monthly corporate action tracker

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Research Analyst

Monthly Corporate Action Tracker

Dossier of key corporate actions in February, 2021

Raj Deepak Singh Bharat Chhoda Cheragh Sidhwa

[email protected] [email protected] [email protected]

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Corporate Action Tracker - February 2021

Preferential allotment in January 2021

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Board meetings for February 2021

Major stakeholder’s activity in January 2021

Open offer and stock split for February 2021

Announced dividend1

Historical trends of corporate actions6

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Companies likely to pay dividend in February 2021

Announced dividend Announced dividend

Source: Capitaline, ICICI Direct Research.

Company Dividend Face value Dividend Dividend Yield Ex-date

(%) (|) (|/share) (%)

Coromandel Inter 600.0 1.0 6.0 0.8 10-02-2021

P & G Hygiene 850.0 10.00 85.0 0.7 10-02-2021

Manappuram Fin. 32.5 2.00 0.7 0.4 10-02-2021

Subex 10.0 5.00 0.5 2.0 10-02-2021

Transport Corp. 60.0 2.00 1.2 0.5 10-02-2021

K P R Mill Ltd 75.0 5.00 3.8 0.4 10-02-2021

Carborundum Uni. 150.0 1.00 1.5 0.3 11-02-2021

Hil Ltd 150.0 10.00 15.0 0.5 11-02-2021

Gillette India 330.0 10.00 33.0 0.6 11-02-2021

Balrampur Chini 250.0 1.00 2.5 1.6 11-02-2021

P I Industries 300.0 1.00 3.0 0.1 11-02-2021

Apcotex Industri 75.0 2.00 1.5 0.8 11-02-2021

Control Print 40.0 10.00 4.0 1.7 11-02-2021

Indo Amines 5.0 10.00 0.5 0.6 11-02-2021

Modison Metals 150.0 1.00 1.5 3.3 11-02-2021

NTPC 30.0 10.00 3.0 3.0 11-02-2021

PNB Gilts 40.0 10.00 4.0 7.1 11-02-2021

Company Dividend Face value Dividend Dividend Yield Ex-date

(%) (|) (|/share) (%)

Alkem Lab 1250.0 2.00 25.0 0.9 11-02-2021

BLS Internat. 25.0 1.00 0.3 0.2 11-02-2021

Equitas Holdings 20.0 10.00 2.0 2.4 11-02-2021

Bajaj Consumer 600.0 1.00 6.0 2.3 11-02-2021

IIFL Wealth Mgt 1500.0 2.00 30.0 2.6 11-02-2021

Saurashtra Cem. 10.0 10.00 1.0 1.7 12-02-2021

Alkyl Amines 200.0 5.00 10.0 0.2 12-02-2021

Cantabil Retail 10.0 10.00 1.0 0.3 12-02-2021

Hero Motocorp 250.0 2.00 5.0 0.1 15/02/2021

Hero Motocorp 3250.0 2.00 65.0 1.9 15/02/2021

Hikal 50.0 2.00 1.0 0.6 15/02/2021

Minda Industries 17.5 2.00 0.4 0.1 15/02/2021

Minda Corp 15.0 2.00 0.3 0.3 15/02/2021

Acrysil 40.0 2.00 0.8 0.4 16/02/2021

GPT Infraproject 15.0 10.00 1.5 3.4 16/02/2021

Gulf Oil Lubric. 350.0 2.00 7.0 1.0 16/02/2021

Jamna Auto Inds. 25.0 1.00 0.3 0.4 17/02/2021

R C F 12.0 10.00 1.2 2.1 17/02/2021

Source: Capitaline, ICICI Direct Research.

