Rollover Analysis

November 24, 2015

Stock rollover action remains weak

Rollover Snapshot
Market wide rollover (%)
Nifty Rollover (%)
Nifty Rollover cost (%)

November
36.03
44.56
0.44

October
47.89
46.1
0.95

September
40.68
42.25
0.45

OI Build up in current and mid series

OI (in millions)

20

7,900

4.8

4.5

4.2

4.2

13.8
10.6

15.8

7,800

6.0

16.7

17.6

17.0

17.2

Millions

5
0

15
10

7,700

16-Nov 17-Nov 18-Nov 19-Nov 20-Nov 23-Nov

Nifty Nov OI

Nifty Dec OI

Nifty Spot

Nifty rolls were at 44.56%, in line with the 3M average of 45.57%

The market wide rollover of 36.03% was lower than the 3M average of 42.81%
Sectorally, infrastructure, metals and pharma stocks are witnessing high rollover
of positions while stocks from the power, textile and cement space are witnessing
relatively low rolls into the December series
Highest rollover was observed in Divis Lab (65%), JSW Steel (61%), Aurobindo
Pharma (54.9%), Jubilant Foodworks (51.8%) and Karnataka Bank (49%)
Rollover activities are still low among Mind Tree (16%), Adani Enterprises (16%),
HDIL (16%), OFSS (17%) and Infratel (17%)
Among index stocks, Kotak Mahindra Bank (57%), HCL Tech (56%) and Reliance
Industries (48%) are witnessing highs rolls into the December series while
Hindustan Unilever (24%), Wipro (25%), Ambuja Cement (25%) and Dr Reddys
(26%) are witnessing low rollover into the next series
Fresh additions in the December series futures helped the rollover action to
improve further. The November series witnessed closure of 2 million shares
against addition of 4.6 million shares in the December series amid reduced roll
spread of 34 points. November series open interest is just 13.7 million shares and
major closure of positions is unlikely during the settlement. Hence, VWAP selling
may not be seen during settlement. At the same time, we expect the roll spread to
increase due to fresh additions in the December series futures. A similar pattern
was observed in the banking index where just 1.8 million shares are just left for
the rollover positions while the roll spread declined marginally to 88 points

Sectoral rollovers
High Rollover

Low Rollover

Sector
Infrastructure
Metals
Pharma
Capital_Goods
Fertilisers

Rollover %
45.83
40.26
40.11
39.76
39.58

Sector
Power
Textile
Cement
Media
Finance

Rollover %
28.38
28.49
28.90
31.01
32.93

Rollover %
65.47
60.69
57.57
55.99
54.91

Stock
MINDTREE
ADANIENT
HDIL
OFSS
INFRATEL

Stock rollovers
High Rollover

Low Rollover

Stock
DIVISLAB
JSWSTEEL
KOTAKBANK
HCLTECH
AUROPHARMA

Rollover %
15.78
16.20
16.31
16.98
17.47

Source: NSE, Seediff, ICICIdirect.com Research

Heavyweights build up vis--vis rollover cost

0.60
BOSCHLTD

TCS

0.55
LUPIN

BPCL
DRREDDY
INDUSINDBK

LT

0.50
WIPRO

SUNPHARMA
0.45

HINDUNILVR
NTPC

0.40
HEROMOTOCO

ACC

.....% Rollover Cost...

ONGC

0.35

Research Analyst
0.79

0.77

0.75

ICICI Securities Ltd | Retail Equity Research

0.73

Raj Deepak Singh

rajdeepak.singh@icicisecurities.com

0.71

Azeem Ahmad
azeem.ahmad@icicisecurities.com

0.30

0.69

Amit Gupta
amit.gup@icicisecurities.com

%OI left from the highest OI of November series

Source: NSE, Seediff, ICICIdirect.com Research

The diagram above depicts the rollover cost of index heavyweights along with the open interest
left for the settlement in comparison with highest OI levels of the series. The size of the bubble
represents maximum open interest of stock futures while the X axis indicates percentage left in
near month open interest of the highest open interest attained in the series. The Y axis shows
the percentage rollover cost associated with the stock.

