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Page 2ICICIdirect.com|Equity Research
ICICI Securities Limited
Technical Outlook
January 14, 2011Sensex: We said, "The highs touching pull-back levels to the broken channel ...
follow-up above 19575-600 would maintain the upward momentum. Otherwisenot...." The Sensex failed to trade above 19575-600 and tanked by 380 points as a
result. While the Sensex shaved off net 1.8%, the bank and IT Index both lost 3.5%each. The A/D ratio turned negative 1:2.
The action formed a sizable Bear candle, indicating reaction from the channel,which was broken this Monday. The day's range was, however, inside the previousday's high-low, which indicates a neutral bias. Supports near 19000 are gettingtested again. We may watch if they hold on retest. The bias will turn negative ifthey do not.
Pivot PointsIndex/Stocks Close S1 S2 R1 R2 TrendSENSEX 19182.82 19038.60 18904.15 19231.65 19328.20 -ve
NIFTY 5751.90 5706.50 5664.40 5767.00 5797.25 -ve
ACC 1038.10 1038.45 1032.05 1051.30 1057.45 +ve
ANDHRA BANK 132.40 129.65 128.05 133.30 135.15 -ve
ARVIND 63.60 61.95 61.05 64.15 65.25 -veBAJAJ AUTO 1286.55 1280.80 1272.65 1297.10 1305.20 Neutral
BALAJI TELE 37.35 36.80 35.95 37.50 37.85 -ve
BOB 829.80 810.90 800.65 833.80 845.25 -ve
BOI 427.55 417.35 411.75 431.05 437.90 -ve
BEL 1675.85 1683.40 1670.15 1709.90 1721.95 +ve
BPCL 597.90 588.65 580.65 600.90 607.00 -ve
BHEL 2229.15 2220.80 2210.65 2241.00 2251.10 Neutral
CANARA BANK 572.10 560.20 553.50 575.60 583.30 -ve
CENTURY TEXT. 390.00 383.40 379.00 392.35 396.85 -ve
CIPLA 344.50 341.90 339.25 347.20 349.90 Neutral
DR.REDDY'S LAB. 1642.20 1626.15 1611.15 1645.65 1655.40 -ve
GAIL 498.60 490.95 487.25 500.90 505.85 -ve
GEOMETRIC 74.25 73.70 72.85 75.40 76.30 Neutral
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January 13, 2011
ICICIdirect.com|Equity Research
Result Update
CICI Securities Limited
WHATS CHANGEDPRICE TARGET ..............................................................Changed from | 3195 to | 3350EPS (FY11E) .................................................................................................. Unchanged
EPS (FY12E) .................................................................................................. Unchanged
RATING.......................................................................................................... Unchanged
Expectations need to be temperedInfosys reported its Q3FY11 numbers below heightened Streetexpectations with 6% QoQ US dollar revenue growth. Though notablepositives include 26,000 campus offers, >5,000 lateral hires, applicationdevelopment (5.9% QoQ growth), Europe (5.9%) and 1.6% reportedcurrency (up 0.5% in constant currency), pricing uptick, at 3.1% volumegrowth, was tepid. Noticeably, | 118.9 as FY11E EPS guidance leavessignificant delta relative to consensus EPS at about | 122 and implies alower FY11E exit rate. While FY12 earnings downgrades are unlikely,upgrades could be restricted leaving limited upside in the near term.Consequently, we maintain ADD but raise our price target to | 3350 (|3195 earlier) and believe investors could get an attractive entry point atlower levels.
Earning summaryInfosys reported Q3FY11 revenues of | 7,106 crore (23.8% YoY and
2.3% QoQ growth) below our/consensus | 7,136/| 7,144 crore
estimate. However, operating profit of | 2,147 crore was above
our/consensus | 2,124/| 2,137 estimate on an operating margin of30.2% (29.8% our estimate). The company earned | 31.2 in diluted
EPS below our/consensus estimate of | 31.5/| 31.8.
Tapering attrition; lateral hires supports FY12E estimatesInfosys added 11,067 gross heads while net additions were 5,311.
Interestingly, the company added ~5,200 lateral hires, its highest
ever. Onsite effort was flat at 24.5% but higher compared to its
23.2% average since Q1FY09. Though LTM attrition was higher
sequentially at 17.5% vs. 17.1% (Q2FY11), absolute attrition
declined QoQ to 5,756 heads vs. 6,618 in Q2FY11.