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Announced dividend1


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Board meetings scheduled in February 2021

Board meetings in February 2021

Source: Capitaline, ICICI Direct Research



Company name Meeting date Board meeting purpose

Titan Company 10-02-2021 Quarterly Results

Eicher Motors 10-02-2021 Quarterly Results

Hindalco Inds. 10-02-2021 Quarterly Results

GAIL (India) 10-02-2021 Quarterly Results

Aurobindo Pharma 10-02-2021 Quarterly Results,Interim Dividend

Indraprastha Gas 10-02-2021 Quarterly Results

Page Industries 10-02-2021 Quarterly Results,Interim Dividend

A B B 10-02-2021 Accounts,Dividend

3M India 10-02-2021 Quarterly Results

Ruchi Soya Inds. 10-02-2021 Quarterly Results

Bata India 10-02-2021 Quarterly Results

Mindspace Busine 10-02-2021 Quarterly Results,Dividend

Bank of India 10-02-2021 Quarterly Results

Suven Pharma 10-02-2021 Quarterly Results,Interim Dividend

P & G Health Ltd 10-02-2021 Quarterly Results

Guj.St.Petronet 10-02-2021 Quarterly Results

Metropolis Healt 10-02-2021 Quarterly Results,Interim Dividend

WABCO India 10-02-2021 Quarterly Results

TTK Prestige 10-02-2021 Quarterly Results

J B Chem & Pharm 10-02-2021 Quarterly Results,Interim Dividend

NLC India 10-02-2021 Quarterly Results,Interim Dividend

Asahi India Glas 10-02-2021 Quarterly Results

Rites 10-02-2021 Others

NBCC 10-02-2021 Quarterly Results

F A C T 10-02-2021 Quarterly Results


SpiceJet 10-02-2021 Quarterly Results

Happiest Minds 10-02-2021 Quarterly Results

MAS FINANC SER 10-02-2021 Quarterly Results

Tata Tele. Mah. 10-02-2021 Quarterly Results

Bharat Rasayan 10-02-2021 Others

IOL Chemicals 10-02-2021 Quarterly Results

BEML Ltd 10-02-2021 Quarterly Results,Interim Dividend

Valiant Organics 10-02-2021 Quarterly Results

Suprajit Engg. 10-02-2021 Quarterly Results,Interim Dividend,Buy Back

Esab India 10-02-2021 Quarterly Results,Interim Dividend

Ujjivan Fin.Ser. 10-02-2021 Quarterly Results

Nirlon 10-02-2021 Quarterly Results

Schneider Elect. 10-02-2021 Others

Greaves Cotton 10-02-2021 Quarterly Results

Religare Enterp. 10-02-2021 Quarterly Results

INEOS Styrolut. 10-02-2021 Quarterly Results

S H Kelkar & Co. 10-02-2021 Quarterly Results

Magma Fincorp 10-02-2021 Raising funds through Debt Instr.

Eveready Inds. 10-02-2021 Quarterly Results

Sharda Motor 10-02-2021 Quarterly Results,Stock Splilt

SEAMEC Ltd 10-02-2021 Quarterly Results,Interim Dividend

Banco Products 10-02-2021 Quarterly Results

Suven Life Scie. 10-02-2021 Quarterly Results,Interim Dividend

SMS Pharma. 10-02-2021 Quarterly Results

Astra Microwave 10-02-2021 Quarterly Results

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Sandur Manganese 10-02-2021 Quarterly Results

