Gladiator Stocks

Scrip I-Direct Code Action Target Stoploss UpsideTitan Co TITIND Buy in the range of 612-630 725.00 567.00 17%Tribhuvandas Bhimji Zaveri TRIBHI Buy in the range of 111-116 143.00 97.00 27%

Time Frame: 6 Months

Research AnalystsDharmesh Shah dharmesh.shah@icicisecurities.com Pabitro Mukherjee pabitro.mukherjee@icicisecurities.comNitin Kunte CMT nitin kunte@icicisecurities com Vinayak Parmar vinayak parmar@icicisecurities comNitin Kunte, CMT nitin.kunte@icicisecurities.com Vinayak Parmar vinayak.parmar@icicisecurities.comDipesh Dagha dipesh.dagha@icicisecurities.com

September 5, 2017

Deal Team – At Your ServiceFestive demand to boost sentiments…

• Indian gold demand has been historically driven by the wedding and festive related gifting tradition. The weddingseason and Akshaya Tritiya in Q2CY17 were strong. Indian gold imports in CY17 (till August) have rebounded sharplyby 158% to 617 tonnes. The jewellery sector has seen a sharp revival after a weak 2016 in which Indian gold demandhad declined 22% to 514 tonnes on account of various issues like jewellery sector strike and demonetisationj y

• With consumer sentiment improving, Indian jewellery demand is likely to continue its uptrend in the ensuing festiveseason. Also, major organised players are expanding their retail presence to capture a higher share of the market.Events like demonetisation and GST implementation have increased the cost of compliance for unorganised playersand created a level playing field for organised players enabling them to capture a higher market shareand created a level playing field for organised players enabling them to capture a higher market share

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Titan Company (TITIND): Bullish Flag breakout offers fresh entry opportunity…

CMP | 630 00 B i R | 612 630 T t | 725 00 St l | 567 00 U id 17%

Technical ViewTitan Company is Tata group’s largest consumer company. The share price of Titan Company has been in a stronguptrend since the start of CY17. The stock has witnessed a major turnaround during March 2017 as it registered aresolute breakout above the almost identical yearly highs of 2015 (| 448) and 2016 (| 444). Thereafter, it has

i t tl d th d f i hi h hi h d hi h l hi hli hti d t id

Stock Data

CMP: | 630.00 Buying Range: | 612-630 Target: | 725.00 Stop loss: | 567.00 Upside: 17%

52 Week High / Low 638.30/296.1550 days EMA 575

200 days EMA 488 consistently moved northwards forming higher highs and higher lows highlighting renewed momentum amidpersistent demand at elevated levels. We believe the sideways consolidation over the last four weeks has laid thefoundation for the next leg of up move within the ongoing uptrend. The stock provides a good entry opportunity froma medium-term perspective.

Breakout past bullish Flag pattern signals resumption of uptrend…The stock entered a sideways consolidation mode after hitting a 52 week high of | 638 in early August 2017 and,thereafter oscillated in a price band of | 638 to | 600 in the last four weeks Pictorially this sideways consolidation has

*Recommendation given on i-click to gain onSeptember 05, 2017 at 10:53 hrs

00 d ys 88

52 Week EMA 479

Face Value (|) 1Market Capitallisation (| Cr.) 56294

thereafter, oscillated in a price band of | 638 to | 600 in the last four weeks. Pictorially, this sideways consolidation hastaken the shape of a bullish Flag pattern as highlighted in the adjoining chart. A flag formation is a bullish continuancepattern representing a temporary pause within an uptrend as bulls take a breather after strong advance to gathersteam before continuance of the preceding up trend.

Time wise, the sideways consolidation representing the Flag pattern has taken 13 session against the preceding 12session up move from 525 to 638, which was retraced by just 38.2%. Limited price wise correction and extended timewise consolidation highlights the robust price structure and augurs well for continuance of the uptrend. The resolute

Stock price vs. BSE Oil & Gas

12,000

14,000

16,000

18,000

300400500600700800

breakout from the bullish Flag pattern signals conclusion of the secondary corrective phase and resumption of theupward momentum, thus providing a fresh entry opportunity to ride the next up move in the stock.

The key support base for the stock is placed around | 567 region that is the previous breakout area that also coincideswith the 61.8% retracement of the recent up move from | 525 to | 638 placed at | 567 levels and the 50 days EMAalso placed at | 575 levels.