Valuation
We have valued Infosys at 22x weighted average EPS of FY12E (70%) andFY13E (30%) of | 152.5. i.e. with a 12 month target price of | 3350 per
share and maintain our ADD rating. This is to account for the 19%/16%CAGR revenue/net profit growth during FY10-FY13E.
Exhibit 1:Financial performance(| crore) Q3FY11 Q3FY11E Q2FY11 Q3FY10 QoQ(Ch %) YoY(Ch%)
Net Sales 7,106.0 7,136.8 6,947.0 5,741.1 2.3 23.8
EBITDA Margin (%) 33.3 33.3 33.3 35.5 7 bps dip 223 bps dip
Depreciation 216.0 250.0 217.0 253.0 (0.5) (14.6)
Interest - - - -
Other Income 290.0 294.6 267.0 230.0 8.6 26.1
Reported PAT 1,780.0 1,802.1 1,737.0 1,559.1 2.5 14.2
EPS (|) 31.2 31.5 30.4 27.2 2.4 14.7
Source: Company, ICICIdirect.com Research
Infosys Technology (INFTEC)
| 3203
ting matrix
ing : Add
get : | 3350
get Period : 12 months
ential Upside : 5%
y Financials
crore) FY09 FY10 FY11E FY12E
t Sales 21,693.5 22,742.0 27,490.9 32,367.1
ITDA 7,195.5 7,852.0 9,051.7 10,684.8
ITDA margin (%) 33.2 34.5 32.9 33.0
t Profit 5,988.3 6,219.0 6,841.6 8,301.7
S (|) 104.6 109.5 119.8 145.3
luation summary
FY09 FY10 FY11E FY12E
E (x) 30.6 29.3 26.7 22.0
arget PE (x) 30.5 29.2 26.7 22.0
V to EBITDA (x) 23.3 21.3 18.5 15.7
ice to book (x) 10.0 7.9 6.9 5.9
oNW (%) 32.8 22.9 21.7 22.7
oCE (%) 37.9 30.2 30.8 32.2
ock data
arket Capitalisation | 183,212 crore
bt (Sep-10) | 0 crore
sh (Sep-10) | 15,897 crore
| 167,315 crore
week H/L (|) 3494 / 2333uity capital | 286 crore
ce value | 5
Holding (%) 36.6
Holding (%) 8.4
ce movement
500250
000
750
500
Jan-
09
Apr-
09
Jul-
09
Oct-
09
Jan-
10
Apr-
10
Jul-
10
Oct-
10
Jan-
11
2000
3500
5000
6500
INFTEC Nifty (RHS)
alysts name
bhishek Shindadkar
iddharth Sethia
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Page 3ICICIdirect.com|Equity Research
ICICI Securities Limited
Derivative Statistics
Nifty / India VIX
23.2
5752
0
5
10
15
20
25
3035
40
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
%
1500
2500
3500
4500
5500
6500
7500
VIX Close NIFTY Close (RHS)
Trading activity in capital markets (in | crore)Category Buy Value Sell Value Net ValueFII 3370 3619 -249
DII 1405 1163 242
Total 4775 4782 -7
Cumulative FII positions, as percentage of total grossmarket position in the derivative segment as on January2,, 2011, were 33.27%
India VIX
Open High Low Current Previous % Change
21.4 23.5 21.2 23.2 21.4 8.1
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Page 4ICICIdirect.com|Equity Research
ICICI Securities Limited
Economic Indicators
|/$
44.97
40
45
50
55
Jan-1
0
Fe
b-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
Ju
l-10
Aug-1
0
Sep-1
0
Oc
t-10
Nov-1
0
Dec-1
0
Jan-1
1
Source: Reuters
WPI Inflation (%)
7.48
-2
0
2
4
6
8
10
12
Nov-0
8
Jan-0
9
Mar-
09
May-0
9
Ju
l-09
Sep-0
9
Nov-0
9
Jan-1
0
Mar-
10
May-1
0
Ju
l-10
Sep-1
0
Nov-1
0
(%)
Source: Reuters
G sec yield (%)
7.50
7.67
8.03
8.14
6.50
7.00
7.50
8.00
8.50
14-Nov-10
26-Nov-10
08-Dec-10
20-Dec-10
01-Jan-11
13-Jan-11
(%)
1 Year 2 Year 5 Year 10 Year
Source: Reuters
The annual inflation rate for November 2010 dipped by 110basis points to 7.48%
G-SecClose Prev 1m 3m 6m