Shanthi Gears 10-02-2021 Quarterly Results,Interim Dividend

Kesoram Inds. 10-02-2021 Quarterly Results

Man Infra 10-02-2021 Quarterly Results,Interim Dividend

Antony Waste han 10-02-2021 Quarterly Results

Transpek Inds. 10-02-2021 Quarterly Results

HMT 10-02-2021 Quarterly Results

Asian Granito 10-02-2021 Quarterly Results

Foseco India 10-02-2021 Accounts,Final Dividend

ITC 11-02-2021 Quarterly Results,Interim Dividend

Power Grid Corpn 11-02-2021 Quarterly Results

Coal India 11-02-2021 Quarterly Results

Bosch 11-02-2021 Quarterly Results

Ashok Leyland 11-02-2021 Quarterly Results

MRF 11-02-2021 Quarterly Results,Interim Dividend

Petronet LNG 11-02-2021 Quarterly Results

Piramal Enterp. 11-02-2021 Quarterly Results

Power Fin.Corpn. 11-02-2021 Quarterly Results

ACC 11-02-2021 Accounts,Dividend

Bayer Crop Sci. 11-02-2021 Quarterly Results

NHPC Ltd 11-02-2021 Quarterly Results,Interim Dividend

General Insuranc 11-02-2021 Quarterly Results

Natco Pharma 11-02-2021 Quarterly Results,Interim Dividend

Tube Investments 11-02-2021 Quarterly Results,Interim Dividend

CRISIL 11-02-2021 Accounts,Dividend


Oil India 11-02-2021 Quarterly Results,Interim Dividend

Prestige Estates 11-02-2021 Quarterly Results

Cams Services 11-02-2021 Quarterly Results,Interim Dividend

H U D C O 11-02-2021 Quarterly Results

Graphite India 11-02-2021 Quarterly Results

Rail Vikas 11-02-2021 Quarterly Results

KNR Construct. 11-02-2021 Quarterly Results

Infibeam Avenues 11-02-2021 Quarterly Results,Bonus Issue

NCC 11-02-2021 Quarterly Results

Responsive Ind 11-02-2021 Quarterly Results

Garware Tech. 11-02-2021 Quarterly Results

Guj Pipavav Port 11-02-2021 Quarterly Results

Karur Vysya Bank 11-02-2021 Quarterly Results

JSW Holdings 11-02-2021 Quarterly Results

ISGEC Heavy 11-02-2021 Quarterly Results,Interim Dividend

Tasty Bite Eat. 11-02-2021 Others

Allcargo Logist. 11-02-2021 Quarterly Results

BSE 11-02-2021 Others

I T D C 11-02-2021 Quarterly Results

AGC Networks 11-02-2021 Quarterly Results

Uflex 11-02-2021 Quarterly Results

Borosil 11-02-2021 Quarterly Results

JTEKT India 11-02-2021 Quarterly Results

Pilani Invest. 11-02-2021 Quarterly Results

MSTC 11-02-2021 Quarterly Results

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Health.Global 11-02-2021 Quarterly Results

Dishman Carbogen 11-02-2021 Quarterly Results

Puravankara 11-02-2021 Others

Future Lifestyle 11-02-2021 Quarterly Results

Novartis India 11-02-2021 Quarterly Results

Repco Home Fin 11-02-2021 Quarterly Results

TVS Srichakra 11-02-2021 Quarterly Results

Jai Corp 11-02-2021 Quarterly Results

Kiri Industries 11-02-2021 Quarterly Results

Federal-Mogul Go 11-02-2021 Quarterly Results

Somany Home Inn. 11-02-2021 Quarterly Results

Amrutanjan Healt 11-02-2021 Quarterly Results,Interim Dividend

Greenply Industr 11-02-2021 Quarterly Results,Employee Stock Option

Lumax Industries 11-02-2021 Quarterly Results

Capacit'e Infra. 11-02-2021 Quarterly Results

Kovai Medical 11-02-2021 Quarterly Results

Kirl. Brothers 11-02-2021 Quarterly Results

Volt.Transform. 11-02-2021 Quarterly Results

Va Tech Wabag 11-02-2021 Quarterly Results

West Coast Paper 11-02-2021 Quarterly Results

Best Agrolife 11-02-2021 Quarterly Results

ITD Cem 11-02-2021 Quarterly Results

Honda India 11-02-2021 Quarterly Results

BF Investment 11-02-2021 Quarterly Results

BF Utilities 11-02-2021 Quarterly Results


Premier Cap Serv 11-02-2021 Quarterly Results

Thirumalai Chem. 11-02-2021 Quarterly Results

Ashapura Minech. 11-02-2021 Quarterly Results

Indian Hume Pipe 11-02-2021 Quarterly Results

Ultramarine Pig. 11-02-2021 Quarterly Results

Grauer & Weil 11-02-2021 Quarterly Results

Take Solutions 11-02-2021 Quarterly Results

Capital India 11-02-2021 Quarterly Results

Fermenta Biotec. 11-02-2021 Quarterly Results

Technocraf.Inds. 11-02-2021 Quarterly Results

Apex Frozen Food 11-02-2021 Quarterly Results

T N Newsprint 11-02-2021 Quarterly Results

Xchanging Sol. 11-02-2021 Quarterly Results

Grasim Inds 12-02-2021 Quarterly Results

Siemens 12-02-2021 Quarterly Results

Info Edg.(India) 12-02-2021 Quarterly Results

Motherson Sumi 12-02-2021 Quarterly Results

Apollo Hospitals 12-02-2021 Quarterly Results

Hind.Aeronautics 12-02-2021 Quarterly Results

Embassy Off.REIT 12-02-2021 Quarterly Results

Voltas 12-02-2021 Others

Bharat Forge 12-02-2021 Quarterly Results

New India Assura 12-02-2021 Quarterly Results

Dhani Services 12-02-2021 Others

GMR Infra. 12-02-2021 Quarterly Results

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Godrej Industrie 12-02-2021 Others