Stock Rollover Activity

Rollover activity among heavyweights as well in the Nifty has
found some momentum due to significant additions seen in the
December series. However, open interest in the Nifty
November series is just 13 million shares and VWAP action
may not be seen during settlement
Among heavyweights, Wipro, Sun Pharma and Lupin are still
witnessing high open interest being left in the November series
compared to highest open interest seen among these stocks
during the month. Failure to pick up in roll action may trigger a
round of short covering towards settlement
In the midcap space, Uco Bank, Pidilite and Hexaware are
witnessing high open interest in the ongoing series. Volatile
moves in these stocks are expected during the settlement
week

Intraday strategy based on rollover*

i) HDFC (HDFC)

ii) Aditya Birla Nuvo (INDRAY)

Buy HDFC Nov Fut in rng of 1192.00-1194.00

Sell INDRAY Nov Fut in rng of 2060.00-2062.00

View: Bullish

View: Bearish

Strategy: Buy Future

Target 1: 1205

Target 1: 2045

CMP : 1191

Market Lot: 200

Stop Loss: 1180

Target 2: 2030

Stop Loss: 2075

Market Lot: 400

CMP : 2064

Recommendation follow up
Date
23-Nov-15
23-Nov-15
29-Oct-15
29-Oct-15
28-Oct-15
28-Oct-15
27-Oct-15
27-Oct-15
26-Oct-15
26-Oct-15
24-Sep-15
24-Sep-15