1 Yr 7.50 7.52 4 89 176
2 Yr 7.67 7.68 18 60 1265 Yr 8.03 8.05 3 26 66
10 Yr 8.14 8.18 4 14 52
Yield (%) Change (bps)
C u r ren cies C lo s e P re .1m 3m 6m
E U R O 1.33 1.34 0.01 -0.03 -0.08
G BP 1.58 1.58 0.03 -0.02 -0.05
Y E N 82.70 82.80 -1.55 -0.43 2.80
AU D 1.00 1.00 0.01 0.01 -0.01
C AD 0.99 0.99 -0.01 -0.02 -0.01
C H F 0.97 0.96 0.00 -0.02 0.01
INR 44.97 45.12 -0.38 -0.22 1.30
with base currency as US D
C h a n g e
The Indian rupee depreciated due to strength in the US dollar
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Page 5ICICIdirect.com|Equity Research
ICICI Securities Limited
Commodities
Nymex Crude ($/barrel)
90.93
60
65
70
75
80
85
90
95
Jan-1
0
Fe
b-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
Ju
l-10
Aug-1
0
Sep-1
0
Oc
t-10
Nov-1
0
Dec-1
0
Jan-1
1
Source: Reuters
Gold ($/ounce)
1376
600
800
1000
1200
1400
1600
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Source: Reuters
Copper ($/tonne)
9690.00
1000
3000
5000
7000
9000
11000
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Source: Reuters
*Data for 30th Novemeber, 2010 could not be updated due to technical reasons
Gold & Silver US$/troy ozCopper & Nickel US$/tonne
Crude oil prices declined on account of profit booking byinvestors
Gold prices declined due to strength in the US dollar
Copper prices gained marginally as investors awaited freshcues
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Page 6ICICIdirect.com|Equity Research
ICICI Securities Limited
Market Indicators
Fund activity (for past five trading sessions in | crore)
1116
-372-249
242
-1041
1019
-1139 -1163
1064
359
-1500
-1000
-500
0
500
1000
1500
FII DII
7-Jan-11 10-Jan-11 11-Jan-11 12-Jan-11 13-Jan-11
Source: BSE
Turnover analysis (in | crore)
3416
3992
3714
14303
14154
15334
161211
188988
152572
0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000
13-Jan
12-Jan
11-Jan
BSE Cash NSE Cash NSE Derivative
Source: Reuters, NSE
Sector Statistics
Capital Goods 14084.3 14171.5 -87.3 -0.6 14450
IT 6444.8 6672.3 -227.5 -3.4 1835
FMCG 3618.5 3628.3 -9.8 -0.3 642
Metals 16781.8 16990.7 -208.9 -1.2 7174
Oil & Gas 10124.7 10237.8 -113.1 -1.1 2049
PSU 8883.0 8974.0 -91.0 -1.0 12860
Banks 12170.0 12615.9 -445.9 -3.5 5958
Mid Cap 7310.2 7369.0 -58.9 -0.8 64380
BSE100 10023.2 10182.5 -159.4 -1.6 52543
Healthcare 6530.4 6576.3 -45.9 -0.7 2637
Auto 9478.2 9506.6 -28.4 -0.3 2601
BSE Small Cap 9088.2 9147.6 -59.4 -0.6 100599
Consumer Durables 6014.0 6180.9 -167.0 -2.7 1852
Real Estate 2596.3 2582.4 13.9 0.5 11089
Source: Reuters
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Page 7ICICIdirect.com|Equity Research
ICICI Securities Limited
Bulk/ Block Deal1
January 13, 2011BS EKay Power Anju Gupta Sell 95476 18.3
Incap Financial Sonalben Nimeshbhai Parikh Buy 40000 19.0Incap Financial Nimeshbhai Ashokbhai Parikh Buy 30000 19.0
Incap Financial Virendrakumar Jayantilal Patel Buy 50000 19.0
Incap Financial Abhay Dattatray Javlekar Sell 225044 19.0
Arvind Intl Ajay Kumar Agarwal Buy 75000 21.4
Marvel Capital Adventures India Buy 20920 30.9
Jupiter Biosc Raj Finvest Sell 354417 35.2