Glenmark Pharma. 12-02-2021 Quarterly Results

CRISIL 12-02-2021 Quarterly Results,Dividend

Deepak Nitrite 12-02-2021 Quarterly Results

Phoenix Mills 12-02-2021 Quarterly Results

ITI 12-02-2021 Quarterly Results

SJVN 12-02-2021 Quarterly Results,Interim Dividend

Indiabulls Hous. 12-02-2021 Quarterly Results,Raising funds through Debt Instr.

Timken India 12-02-2021 Quarterly Results

Natl. Aluminium 12-02-2021 Quarterly Results

Bombay Burmah 12-02-2021 Quarterly Results

Fine Organic 12-02-2021 Quarterly Results

Dilip Buildcon 12-02-2021 Quarterly Results

Bharat Dynamics 12-02-2021 Quarterly Results

Finolex Cables 12-02-2021 Quarterly Results

Home First Finan 12-02-2021 Quarterly Results

Cochin Shipyard 12-02-2021 Quarterly Results,Interim Dividend

Mazagon Dock 12-02-2021 Quarterly Results,Interim Dividend

Sobha 12-02-2021 Quarterly Results

NESCO 12-02-2021 Quarterly Results

Lux Industries 12-02-2021 Quarterly Results

Delta Corp 12-02-2021 Quarterly Results

Sterling & Wils. 12-02-2021 Quarterly Results

Advanced Enzyme 12-02-2021 Quarterly Results

Mishra Dhatu Nig 12-02-2021 Quarterly Results


Borosil Renew. 12-02-2021 Quarterly Results

MOIL 12-02-2021 Quarterly Results,Interim Dividend

Hindustan Foods 12-02-2021 Quarterly Results

Swan Energy 12-02-2021 Quarterly Results

GE T&D India 12-02-2021 Quarterly Results

Orient Refrac. 12-02-2021 Quarterly Results

La Opala RG 12-02-2021 Quarterly Results

Ingersoll-Rand 12-02-2021 Quarterly Results

Goodyear India 12-02-2021 Quarterly Results

Jindal Poly Film 12-02-2021 Quarterly Results

Natl.Fertilizer 12-02-2021 Quarterly Results

Navneet Educat. 12-02-2021 Quarterly Results

Force Motors 12-02-2021 Quarterly Results

Forbes & Co 12-02-2021 Quarterly Results

HLE Glascoat 12-02-2021 Quarterly Results

PTC India 12-02-2021 Quarterly Results

IFCI 12-02-2021 Quarterly Results

Chemcon Special. 12-02-2021 Quarterly Results

PDS Multi. 12-02-2021 Quarterly Results

Tide Water Oil 12-02-2021 Quarterly Results

Inox Wind 12-02-2021 Quarterly Results

T.V. Today Netw. 12-02-2021 Quarterly Results

Mayur Uniquoters 12-02-2021 Quarterly Results

Omaxe 12-02-2021 Quarterly Results

Orissa Minerals 12-02-2021 Quarterly Results

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Prime Focus 12-02-2021 Quarterly Results