Momentum oscillators indicate strength in price structure…Price performance since inception

10,000

,

100200

Aug

-16

Oct-1

6

Dec-

16

Feb-

17

Apr

-17

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17

Aug

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Titan BSE CD

g pAmong oscillators, the weekly MACD (E-12/26/9) is in a rising trend forming a higher high and higher low and is seenrebounding taking support at its nine period’s average signalling strength in the price trend. This augurs well forcontinuance of the bullish momentum in the medium term.

ConclusionConsidering the robust price structure and above-mentioned technical observations, we expect the stock to continuewith its current uptrend and head towards | 735 in the medium term as it is the price parity of the previous up move

-19%

66%

-9% -6%

94%

-70%

-20%

30%

80%

Year with its current uptrend and head towards | 735 in the medium term as it is the price parity of the previous up movefrom | 501 to | 638 (638-501=137 points) added to the recent trough of | 598 (598+137=735). This projects an upsidetowards | 735 in the medium term.Source: Bloomberg, BSE, ICICIdirect.com Research

3

2013 2014 2015 2016 YTD

Titan Company (TITIND): Weekly Bar Chart

A resolute breakout above the bullish Flag pattern signalsstrength and offers fresh entry opportunity for medium term

Price parity of previousup move @ 735

638

501

598

460

Major support at | 567 levels- Recent breakout area

61 8% t t l l

448 444

220

- 61.8% retracement level297

The MACD in uptrend forming higher high and is seen taking support at itsnine period’s average signaling strength in the price trend

Source: Bloomberg, ICICIdirect.com Research

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Stock Data

TITAN (TITIND): Fundamental view Fundamental ViewTitan Company is a major player in the organised jewellery market with a market share of 5% The company has aStock Data Titan Company is a major player in the organised jewellery market with a market share of ~ 5%. The company has apan-India retail presence. This is coupled with a strong bouquet of brands with a strong brand recall, which will enableit to grow at a rapid pace and gain market share and benefit from the shift in demand from unorganised to organisedsegment. Also, its presence in other aspirational business segments like watches and eyewear would aid revenuegrowth, going ahead.Focus on new wedding jewellery segment to drive revenue growthTitan’s jewellery segment witnessed robust revenue growth of 55.9% in Q1FY18 driven by 51% like to like (LTL) sales

Particular Amount

Market Capitalisation (| Crore) 55,930.5 Debt (FY17) (| Crore) -

Cash (FY17) (| Crore) 772.8 EV (| Crore) 55,157.8

52 week H/L 642 / 296 growth from Tanishq. The factors, which contributed to exceptional growth were: a) successful Akshaya Tritiyaperiod, b) successful gold exchange programme, c) advancement of sales on account of introduction of GST (| 250crore) and d) favourable base of Q1FY17 (jewellers strike that continued till mid-April2016). We expect traction in thejewellery segment to continue on the back of introduction of new collections with higher focus on wedding jewellerysegment. In addition, with the rollout of GST, Titan would be a beneficiary of the shift from unorganised to organisedplayers. We expect revenues to grow at 21% CAGR in FY17-19E mainly driven by growth in the jewellery segment.

Adopting lower making charges to gain market share

Key Metrics

52 week H/L 642 / 296 Equity Capital (| Crore) 88.8

Face Value (|) 1

FY16 FY17 FY18E FY19EAdopting lower making charges to gain market shareTitan has reduced making charges across its jewellery segment in a bid to garner higher market share. Now its makingcharges are in line with competitors or marginally higher than them. The making charges had been lowered to makethe products accessible to a larger set of customers who were earlier unable to buy the product owing to theperception of it being costly compared to other competitors. The management indicated that the aspiration to adornTanishq brand has increased among consumers. The company is getting new customers, which could aid futuregrowth.

P/E 80.2 73.4 53.3 42.0

Target P/E 80.2 73.5 53.3 42.1

EV to EBITDA 59.2 46.1 37.8 30.3

Price to book 10.6 8.7 7.4 6.1

RONW (%) 19.7 17.7 20.6 21.7

ROCE (%) 23.5 25.6 26.3 27.6

Jewellery segment to sustain growth momentumGST would be positive for organised players like Titan as higher compliance cost for unorganised players wouldcreate a level playing field. This could lead to market share gains for Titan. Tanishq continues to focus on the weddingjewellery segment and expects the share in the product mix to improve from the current 22% in FY17 to 40% byFY21. In addition, entry into high value studded jewellery would aid operating margins. We maintain our positivestance on Titan and expect it to continue its market leadership and gain market share driven by a shift fromunorganised to organised players

Financial Highlights(| crore) FY16 FY17 FY18E FY19E

Net Sales 11,084 12,615 15,237 18,466

EBITDA 945 1,195 1,455 1,810 Net Profit 698 762 1,049 1,330

unorganised to organised players.