Sacheta Metals Bhandari Hemant Amolakchand Sell 45430 37.0
Shekhawati Saumil Bhavnagari Lopa Buy 500000 37.5
Bheema Cem Kadambari Aamod Gupte Buy 170000 41.1
Scope Ind Gundlathoti Gundlathoti Venkateshwarlu Buy 48511 61.8
Madhusudan Sec South Yarra Holdings Buy 23543 64.7
Brescon Corp Sal Real Estate Private Limited Sell 45000 80.1
Pix Trans Shilp Family Trust Sell 53000 82.3
Pix Trans Sterling Investment Buy 133000 82.3
Gcv Services Khodiyar Polymers Private Ltd Sell 121050 102.5
Pfl Infotech Narayan Tatu Rane Huf Buy 200000 107.0
Pfl Infotech Tripurari Properties Private Limited Sell 164295 107.0
Pfl Infotech B D Khaitan & Company Limited Sell 25000 107.0
Kddl Sal Real Estate Private Limited Sell 50000 108.7
Priyadarshini Spn Tarini Enterprises Private Limited Sell 157589 118.3
Priyadarshini Spn Pradeep Kumar Aggarwal Buy 69000 118.9
Santowin Poly Purshottam Ghanshyam Jethalia Buy 23750 121.0
Parichay Invest Shyam Construction Buy 15300 159.7Ashutosh Paper Tarini Enterprises Private Limited Buy 40500 166.5
Apw President Rajasthan Global Securities Ltd Buy 94950 182.3
Vaghani Tech Snt Derivative Broking Private Limited B 49000 21.9
Vax Housing Saroj Sugandhi B 50000 61.0
Vax Housing Kailash Gangasahay Gupta S 97000 60.5
Vax Housing Vipul Radheshyam Agrawal S 33000 61.0
NS EKavveri Telecom Products Bp Comtrade Pvt Ltd Buy 51200 118.0
Yes Bank Limited Morgan Stanley Mauritius Company Buy 4830000 265.1
Yes Bank Limited Tamarind Fund Pte Limited Sell 8075425 265.2
Tvs Srichakra Limited Nandkishor & Co. Buy 40000 274.4
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Page 8ICICIdirect.com|Equity Research
ICICI Securities Limited
News & ViewsThe government has approved 19 foreign direct investmentproposals worth about | 4,340 crore. Tata Steel, L&T,Lakshmi Machine Works and Karur Vysya Bank were someof the major companies, which got the requisite approval.
Isaac George, CFO, GVK Power & Infrastructure has said thatthe company is geared up to bag road projects from NHAI. Healso added that the airport business may get the final nod onthe Mumbai airport land in the next three four months. Themonetisation of Mumbai airport land will be carried out by thesecond quarter of this fiscal year.The food price index rose 16.91% and the fuel price indexclimbed 11.53%. In the prior week, annual food and fuel
inflation stood at 18.32% and 11.63%.The primary articlesprice index was up 17.58% in the latest week, compared withan annual rise of 20.2% a week earlier.
Domestic Events Calendar (Jan 10 Jan 14, 2011)
Date Event12-Jan Industrial Production (YoY) (Nov)
13-Jan Food Articles WPI YoY
13-Jan Fuel Power Light WPI YoY
13-Jan Primary Articles WPI YoY
14-Jan Monthly Wholesale Prices (YoY) (Dec)
Global Events Calendar (Jan 10 Jan 14, 2011)Date Event13-Jan UK - BoE Interest Rate Decision
13-Jan European Monetary Union - ECB Interest Rate Decision
14-Jan Germany - Consumer Price Index (MoM) (Dec)
Domestic Corporate Events Calendar (Jan 10 Jan 14, 2011)Date Company Event11-Jan Wyeth Quarterly Results
11-Jan Pfizer Quarterly Results