India Glycols 12-02-2021 Quarterly Results

Morepen Labs. 12-02-2021 Quarterly Results

India Power Corp 12-02-2021 Quarterly Results

Panacea Biotec 12-02-2021 Quarterly Results

Safari Inds. 12-02-2021 Quarterly Results

PC Jeweller 12-02-2021 Quarterly Results

Anant Raj 12-02-2021 Quarterly Results

Time Technoplast 12-02-2021 Quarterly Results

GOCL Corpn. 12-02-2021 Quarterly Results

Sunflag Iron 12-02-2021 Others

Sadbhav Engg. 12-02-2021 Quarterly Results

DigiSpice Tech. 12-02-2021 Quarterly Results

Gallantt Ispat 12-02-2021 Others

Excel Industries 12-02-2021 Quarterly Results

Centrum Capital 12-02-2021 Quarterly Results

Ashiana Housing 12-02-2021 Quarterly Results

HBL Power System 12-02-2021 Quarterly Results

Vindhya Telelink 12-02-2021 Quarterly Results

Electrost.Cast. 12-02-2021 Quarterly Results

GFL 12-02-2021 Quarterly Results

Evexia Lifecare 12-02-2021 Quarterly Results

Balmer Law. Inv. 12-02-2021 Quarterly Results

Satia Industries 12-02-2021 Quarterly Results


Lumax Auto Tech. 12-02-2021 Quarterly Results

Dredging Corpn. 12-02-2021 Quarterly Results

M T N L 12-02-2021 Quarterly Results

O N G C 13-02-2021 Quarterly Results,Interim Dividend

I R F C 13-02-2021 Quarterly Results

Amara Raja Batt. 13-02-2021 Quarterly Results,Interim Dividend

Rajesh Exports 13-02-2021 Quarterly Results

I D F C 13-02-2021 Quarterly Results

Kalpataru Power 13-02-2021 Quarterly Results,Interim Dividend

Sunteck Realty 13-02-2021 Others

Ircon Intl. 13-02-2021 Quarterly Results

Shilpa Medicare 13-02-2021 Quarterly Results

Maithan Alloys 13-02-2021 Quarterly Results

Neogen Chemicals 13-02-2021 Others

Shree Securities 13-02-2021 Quarterly Results

Sandhar Tech 13-02-2021 Quarterly Results,Interim Dividend

Olectra Greentec 13-02-2021 Quarterly Results

Sarda Energy 13-02-2021 Quarterly Results

Jain Irrigation 13-02-2021 Quarterly Results

Nestle India 16-02-2021 Accounts

Schaeffler India 16-02-2021 Accounts,Dividend

Ambuja Cements 18-02-2021 Accounts,Final Dividend

Mahindra CIE 19-02-2021 Quarterly Results

Sanofi India 23-02-2021 Dividend

Rain Industries 25-02-2021 Accounts

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Corporate actions announced in February 2021

Stock split

Open offer



Face value before Face value after

Company Name Ratio split split Record date

Bannari Amm Spg. 2:1 10.0 5.0 15/02/2021

Alkyl Amines 2.5:1 5.0 2.0 NA

Finolex Inds. 5:1 10.0 2.0 NA

Wardwizard Inno. 10:1 10.0 1.0 NA

Dixon Technolog. 5:1 10.0 2.0 NA

Offer Start Offer Close Offer Price Proposed Acquisition Proposed Acquisition

Company Date Date (|) (No. of shares in crore) (% Capital)

Xchanging Sol. 09-02-2021 15-02-2021 56.5 2.8 25.0

Fairchem Organic 09-02-2021 23-02-2021 575.5 0.3 25.9

Timex Group 11-02-2021 25-02-2021 24.3 2.5 25.1

Prime Focus 17-02-2021 03-03-2021 44.2 8.2 26.0

Vedanta 04-03-2021 18-03-2021 160.0 37.2 10.0

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Major stakeholder’s activity seen in January 2021


Key Highlights

Pari Washington India Master Fund purchased 2.0 lakh shares (2.1%) of Icra

HDFC Asset Management Company purchased 38.1 lakh shares (2.0%) of Mishra Dhatu Nigam

HDFC Asset Management Company sold 40.1 lakh shares (2.1%) of Chola Financial

UTI Investment Advisory sold 50.0 lakh shares (2.0%) of Sequent Scientific

HDFC Asset Management Company sold 117.7 lakh shares (2.0%) of Aurobindo Pharma

HDFC Asset Management Company sold 20.8 lakh shares (1.8%) of Inox Leisure

Nippon Life India Asset Management sold 83.9 lakh shares (3.5%) of Schneider Electric


Company No of shares Bought/Sold Total Equity Net change % of total

(In lakhs) (In lakhs) (%)

ICRA 2.0 96.5 2.1

Mishra Dhatu Nig 38.1 1873.4 2.0

Chola Financial -40.1 1877.2 -2.1

Sequent Scien. -50.0 2483.7 -2.0

Aurobindo Pharma -117.7 5859.4 -2.0

Inox Leisure -20.8 1126.6 -1.8

Schneider Elect. -83.9 2391.0 -3.5

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On a month on month (MoM) basis, the momentum related to raising money (in terms of number of companies) through preferential allotment

was marginally lower in January 2021. Total 19 companies raised capital through the preferential allotment route in January 2021 compared to

