3% in May as expected.

The number of people seeking unemployment benefits continued to fall while those receiving them appeared toplateau, signs the U.S. labor market continues to slowly mend from the coronavirus employment shock. Initial joblessclaims dropped -355k to 1542k in the week ending June 6. Four-week moving average of initial claims dropped -286kto 2002k. Continuing claims dropped -339k to 20929k in the week ending May 30.

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Daily View on Nifty

Nifty Daily Timeframe Nifty Hourly Timeframe

Technical Observations:

• Nifty has formed bearish head and shoulder pattern on the hourly chart. Downside Target of this bearishhead and shoulder pattern comes at 9710 odd levels

• However SGX Nifty is suggesting huge gap down opening of more than 250 points

• US Markets closed on a weak wicket with a fall of more than 1860 points and formed bearish “Islandcluster reversal pattern on the daily charts

• Nifty has violated its 5 and 10 days EMA support. Close below 9706 will result in to bearish “Engulfing”candlestick pattern on the weekly charts, which could turn the scenario bad to worse

• 23.6% and 38.2% retracement of the entire rise seen from 7511 to 10328 comes at 9663 and 9252 inNifty. Previous Support of 10020 has become resistance for the Nifty.

• Though the trend has turned bearish, risk reward ratio for going short after gap down opening would notbe that favourable today. Violation of the low made in first hour of the trade today could aggravate theselling pressure in the market and only then trades should think of initiating fresh shorts.

Nifty LTP 2-Day View Reversal level 7-Day View Reversal level

9902 Bearish Move above 9900 Bearish Move above 10020

9600-9650 9252

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DATA & EVENTS

OPEN SHORT-TERM TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY TEAM ARE ON REAL TIME BASIS. A TRADING RECOMMENDATION SHOULD BECONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAY TRADING. DO NOT WAIT FORTARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THE POSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROMRECOMMENDATIONS.

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET UPSIDE % VALID TILL

1 3-JUN-20 BUY HINDUSTAN UNILEVER 2130-2069 2107.9 2038 2260 7 30-JUN-20

2 5-JUN-20 BUY CENTURY PLY 109-110.65 107.8 106.8 120 11 26-JUN-20

311-JUN-

20BUY

BANK NIFTY 20000 JUNE PUT OPTION (25TH JUNE EXPIRY)

586 628.8 450 820 30 22-JUN-20

411-JUN-

20BUY

NIFTY 9900 JUNE PUT OPTION (25TH JUNE EXPIRY)

228.45 228.9 149 330 44 16-JUN-20

511-JUN-

20SELL BEL JUNE FUT 70.80-71.50 70.95 72 68.8 3 16-JUN-20

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1 TARGET 2 TARGET 3 UPSIDE % VALID TILL

1 28-MAY-20 BUY ICICI PRU LIFE* 369.5 394.7 334.0 406.0 442.0 - 12 28-AUG-20

2 29-MAY-20 BUY HINDUSTAN ZINC 170.0 172.4 163.0 183.0 195.0 200.0 16 29-AUG-20

3 1-JUN-20 BUY AVANTI FEEDS* 442.0 452.0 403.0 481.0 520.0 575.0 27 1-DEC-20

4 8-JUN-20 BUY POLY CAB 773.2 742.0 694.0 859.0 915.0 - 23 8-SEP-20

5 8-JUN-20 BUY PNC INFRA* 121.8 126.7 106.0 130.0 142.0 - 12 8-SEP-20

6 9-JUN-20 BUY NATCO PHARMA 629.7 622.0 590.0 675.0 713.0 754.0 21 9-SEP-20

OPEN CASH POSITIONAL CALLS

*= 1ST TARGET ACHIEVED

OPEN DERIVATIVE POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SLTARGET

1TARGET 2 TARGET 3 UPSIDE % VALID TILL

1 1-JUN-20 BUY SRF JUNE FUT* 3555.0 3625.4 3380.0 3740.0 3920.0 - 8TILL 25TH

JUNE

2 2-JUN-20 BUYICICI BANK JULY

FUT*345.0 343.2 318.0 370.0 380.0 - 11

TILL 30TH JULY

3 9-JUN-20 BUYDR REDDY LAB JUNE

FUT4056.0 4065.1 3790.0 4325.0 4499.0 6

TILL 25TH JUNE

4 10-JUN-20 SELLGODREJ CON

PRODUTS JUNE FUT640.2 612.7 688.0 580.0 - - 6

TILL 25TH JUNE

OPEN E-MARGIN POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SLTARGET

1TARGET 2

TARGET 3

UPSIDE % VALID TILL

1 2-JUN-20 BUY MINDTREE 908.0 920.6 840.0 990.0 1040.0 - 13 2-SEP-20

2 10-JUN-20 BUYMAX FINANCIAL

SERVICE482.0 475.0 440.0 535.0 570.0 - 20 10-SEP-20

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DATA & EVENTS

QUARTERLY RESULTS ANNOUNCED

COMPANY Q4FY20 YoY (%) QoQ (%) Remarks

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Dixon Technologies 857 28 0 67 -14 5As Per

Estimates

KNR Constructions 730 80 -5 -25 21 67As Per

Estimates

Redington India 12667 127 1 -27 -14 -23As Per

Estimates

Sundram Fasteners 831 53 -27 -53 1 -51Below

Estimates

Westlife Development 336 -25 -1 PL -22 PLBelow

Estimates

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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