11-Jan Hexaware Technology Bonus & Interim Dividend
12-Jan Coromandel International Quarterly Results & Interim Dividend
13-Jan CMC Quarterly Results
13-Jan Infosys Quarterly Results
13-Jan SAIL Quarterly Results & Interim Dividend
13-Jan Sintex India Quarterly Results
14-Jan Godrej Properties Quarterly Results
14-Jan HDFC Quarterly Results
14-Jan ZEE Entertainment Quarterly Results
14-Jan Hindustan Media Ventures Quarterly Results
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Page 9ICICIdirect.com|Equity Research
ICICI Securities Limited
Rating Changes
ICICIdirect.com Universe
Date Company From To R.P.* T.P.*03-Dec-10 Bajaj Hindusthan Sell Reduce 114 105
02-Dec-10 Sesa Goa Buy Reduce 303 28222-Nov-10 Dabur Add Buy 96 106
22-Nov-10 Balrampur Chini Buy Strong Buy 79 103
19-Nov-10 MAN Industries Buy Add 97 106
19-Nov-10 Kingfisher Airlines Add Buy 76 87
19-Nov-10 Axis Bank Reduce Add 1425 1520
19-Nov-10 PSL Buy Add 103 110
16-Nov-10 Patel Engineering Buy Strong Buy 368 454
16-Nov-10 Hotel Leela Buy Add 48 53
16-Nov-10 Gateway Distriparks Add Buy 114 129
16-Nov-10 Lanco Infratech Add Buy 63 73
16-Nov-10 IVRCL Infrastructure Strong Buy Buy 136 16116-Nov-10 Tulip IT Services Buy Strong Buy 182 219
16-Nov-10 Pantaloon Retail Add Buy 436 510
15-Nov-10 Jindal Saw Buy Add 213 228
12-Nov-10 Shree Cement Buy Add 2216 2366
11-Nov-10 Jayshree Tea Strong Buy Reduce 194 193
11-Nov-10 GMR Infrastructure Add Buy 54 63
11-Nov-10 Tata Motors Add Buy 1302 1523
11-Nov-10 Godawari Power & Ispat Strong Buy Buy 215 256
10-Nov-10 McLeod Russel Strong Buy Buy 241 273
10-Nov-10 Garware Offshore Add Sell 174 142
10-Nov-10 Spice Jet Add Buy 90 10209-Nov-10 GVK Power & Infrastructure Strong Buy Buy 46 53
09-Nov-10 Visa Steel Strong Buy Buy 40 46
04-Nov-10 Balkrishna Industries Add Buy 758 843
04-Nov-10 Neyveli Lignite Reduce Sell 171 151
04-Nov-10 Orbit Corporation Strong Buy Buy 116 138
04-Nov-10 Syndicate Bank Strong Buy Buy 146 164
03-Nov-10 Lupin Add Strong Buy 445 546
03-Nov-10 Indian Overseas Bank Reduce Strong Buy 168 201
03-Nov-10 GE Shipping Buy Add 360 373
03-Nov-10 Bank of Baroda Reduce Add 1024 1074
03-Nov-10 Dhampur Sugar Reduce Strong Buy 73 9203-Nov-10 Balrampur Chini Reduce Buy 87 103
02-Nov-10 Transport Corporation of India Reduce Add 130 133
02-Nov-10 Essar Shipping Reduce Add 110 112
02-Nov-10 Harrisons Malayalam Reduce Sell 83 75
02-Nov-10 Kamat Hotels Buy Strong Buy 135 180
02-Nov-10 Mahindra & Mahindra Add Buy 734 852
02-Nov-10 Punjab National Bank Reduce Add 1311 1330
01-Nov-10 Kansai Nerolac Reduce Add 898 906
01-Nov-10 Gujarat State Petronet Ltd Add Buy 112 123
01-Nov-10 Dabur India Reduce Add 100 100
01-Nov-10 Gujarat Gas Add Reduce 384 36901-Nov-10 SAIL Buy Add 194 212
*RP Recommended Price
*TP Target Price
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Page 10ICICIdirect.com|Equity Research
ICICI Securities Limited
Recent Releases
ICICIdirect.com Universe
Date Company
13-Jan-11 Result Update Infosys Technologies
12-Jan-11 Moto Gaze January, 201111-Jan-11 Result Update Indraprastha Gas Ltd.