Source: Company, ICICIdriect.com Research

EPS (|) 7.9 8.6 11.8 15.0

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Tribhovandas Bhimji Zaveri (TRIBHI): Bullish rounding bottom reversal…

CMP | 116 00 B i R | 111 116 T t | 143 00 St l | 97 00 U id 27%

Technical ViewTBZ is a 150 year old brand and one of the leading jewellery retailer in India with a strong focus on wedding jewellery(65% of sales) and diamond jewellery.The share price of TBZ has successfully reversed its four year down trend as it has started forming rising peak and

Stock Data

CMP: | 116.00 Buying Range: | 111-116 Target: | 143.00 Stop loss: | 97.00 Upside: 27%

52 Week High / Low 122.50/55.8050 days EMA 102

200 days EMA 88trough formation after bottoming out in first quarter of CY17.

Breakout from Bullish Rounding bottom augurs well...

The recent retest of breakout from bullish rounding bottom basing pattern has confirmed the continued appetite forthe stock amongst market participants as incremental buying interest has pushed the share price towards its 52-weekhigh. After a sustained four year downtrend, the share price has been trading in a range of | 100-55 over the past sixquarters. The strong breakout from basing pattern in July and retest of the same in August 2017 confirms the

*Recommendation given on i-click to gain onSeptember 05, 2017 at 10:56 hrs

200 days EMA 88

52 Week EMA 88

Face Value (|) 10Market Capitallisation (| Cr.) 777

culmination of major down trend and augurs well for the next leg of the medium term up trend.

Turnaround in long term price charts...On yearly time interval charts, the stock price has registered first higher high-low after four years of lower high-lowerlow formation. This structural turn around in price behaviour confirms that the major bottom is behind us and shareprice is likely to do catch up with its peers after elongated period of relative under performance. Such a turnaround onlong term price charts favours incremental buying opportunity.

Stock price vs. BSE Cons Durables

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90

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Momentum oscillators indicate strength in the price structure…Among oscillators, the weekly MACD (E-12/26/9) is in a rising trend forming higher high and higher low. It is seendiverging from its nine period’s average signalling strength in the price trend and corroborates the robustness in pricestructure from medium term perspective.

ConclusionConsidering the turnaround in price structure and breakout from the bullish bottom reversal pattern, we expect thePrice performance since inception

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TBZ BSE CD

g p p pshare price to enter in a sustainable up trend. We project the price target of | 145 over medium term as it is thepattern implication of Rounding bottom bullish reversal pattern (100-55=45 points) as added to breakout level of |100.It also coincides with the July 2015 breakdown area and October 2015 swing high both placed at | 145.

-39% 6% -39% -35%

95%

-70%

20%

110%

Year

Source: Bloomberg, BSE, ICICIdirect.com Research

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2013 2014 2015 2016 YTD

Tribhovandas Bhimji Zaveri (TRIBHI): Weekly Bar Chart

A resolute breakout from Bullish rounding bottom base formationprovides an opportunity to ride next up leg

Pattern implication of Roundingbottom and previousbreakdown area @ 145144

220

breakdown area @ 145144

100

55

Bullish Roundingbottom baseformation

5548

The MACD in uptrend forming higher high and is seen diverging from its nine period’s average signaling strength in the price trend

Source: Bloomberg, ICICIdirect.com Research

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Stock Data

Tribhovandas Bhimji Zaveri (TRIBHI): Fundamental view

Fundamental ViewStock Data Fundamental View

TBZ is a 150 year old brand and one of the leading jewellery retailer in India with a strong focus on weddingjewellery (65% of sales) and diamond jewellery. TBZ has established its own diamond jewellery manufacturingfacility in Mumbai, spread over ~24000 sq ft with capacity of ~ 200000 cts. The facility also has capacity for 4000kg of gold refining and 4500 kg of gold jewellery components manufacturing. The retail space of TBZ consists of 33showrooms spread across ~ 1.1 lakh sq ft with a stronger presence in West and South India.