22 companies in December 2020. Apollo Hospital, Aditya Birla Fashion & Retail, Vardhman Special Steels, Steel Exchange and Rane Madras

were among major companies that raised capital through preferential allotment in January 2021. Overall, preferential allotment has declined as

a funding route over CY17-19. For full year CY18, 223 companies had raised capital through preferential allotment compared to 243 companies

in CY17 and 142 companies for CY19. For CY20, 156 companies have raised capital through preferential allotment.



Company No.of Eq. Shares Face Value Issue Price Issued To Issued Category Date of allotment

(in crore) (|) (|)

Apollo Hospitals 0.47 5 2511 Orbimed Partners Master Mauritius Ltd & PACs Qualified Institutions Buyers 23/01/2021

Steel Exchange 0.02 10 39 Edelweiss Alternative Asset Advisors Ltd Promoter 18/01/2021

Steel Exchange 0.06 10 39 EFL Special Pte Ltd Promoter 18/01/2021

Steel Exchange 0.06 10 39 EWON Pte Ltd Promoter 18/01/2021

Steel Exchange 0.08 10 39 EISAF II Onshore Fund Promoter 18/01/2021

Steel Exchange 0.22 10 39 EW India Special Assets Fund II Pte Ltd Promoter 18/01/2021

Rane (Madras) 0.25 10 235.3 Rane Hold¡ngs Ltd Promoter & Promoter Group 29/01/2021

Vardhman Special 0.46 10 108 NA NA 19/01/2021

Aditya Bir. Fas. 7.32 10 205 Flipkart Investments Pvt Ltd 00-01-1900 28/01/2021

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Historical trend of rights and bonus issues

Number of rights issues- CNX 500 Number of bonus issues- CNX 500

Key Highlights

Of the CNX 500 companies, 10 used the rights issue method to raise capital in CY20 compared to three in CY19

Total five companies had announced bonus issue in CY20 compared to 16 in CY19


6

8 8

5 5

7

5

2

7

5

3

10

0

2

4

6

8

10

12

CY09

CY10

CY11

CY12

CY13

CY14

CY15

CY16

CY17

C

Y18

C

Y19

CY20

Number of rights Issue (CNX 500 Companies)

8

28

1412 12

10

1716

29

20

16

5

0

5

10

15

20

25

30

35

CY09

CY10

CY11

CY12

CY13

CY14

CY15

CY16

CY17

CY18

CY19

CY20

Number of Bonus Issues

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Historical trend of stock splits and dividend payouts

Number of stock splits- CNX 500 Average dividend payout ratio (%) for CNX 500

Key Highlights


Seven companies had announced a stock split in CY20 compared to four in CY19

31.9

36.2 36.1 35.838.2

35.7

40.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

FY14 FY15 FY16 FY17 FY18 FY19 FY20

Dividend Payout Ratio

11

39

18

7 6

12 1315

108

47

0

5

10

15

20

25

30

35

40

45

CY09

CY10

CY011

CY12

CY13

CY14

CY15

CY16

CY17

CY18

CY19

CY20

Number of stock Split

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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st

Floor, Akruti Trade Centre,

Road no.7, MIDC

Andheri (East)

Mumbai – 400 093

[email protected]

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ANALYST CERTIFICATION

I/We, Raj Deepak Singh B.E, MBA (Finance), Bharat Chhoda, MBA and Cheragh Sidhwa, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research reportaccurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It isalso confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employeeof the companies mentioned in the 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 stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a

composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI

Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries 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.com.

ICICI 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 our Investment Research Department. ICICI Securities and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the

securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such,

may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not

match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The 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. While we would endeavour to

update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep 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 applicable regulations and/or ICICI Securities policies, in circumstances where ICICI

Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

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 shall 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. Though disseminated to all the customers

simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. 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 may not be taken 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 Securities accepts no liabilities whatsoever 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. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the

securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report 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 encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits

from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time

of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the

research report.

Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject

company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

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 ICICI Securities 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.

Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject

company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

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 ICICI Securities 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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