ICICI Securities Ltd | Retail Equity Research

Strategy: Sell Future

Target 2: 1220

Stock

View

Strategy

Reco

Target

SL

P&L

Comment

IDECEL
CEAT

Buy

Long Fut

135.00

138.00

133.90

9000

Target Achieved

Sell

Short Fut

1155.00

1120.00

1170.00

Not Initiated

Wipro
CEAT

Buy

Long Fut

574.00

877.00

854.00

Closed at cost

Sell

Short Fut

1155.00

1120.00

1170.00

8750

Target Achieved

HCLTEC
STRARC

Buy

Long Fut

865.00

877.00

854.00

3000

Target Achieved

Sell

Short Fut

1296.00

1275.00

1310.00

-1750

Stoploss Triggered

KOTMAH
JUSDIA

Buy

Long Fut

661.00

669.00

655.00

2000

Closed in Profits

Sell

Short Fut

998.00

984.00

1010.00

ACC
TITIND

Buy

Long Fut

1396.00

1420.00

1381.00

Sell

Short Fut

346.00

342.00

349.00

GUJAMB
DIVLAB

Buy

Long Fut

207.75

212.00

204.90

Not Initiated

Sell

Short Fut

1113.00

999.00

1127.00

Not Initiated

Not Initiated
Not Initiated
-3000

Stoploss Triggered

Page 2

Previous Rollover
Cost %
0.489293673
0.57

ABIRLANUVO

Previous Rollover
%
20.04
38.46

556750

139000

500

696250

ACC

37.15

50.26

998625

587625

2625

1588875

0.368756286

0.35

16.2

54.08

11886000

2298000

14184000

0.441083806

0.49

ADANIPORTS

37.66

45.04

19656000

10556800

1320000

31532800

0.52412796

0.46

ADANIPOWER

20.58

52.82

59980000

15480000

60000

75520000

0.680272109

0.49

AJANTPHARM

28.73

25.31

563600

227200

790800

0.615954351

0.55

ALBK

22.53

39.86

11802000

3372000

60000

15234000

0.60851927

0.52

AMARAJABAT

22.86

24.03

888600

262800

600

1152000

0.435006582

0.25

AMBUJACEM

25.12

32.58

6541500

2192400

2100

8736000

0.498007968

0.49

ANDHRABANK

18.99

44.49

13136000

3080000

16216000

0.515463918

0.52

APOLLOHOSP

48.7

53.63

338800

321200

400

660400

0.281273131

0.38

APOLLOTYRE

28.08

34.94

8700000

3375000

21000

12096000

0.525339926

0.58

ARVIND

25.33

44.27

4384300

1462000

25500

5871800

0.301457042

0.27

Instrument

ADANIENT

Rollover %

November

December

January

Total OI

Rollover Cost %

ASHOKLEY

40.96

58.18

43015000

29484000

357000

72856000

0.052164841

0.59

ASIANPAINT

29.11

55.42

3076200

1261200

1800

4339200

0.452595074

0.27

AUROPHARMA

54.91

67.58

7317100

8905400

7000

16229500

0.548349057

0.48

AXISBANK

38.44

34.46

25661000

15940000

85000

41686000

0.528301887

0.47

BAJAJ-AUTO

53.94

50.48

892000

1043000

1800

1936800

0.308739709

0.34

BAJFINANCE

27.17

40.02

189000

70375

125

259500

0.550916525

0.57

BANKBARODA

46.23

49.52

27366800

23454600

77500

50898900

0.147318798

0.36

BANKINDIA

42.07

51.43

10839000

7803000

69000

18711000

-0.077942323

0.36

BANKNIFTY

30.13

31.41

1803210

762930

14730

2580870

0.517949424

0.49

BATAINDIA

37.63

57.27

2647000

1586000

11000

4244000

-1.552406751

-0.79
-0.16

BEL

39.05

51.78

1537200

980100

4950

2522250

-0.790576961

BEML

19.97

29.94

304500

76000

380500

0.601981324

0.64

BHARATFORG

46.28

46.51

2110500

1817500

1000

3929000

0.343700699

0.43

BHARTIARTL

40.32

37.56

12444000

8384400

21600

20850000

0.516681429

0.44

BHEL

44.55

48.89

15546000

12180000

310000

28036000

0.085324232

-0.02

BIOCON

31.66

43.85

2010800

924000

7700

2942500

0.544662309

0.47

BOSCHLTD

32.33

29.63

90225

43100

133325

0.54890678

0.31

BPCL

31.22

17.29

3909600

1768800

6000

5684400

0.507530204

0.49

BRITANNIA

43.36

34.32

850800

517200

134000

1502000

0.553292088

0.50

CADILAHC

26.05

38.26

1878000

651000

10500

2539500

0.329877474

0.60

CAIRN

29.48

37.81

6810000

2793000

54000

9657000

0.398117988

0.38

CANBK

32.59

46.09

8366000

4010000

34000

12410000

0.372231528

0.40

CASTROLIND

22.05

44.16

1271600

359700

1631300

0.578296859

0.47

CEATLTD

18.67

37.92

1665300

382200

2047500

0.349815638

0.21

CENTURYTEX

0.53

31.43

54.04

5725600

2622400

2400

8350400

0.664742412

CESC

31.5

38.84

1994000

917000

2911000

0.607957085

0.64

CIPLA

34.91

40.72

4966400

2663200

7629600

0.506546135

0.56

COALINDIA

40.49

41.71

9628800

6231600

319200

16179600

0.450585761

0.50

COLPAL

47.94

70.05

1000000

921000

1921000

-1.240978244

-1.12
-0.41

CROMPGREAV

40.34

49.02

9633000