11-Jan-11 Event update Patni Computer Systems
10-Jan-11 Q3FY11E Result Preview
06-Jan-11 Cement Sector Update - January 2011
04-Jan-11 Pharma Monthly Pharma Pill January 2011
31-Dec-10 Company Update Lanco Infratech
30-Dec-10 Market Strategy 2011
29-Dec-10 Event Update NHB Regulation
24-Dec-10 Management Meet Natco Pharma
24-Dec-10 Event Update Koutons Retail India
20-Dec-10 Management Meet Aurobindo Pharma
16-Dec-10 Initiating Coverage Exide Industries
16-Dec-10 Monetary Policy Update (December 2010)
14-Dec-10 Banking Industry Update Dec10
10-Dec-10 Moto Gaze December, 2010
10-Dec-10 Management Meet Update Spanco Limited
09-Dec-10 Cement Sector Update: December 2010
09-Dec-10 Freight Forward December, 2010
09-Dec-10 IPO Review A2Z Maintenance & Engineering Services Limited
08-Dec-10 Pharma Monthly Pharma Pill
06-Dec-10 Management Meet Update Page Industries
03-Dec-10 Management Meet Update Titan Industries
03-Dec-10 Event Update Welspun Corp
03-Dec-10 Management Meet Update Strides Arcolab
03-Dec-10 Result Update Bajaj Hindusthan
02-Dec-10 Event Update Sesa Goa
01-Dec-10 Result Update Escorts
30-Nov-10 Management Meet Update Birla Corporation
30-Nov-10 IPO Review Manganese Ore India Limited
29-Nov-10 Management Meet Update Shriram EPC
26-Nov-10 Management Meet Update Sasken Communications
25-Nov-10 Management Meet Update Cadila Healthcare
25-Nov-10 Company Update Bribery Scam
24-Nov-10 Event Update Bharati Shipyard
24-Nov-10 Management Meet Update Torrent Pharmaceuticals24-Nov-10 Management Meet Update Navneet Publications
24-Nov-10 Result Update Tata Steel
23-Nov-10 Management Meet Shoppers Stop
23-Nov-10 Result Update Allcargo Global Logistics
23-Nov-10 Initiating Coverage Development Credit Bank
22-Nov-10 Event Update Dabur
22-Nov-10 Result Update Nitin Fire
22-Nov-10 Result Update Dhampur Sugar
22-Nov-10 Result Update Balrampur Chini
19-Nov-10 Result Update MAN Industries
19-Nov-10 Result Update Reliance Capital
19-Nov-10 Result Update Shree Renuka Sugar
19-Nov-10 Result Update Sanghvi Movers
19-Nov-10 Result Update Kingfisher Airlines
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Page 11ICICIdirect.com|Equity Research
ICICI Securities Limited
Pankaj Pandey Head Research [email protected]
ICICIdirect.com Research Desk,ICICI Securities Limited,7th Floor, Akruti Centre Point,
MIDC Main Road, Marol Naka
Andheri (East)
Mumbai 400 [email protected]
DisclaimerThe 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 Ltd (I-Sec). The author of the report does not hold any investment in any of the companies mentioned in this report. I-Sec may be holding a small number of shares/position in the above-referred companies as on date of release of this report. 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 may 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. 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 report may not be taken in
substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and
affiliates accept no liabilities 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. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are
inconsistent with and reach different conclusion from the information presented in this report. 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 I-Sec 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.
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Weekly recommendationsWeekly Technicals Features stocks with a trading outlook for aweek based on short-term technical trends
considering key technical indicators &
statistical information.Weekly Home Page & Research Page
Weekly DerivativesTrading opportunities in futures & optionssegment based on fundamental & technicalanalysis also incorporates factors such asoverall market trend, volatility & open interest
positions of securities.Weekly
1-7 days
4 5%
Home Page, Research Page & Trading
page -Scroller
Pick of the week Every week one stock on fundamental and/ortechnical parameters which have a potential toappreciate by 10% in a 3 month timeframe.
Weekly
every
Friday 3 mths 10%Home Page, Research page, Scroller &
Trading page - iClick to GainShort -Medium term recommendationsStock Picks :
Detailed Company
Report
Fundamental report understanding the
business model and future prospects of the
company & valuations.When
published > 1 yr> 20%
&
above
Home page, Research page & Trading
page - Scroller,
iCLICK-2-GAIN
& iClick-2-Invest
Stocks on move Covers stocks which are likely to showsignificant upward movement in the next 15days due to change in trader sentiment.
Fortnightly
every
alternate days
Wednesday
> 7-155-7%
Home page, Research page & Trading
page - Scroller iCLICK-2-GAIN
Monthly TechnicalsTrading outlook for a month based onmedium-term technical trends considering keytechnical indicators & statistical information. Monthly 30 days 10% Home Page & Research Page
Equity Model
Portfolio A portfolio based on your Risk appetitie:Conservative, Moderate and Aggressive iClick-2-GainHigh Dividend
Yield Stocks Features High Dividend Yielding Stocks forassured returns on investment iClick-2-Gain
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