Particular AmountMarket Capitalization (in crs) 781.0Total Debt (FY17) (in crs) 547.6Cash (FY17) (in crs) 30.6EV (in crs) 1298.052 week H/L (|) 122/ 55

Stepping up store expansion via franchisee route to enhance return ratiosOver the years due to stringent regulatory measures, TBZ’s financial performance was adversely impacted, whichled to scaling back it’s aggressive store expansion plans. TBZ added mere six stores over FY14-17. However, themanagement now intends to scale up its store expansion through the franchisee route. As per the arrangements,the capital will be infused by the franchisee owner while TBZ will only bear the advertisement expense. TBZ will sellthe jewellery to the franchisee owner at a lower mark up and realise revenues upfront itself. Recently, TBZ added

Key Metrics

Equity capital (in crs) 66.7Face value 10

(x) FY14 FY15 FY16 FY17P/E 14 1 31 8 NA 41 8 two new franchisee stores taking the total franchisee stores count to six. The new stores will offer wide array of

contemporary, light weight, innovative and attractive diamond jewellery designs. Higher emphasis on asset lightexpansion would result in steady improvement in return ratios.

Inventory rationalising to reduce working capital requirementsTBZ is targeting higher same stores sales growth (SSSG), which would translate into high inventory turns andreduce the working capital requirements The company is also planning to source high proportion of gold

P/E 14.1 31.8 NA 41.8 EV / EBITDA 9.3 16.1 30.7 18.7 P/BV 1.7 1.7 1.8 1.7 RoNW (%) 12.3 5.2 (6.3) 4.0 RoCE (%) 13.2 9.0 2.9 6.0

reduce the working capital requirements. The company is also planning to source high proportion of goldrequirements through gold on lease mode. In FY17, TBZ managed to reduce its inventory levels by 9% in valueterms and 16% in volume terms. This translated into improvement in inventory days from 248 days in FY16 to 220days in FY17. Also, share of inventory under gold on lease model increased from 51% in FY16 to 59% in FY17.Consequently, total debt witnessed significant decline by 16% YoY to | 547.6 crore in FY17.

TBZ to benefit from implementation of GST

Financial Highlights

(| Crore) FY14 FY15 FY16 FY17Net Sales 1,824.3 1,934.2 1,654.8 1,700.2 EBITDA 139.2 80.4 42.3 69.5 Net Profit 55.0 24.3 (23.1) 18.5

The GST rate for jewellery sector at 3% is marginally higher than the existing rate of 2%. However, with input creditavailable, the impact is likely to be neutral. This rate is still lower than market expectation as market participantswere expecting GST rate of 5%. Further, GST would be positive for organised players like TBZ as higher compliancecost for unorganised players would create a level playing field, which could lead to market share gains for largecompanies.

Source: Company, ICICIdriect.com Research

EPS (|) 8.2 3.6 (4.1) 2.8

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Strategy Follow up

Open Recommendations:Date Scrip Name Rec Price Target Stoploss CMP Return till date (%)9 May 17 Larsen & Toubro 1136 1356 1026 1131 0 4%9-May-17 Larsen & Toubro 1136 1356 1026 1131 -0.4%13-Jul-17 ABB 1460 1720 1320 1335 -8.6%13-Jul-17 VA Tech Wabag 665 795 570 617 -7.2%19-Jul-17 Sundaram Finance 1650 1990 1490 1673 1.4%27-Jul-17 GE T&D 408 505 355 403 -1.2%2-Aug-17 United Spirits 2580 3150 2298 2559 -0.8%7-Aug-17 CESC 975 1180 850 1053 8 0%7-Aug-17 CESC 975 1180 850 1053 8.0%8-Aug-17 Tata Steel 617 718 568 651 5.5%14-Aug-17 Maruti 7600 8440 7200 7821 2.9%16-Aug-17 NCC 85.5 112 73 86 0.6%16-Aug-17 Simplex Infrastructure 465 589 395 477 2.6%23-Aug-17 Gujarat Gas 790 890 725 826 4.6%31-Aug-17 HPCL 479 568 429 474 -1 0%31 Aug 17 HPCL 479 568 429 474 1.0%

Summary Performance - Recommendations till date 13Total Recommendations 191 Yield on Positive recommendations 18.0%Closed Recommendations 178 Yield on Negative recommendations -8.0%Closed Recommendations 178 Yield on Negative recommendations 8.0%Positive Recommendations 133Strike Rate 75%

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Notes…

• It is recommended to enter in a staggered manner within the prescribed range provided in the report

• Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report on closing basis.

• The recommendations are valid for six months and in case we intend to carry forward the position, it will be communicated through separate mail.