6387000

126000

16146000

-1.158504476

DABUR

39.48

30.22

1974000

1288000

3262000

0.472899236

0.11

DHFL

21.49

48.59

5407600

1480600

6888200

0.569605833

-0.71

DISHTV

27.53

43.2

27195000

10315000

15000

37525000

0.584225901

0.60

DIVISLAB

65.47

67.6

1003800

1899600

3600

2907000

0.407543898

0.44

0.00

DJIA
DLF

34.33

51.91

28845000

14965000

115000

43925000

-0.194174757

0.08

DRREDDY

26.05

32.36

1432950

495600

9300

1937850

0.516666911

0.39

EICHERMOT

24.16

36.59

221675

70200

400

292275

0.529124201

0.49

ENGINERSIN

25.86

43.22

1665400

580800

2246200

0.585343011

-0.07

EXIDEIND

39.93

36.09

5171400

3434000

3400

8608800

-1.005698961

-1.74

FEDERALBNK

43.21

49.34

14920000

11248000

104000

26272000

0.527240773

0.44

0.00

GAIL

46.44

46.52

7340200

6182400

182000

13704600

-0.603593487

-0.11

GLENMARK

26.06

54.95

2784500

978500

3000

3766000

0.424057506

0.36

FTSE100

ICICI Securities Ltd | Retail Equity Research

Page 3

GMRINFRA

Previous Rollover
%
47.71
58

GODREJIND

23.06

GRASIM

47.92

HAVELLS

33.9

Instrument

Rollover %

November

December

January

Total OI

Previous Rollover
Cost %
0.350877193
0.00

Rollover Cost %

106899000

97227000

312000

204438000

36.36

1925300

572000

5200

2502500

-0.871374691

55.09

451650

415200

300

867150

0.328261847

0.59

50.61

4848000

2484000

2000

7334000

0.034048349

0.29

-1.59

HCLTECH

55.99

57.64

2868600

3621600

28200

6518400

0.519810558

0.50

HDFC

49.58

34.87

5548000

5000400

455200

11003600

0.490730643

0.45

HDFCBANK

35.75

60.24

16686000

9136500

148500

25971000

0.586716733

0.63

HDIL

16.31

37.69

17574000

3372000

54000

21000000

0.460475825

0.33

HEROMOTOCO

29.99

39.99

1166000

491800

7600

1665400

0.408714166

0.36

HEXAWARE

24.41

37.39

3790000

1220000

4000

5014000

0.496327179

0.02

HINDALCO

43.95

57.44

35810000

27980000

95000

63885000

0.470430108

0.35

HINDPETRO

40.63

47.38

5851800

4000200

4200

9856200

0.574748548

0.56

HINDUNILVR

24.05

41.55

2662800

843000

3505800

0.543237951

0.37

HINDZINC

29.41

18.84

1766400

736000

2502400

0.631578947

0.47

IBREALEST

27.37

41.34

28710000

10818000

39528000

0.497512438

0.46

IBULHSGFIN

40.76

50.96

6764000

4615200

38400

11417600

0.536212722

-0.57

ICICIBANK

27.21

35.01

48465300

17989400

124100

66578800

0.395405762

0.47

IDBI

41.97

65.37

26072000

18784000

72000

44928000

0.476474092

0.46

IDEA

34.45

63.74

35271000

18270000

264000

53805000

-1.353328456

0.11

IDFC

36.56

51.01

38177700

21819600

184800

60182100

0.473933649

0.59

IFCI

26.29

46.74

51360000

18180000

140000

69680000

0.74906367

0.73

IGL

24.09

43.95

939400

297000

1100

1237500

0.483290488

0.66

INDIACEM

28.82

46.04

21114000

8364000

186000

29664000

0.556586271

0.62

INDIAVIX

450

450

0.263157895

1.19

41.2

42.79

3963000

2773800

3000

6739800

0.493867361

0.30

INFRATEL

17.47

23.75

1418300

300300

1718600

0.497512438

0.54

INFY

39.91

41.45

7843500

5188000

22000

13053500

0.465558195

0.45

IOB

32.75

49.32

9170000

4046000

420000

13636000

-1.151315789

-0.14

IOC

39.38

42.74

6541200

4248000

1200

10790400

0.509214355

0.35

IRB

29.95

45.38

3698100

1581300

5279400

0.58

0.45

ITC

33.91

29.81

19284800

9852800

41600

29179200

0.517598344

0.49

39.2

49

24815000

15981000

21000

40817000

0.298507463

0.40

INDUSINDBK

JINDALSTEL
JISLJALEQS

30.03

56.97

34968000

15000000

8000

49976000

0.525920361

0.53

JPASSOCIAT

38.14

43.51

124464000

76272000

480000

201216000

0.395256917

0.78

JSWENERGY

21.54

33.83

4524000

1242000

5766000

0.511654349

0.44

JSWSTEEL

60.69

72.3

4350000

6715800

11065800

0.595739898

0.29

JUBLFOOD

51.82

65.37

1231500

1323600

900

2556000

0.519303041

0.29

JUSTDIAL

41.21

59.66

1682500

1150500

29000

2862000

-2.249281245

-3.16

KOTAKBANK

57.57

47.43

4754400

6447700

2800

11204900

0.569842198

0.32

KSCL

18.43

44.1

1941750

432000

6750

2380500

-2.146420698

-0.74

KTKBANK

49.91

60.41

7972000

7940000

4000

15916000

0.602167804

0.47

26.2

47.04

20128000

7136000

8000

27272000

0.612088753

0.59
0.42