Trading portfolio allocationTrading portfolio allocation

• It is recommended to spread out the trading corpus in a proportionate manner between the various technical research products

• Please a oid allocati g the e ti e t adi g co p s to a si gle stock o a si gle p od ct • Please avoid allocating the entire trading corpus to a single stock or a single product segment

• Within each product segment it is advisable to allocate equal amount to each recommendationF l Th ‘D il C ll ’ d i 3 i d d i I i • For example: The ‘Daily Calls’ product carries 3 to 4 intraday recommendations. It is advisable to allocate equal amount to each recommendation

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Recommended product wise trading portfolio allocation

Duration

Daily Calls 8% 2-3% 3-4 Stocks 0.5-1% 2-3% Intraday

Number of CallsReturn Objective

Frontline Stocks Mid Cap StocksProduct Product wise

allocation

AllocationsMax allocation in

1 Stock

Stocks on the Move 6% 3-5% 7-10 Per Months 7-10% 10-15% 3 Months

Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week

Weekly Technicals 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week

Monthly Call 15% 5% 2-3 Stocks 7-10% 10-15% 1 Month

Monthly Technical 15% 2-4% 5-8 Stocks 7-10% 10-15% 1 Month

Techno Funda 15% 5-10% 1-2 Stocks 10% and above 15% and above 6 Months

Gladiator Stocks 15% 5 10% 1 2 Stocks 15% and above 20% and above 6 MonthsGladiator Stocks 15% 5-10% 1-2 Stocks 15% and above 20% and above 6 Months

Cash 10% -100%

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Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,ICICI Securities Limited,1st Floor Akruti Trade Centre1st Floor, Akruti Trade Centre,Road No 7, MIDCAndheri (East)Mumbai – 400 093research@icicidirect.com

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DisclaimerANALYST CERTIFICATION

We /I Dharmesh Shah Dipesh Dagha Nitin Kunte Pabitro Mukherjee Vinayak Parmar Research Analysts authors and the names subscribed toWe /I, Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee, Vinayak Parmar Research Analysts, authors and the names subscribed tothis report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) orsecurities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) orview(s) in this report.Terms & conditions and other disclosures:ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stockbrokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI Registration Number –g p g y gINH000000990.ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its varioussubsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management,etc. (“associates”), the details in respect of which are available on www.icicibank.comICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India.We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by ourInvestment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from

i i i fi i l i i h i i d i i f i h h lmaintaining a financial interest in the securities or derivatives of any companies that the analysts cover.The information and opinions in this section have been prepared by ICICI Securities and are subject to change without any notice. The report andinformation 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 ICICISecurities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities is under no obligation to update orkeep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicablerated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicableregulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or incertain other circumstances.The research recommendations are based on information obtained from public sources and sources believed to be reliable, but no independentverification has been made nor is its accuracy or completeness guaranteed. These research recommendations and information herein is solely forinformational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities orother financial instruments. ICICI Securities will not treat recipients as customers by virtue of their receiving these recommendations. Nothing inthis section constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriateto your specific circumstances. The securities discussed and opinions expressed herein may not be suitable for all investors, who must maketheir own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not betaken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks.The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securitiesaccepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of these recommendations. Past performance is notnecessarily a guide to future performance Investors are advised to see Risk Disclosure Document to understand the risks associated before

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necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated beforeinvesting in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are notpredictions and may be subject to change without notice.

DisclaimerICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have beenmandated by the subject company for any other assignment in the past twelve months.ICICI Sec ities o its associates ight ha e ecei ed a co pe satio f o the co pa ies e tio ed he ei d i g the pe iod p ecedi gICICI Securities or its associates might have received any compensation from the companies mentioned herein during the period precedingtwelve months from the date of these recommendations for services in respect of managing or co-managing public offerings, corporate finance,investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchantbanking or brokerage services from the companies mentioned herein in the past twelve months.ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICISecurities or its associates or its Analysts did not receive any compensation or other benefits from the companies mentioned in the report or thirdSecurities or its associates or its Analysts did not receive any compensation or other benefits from the companies mentioned in the report or thirdparty in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives haveany material conflict of interest at the time of publication of this reports.It is confirmed that Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee and Vinayak Parmar, Research Analysts giving theserecommendations have not received any compensation from the companies mentioned herein in the preceding twelve months.Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactionsICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the

/ i i d h i f h l d f h h di h bli i f h h d icompany/companies mentioned herein as of the last day of the month preceding the publication of these research recommendations.Since Associates (ICICI group companies) of ICICI Securities are engaged in various financial service businesses, they might have financialinterests or beneficial ownership in various companies including the subject company/companies mentioned herein.It is confirmed that Research Analysts do not serve as an officer, director or employee or advisory board member of the companies mentionedherein.ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented herein.Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned hereinNeither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned herein.We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysisactivities.This report or recommendations are not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of orlocated in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securitiesdescribed herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession thisdocument may come are required to inform themselves of and to observe such restriction.

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