L&TFH
LICHSGFIN

33.62

29.95

6433900

3256000

3300

9693200

0.514359194

LT

30.15

50.41

8268300

3528300

40500

11837100

0.511172776

0.38

LUPIN

24.97

30.15

2580900

855900

3000

3439800

0.551420655

0.49

M&M

45.63

49.14

2240000

1879600

400

4120000

0.480805633

0.34

M&MFIN

37.46

44.77

9270000

5552000

14822000

-0.950806118

-0.57

MARICO

25.02

27.24

1511900

504400

2016300

0.046479201

0.05

MARUTI

30.64

38.54

1678250

719750

21750

2419750

-0.134035525

0.47

MCLEODRUSS

44.54

32.47

1364000

1071400

24200

2459600

0.36702428

0.34

MINDTREE

15.78

24.62

375600

70000

400

446000

0.449764738

0.34

MOTHERSUMI

39.65

45.59

5824500

3823500

3000

9651000

0.720309206

0.51

MRF

29.25

45.94

37920

15675

53595

0.453274256

0.40

NCC

21.23

21.34

8192000

2176000

32000

10400000

0.510529675

0.57

NHPC

27.27

52.43

23976000

8532000

459000

32967000

0.789473684

0.55

NIFTY

44.56

46.1

13772100

10550250

519975

24842325

0.435599427

0.43

100

#N/A

150

150

0.708897573

#N/A

NIFTYINFRA

ICICI Securities Ltd | Retail Equity Research

Page 4

13500

720

14220

Previous Rollover
Cost %
0.474498516
#N/A

NIFTYMID50

#N/A

37500

37500

0.711203332

#N/A

NIFTYPSE

#N/A

0.709954149

#N/A

NMDC

46.4

39.22

9630000

8175000

160000

17965000

-1.895991333

-2.66

NTPC

21.97

30.27

16612000

4244000

432000

21288000

0.450112528

0.23

OFSS

16.98

25.35

147450

30150

177600

0.622830172

0.32

OIL

27.07

40.67

3864000

1429200

4800

5298000

-0.780501164

-0.14

ONGC

35.98

28.87

11578000

6484000

22000

18084000

0.539607166

0.46

ORIENTBANK

22.24

39.36

7911000

2253000

9000

10173000

0.540540541

0.50

PAGEIND

22.16

37.43

40750

11600

52350

0.329098364

0.24

Instrument
NIFTYIT

Rollover %

Previous Rollover
%
5.06
#N/A

November

December

January

Total OI

Rollover Cost %

PETRONET

19.35

44.25

6489000

1533000

24000

8046000

-0.733390854

-0.98

PFC

40.53

33.16

9144000

6200000

32000

15376000

0.500834725

0.41

PIDILITIND

19.21

23.56

854000

203000

1057000

0.578724968

0.30

40.5

46.61

15332000

10368000

68000

25768000

0.323159785

0.22

PNB
POWERGRID

30.65

33.69

11448000

5060000

16508000

0.379506641

0.19

PTC

22.25

38.22

9112000

2608000

11720000

0.543478261

0.54

RCOM

41.91

53.04

41376000

29768000

88000

71232000

-0.26

RECLTD

35.43

39.59

14468000

7896000

42000

22406000

0.574204947

0.51

RELCAPITAL

31.35

33.81

6477000

2952000

6000

9435000

0.574642377

0.48

RELIANCE

48.3

59.04

13226500

11927000

430000

25583500

0.555759451

0.53

RELINFRA

26.09

44.32

4585100

1604200

14300

6203600

0.37134643

0.08

RPOWER

37

54.99

50376000

29400000

180000

79956000

0.621118012

0.60

S&P500

0.00

31.72

58.24

29772000

12942000

891000

43605000

-0.909090909

-1.54

SAIL
SBIN

44.09

52.35

40684000

31592000

494000

72770000

0.267434684

0.10

SIEMENS

22.35

44.47

924400

264000

2000

1190400

0.567998711

0.40

SKSMICRO

39.05

59.91

5183000

3320000

8503000

0.537822986

0.59

SOUTHBANK

25.89

62.75

19272000

6688000

44000

26004000

0.748129676

0.00

28.7

54.59

674800

271600

946400

0.62840552

0.46

35.13

38.67

2023800

1096200

3120000

0.538277512

-0.12

SRF
SRTRANSFIN
STAR

49.58

43.45

1009600

990800

2000

2002400

0.677781805

0.40

SUNPHARMA

34.63

39.67

11439600

5949000

111000

17499600

0.514567833

0.37

SUNTV

30.6

39.2

7374000

3248000

4000

10626000

0.584719335

-0.13

SYNDIBANK

23.69

33.13

7810000

2420000

5000

10235000

0.436681223

0.41

TATACHEM

29.6

49.01

3437500

1445400

4882900

0.614136732

0.56

TATACOMM

37.36

52.9

2894100

1720400

5500

4620000

0.573657641

0.66

TATAGLOBAL

41.4

60.69

14712000

10380000

12000

25104000

0.563909774

0.48

TATAMOTORS

37.06

43.44

19318500

11238000

135000

30691500

0.06214268

0.23

TATAMTRDVR

26.38

27.02

12595800

4502400

10500

17108700

0.370557521

0.50

TATAPOWER

28.19

29.13

17912000

7016000

16000

24944000

0.521998509

0.56

TATASTEEL

40.45

52

22922000

15128000

442000

38492000

-0.044762757

0.30

TCS

34.36

49.83

2791200

1450200

11000

4252400

0.519550974

0.42

TECHM

32.73

45.82

7035000

3421000

2000

10458000

0.44576523

0.53

TITAN

20.86

72.46

9507000

2506500

12013500

-0.223419635

-0.22

TV18BRDCST

37.16

42.35

16558000

9792000

26350000

0.591715976

0.46

TVSMOTOR

26.76

46.04

6890000

2512000

6000

9408000

-0.338925606

-2.16

UBL

28.92

39.56

652500

265500

918000

0.445180661

0.25

UCOBANK

20.42

37.84

13370000

3390000

40000

16800000

0.535905681

-0.20

ULTRACEMCO

33.34

50.09

832000

416200

1248200

0.485714286

0.47

UNIONBANK

33.62

42.92

10071000

5019000

81000

15171000

-0.031104199

0.18

UNITECH

35.08

50.39

197890000

106414000

539000

304843000

0.699300699

0.65

UPL

45.42

37.62

4550000

3773000

14000

8337000

0.643631436

0.51

VEDL

37.91

43.58

35684000

21672000

112000

57468000

0.552181115

-2.58
-1.44

VOLTAS

38.6

43.75

4856000

3043200

9600

7908800

-1.478743068

WIPRO

24.92

25.89

5968000

1968000

13000

7949000

0.5

0.39

WOCKPHARMA

41.51

52.3

1900500

1346625

2250

3249375

0.588782151

0.44

YESBANK

49.12

41.21

7781200

7492100

19600

15292900

0.540321491

0.51

ZEEL

27.87

31.02

6237400

2406300

3900

8647600

0.490857774

0.42

ICICI Securities Ltd | Retail Equity Research

Page 5

Trading Portfolio allocation

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

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 recommendation.

For example: The Daily Derivatives product carries 2 intraday recommendations. It is advisable to allocate equal
amount to each recommendation
Allocation

Return Objective

Product wise Max allocation

allocation
per stock

Products

Number of Calls

Frontline Mid-cap
Stocks
stocks

Duration

Daily Derivatives

5%

2-3%

2 Stocks

1%

2-3%

Intraday

Weekly Derivatives

10%

3-5%

2 Stocks

3-5%

5-7%

1 Week

High OI stock

5%

2-3%

2-3 Stocks

5-7%

7-10%

1-2 Weeks

Monthly Derivatives

20%

3-5%

4-7 Stocks

7-10%

10-15%

1 Month

Global Derivatives

5%

2-3%

1-2 index strategy

1 Month

Stock Trader/ Stock in Focus

10%

2-3%

5-6 Stocks

7-10%

10-15%

3 Months

Alpha Trader

5%

2-3%

2-3 Alpha strategy

5%

3 Months

Volatility Insights

5%

2-3%

1-2 Strategy

8-10%

10-15%

1-2 Month
Event Based

ArbitrageOpportunity

5%

2-3%

2-3 Stocks

> 2.5%

>2.5%

Intraday Futures

10%

2-3%

8-12 Stocks

05.-1%

1-3%

Intraday

Index option & Strategy

15%

3-4%

2-5 Nifty

2-3%

1-14 days

Stock option & Strategy

5%

3-4%

2-8 Stocks

3-5%

1-14 days

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Derivatives Desk

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East), Mumbai 400 093
research@icicidirect.com
research@icicidirect.com

ICICI Securities Ltd | Retail Equity Research

Page 6

Disclaimer

ANALYST CERTIFICATION

We /I, Amit Gupta B.E, MBA (Finance), Nandish Patel Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately
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.

Terms & conditions and other disclosures:

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and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and
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and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
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
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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
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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
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ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned
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material conflict of interest at the time of publication of this report.
It is confirmed that Amit Gupta B.E, MBA (Finance), Nandish Patel, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
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 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 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.
It is confirmed that Amit Gupta B.E, MBA (Finance), Nandish Patel, Research Analysts do not serve as an officer, director or employee of the companies mentioned in the 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,
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ICICI Securities Ltd | Retail Equity Research

Page 7