News Bites

Subscribers Copy. Not for Sale Total Pages 28

Mutual Funds Scoreboard
Derivative Corner
Rollover Report
June, 2017 www.equityresearchlab.com Technical Pick
Nifty 50 Scoreboard

Technical
Pick
See page 18

Eagerly waiting for nifty

to touch down 10,000?
www.equityresearchlab.com
Address: 3rd Floor Mehta Mansion besides Bharat
Studio Rani Sati Gate Indore, Indore, Indore.
OUR SERVICES

Services Subscription
ABOUT US... Charges*
Stock Cash 16,000
Equity Research Lab is Advisory Company which
Stock Option 15,000
basically provides excellent Equity, Commodity
Stock Future 16,000
and Forex Subscriptions. We give the best Premium Cash 25,000
platform to secure business goal with our Premium Option 25,000
experienced research analyst team. Our fantastic Premium Future 25,000
research analyst team which offers an investor Index Future 15,000
and exceptional service for clients and to make a Index Option 15,000
very good business return. We are giving the BTST Cash 12,000
innovative interesting idea for financial market BTST/STBT Future 12,000
research and consulting, commodity, Equity, Currency Pack 20,000
FOREX Subscriptions. We provide monthly, weekly Commodity 15,000
Commodity Premium 30,000
& daily newsletters for preparing you for trading;
Bullions Pack 15,000
we have many other Subscriptions like Commodity
Base Metal Pack 12,000
Calls, FOREX Calls for Commodity Comex
Energy Pack 12,000
International Exchange.
Commodity Combo 25,000
Commodity Agri 15,000
We communicate clients through various sources *Subscription charges are for monthly services
like E-mail, SMS, and call at the time of trading
hours. We have vigorous and excellent business
advices and concept and focus on positive
business outcome and delivers excellent results.

We have proposal Live through SMS and Chat

room. Our SMS facility is direct deliver from
research analyst team and which is a very efficient
system ensuring the instant delivery of Message
without any loss of time. So, the customers get
acceptable time to enter into the trade and fetch
the profit.

WWW.EQUITYRESEARCHLAB.COM 1
Indian bond prices crash on RBI
announcement of Rs 100 bn bond
sale
Indian government bonds yields rose
sharply on 03rd July after the Reserve Bank
of India (RBI) announced an open market
sale of bonds to remove some of the excess
cash left at lenders because of the
government's demonetization move last
year.
The announcement from the RBI late on
30th June sale of government bonds worth
Rs 100 billion surprised traders, who were
expecting it to happen in the month of
August when the central bank has to pay a
hefty dividend to the government.
The new 10-year bond yield jumped as
much as 11 basis points to 6.62 per cent in
WWW.EQUITYRESEARCHLAB.COM
early trade, its highest level since June 7,
from its close of 6.51 %. The five-year
benchmark overnight indexed swap was at
6.34 per cent, as compared with its
previous close of 6.28 per cent. Indian
banks were flush with deposits after the
government abolished high-value currency
notes late last year in a move to liquidate
black money from the economy by forcing
people to deposit their unused high
denomination notes with banks. The fall in
bond prices comes after a recent lower-
than-expected inflation data which had
raised hopes for a rate cut before the RBIs
policy review on August 2. The traders
expect the central bank to conduct at least
two to three more OMO sales in the July-
September period, given the surplus
liquidity of around Rs 3 trillion in the
banking system, which is much beyond the
RBIs traditional tolerance level of Rs 1
trillion.
3

GST effect: ITC soars 6 per cent
Shares of ITC Limited soared by 6.05 per
cent intraday on July 3, 2017 after the
changes made on cigarettes taxes.
In the last weekend, the Central Board of
Excise and Customs (CBEC) have removed
the basic excise and the additional excise
duty on the cigarettes but the National
Calamity Contingent Duty will continue to
be levied.
It was believed that this development will
result in lowering the overall tax burden per
cigarette by around 7-9 per cent on an
average in a meanwhile bidis are expected
to face rise in the tax rate.
This positive move is expected to boost the
stock prices of the ITC Limited as well as it
will increase the earnings of the company. It
provides an opportunity to gain the market
share. It was expected that for the FY18, the
sales of cigarettes will grew over 15 per
cent with 8-10 per cent increase on the
back of realisation from good and service
tax.
On July 3, 2017, ITC Limited was trading at
Rs 343.65, up by 6.11 per cent on BSE at
11:26 hours. ITC opened at Rs 345.25 while
on 30th June it closed at Rs 323.85.
WWW.EQUITYRESEARCHLAB.COM
On July 03, 2017, Khadim India Limited
(KIL), one of the leading footwear brands in
India, filed its Draft Red Herring Prospectus
(DRHP) with the market regulator SEBI for
its Initial Public Offering (IPO).
The Initial public offering comprises of a
fresh issue aggregating up to Rs. 500 million
(fresh issue) and an offer for sale of up to
6,574,093 equity shares by the selling
shareholders.
The equity shares will have a face value of
Rs. 10 each. The issue will be on book-
building basis and the price band to be
decided later.
The Net Proceeds from the Fresh Issue are
proposed to be utilised towards
prepayment or scheduled repayment of all
or a portion of term loans and working
capital facilities availed by the Company
and for general corporate purposes.
Axis Capital Limited and IDFC Bank Limited
are the book running lead managers to the
issue and Link In time India Private Limited
is the Registrar.
KILs core business objective is Fashion for
Everyone, and the Company has
established an identity as an affordable
fashion brand, catering to the entire family
for all occasions.
4
As of March 31, 2017, they operated 829
Khadims branded exclusive retail stores month
across 23 states and one union territory in
India, through their retail business vertical.
Further, they had a network of 357
distributors in fiscal 2017, in KILs
distribution business vertical.
GST Council to review impact of GST
on August 5
Goods and Services Tax (GST) was
implemented from midnight of June 30,
2017. The all new tax system is going to
help all from users to investors. According
to an estimate, GST would boost Indias
GDP growth by 1 percent to 1.5 percent.
The GST Council will review the
implementation of the GST on August 5. It is
necessary that review of GST would
highlight GST implementation glitches as
well as further guidance. It will also review
tax rate with regards to any commodity
highlighted by members in the meeting.
The council has clarified that there wont be
any glitches in the roll out and various steps
have been taken to spread awareness about
the new taxation system.
GST has subsumed 17 taxes into one, which
has made GST, a good and simple tax from
all aspects. This is the biggest economic
reform for the country. Consumers are
expected to benefit from the GST regime
and depending on the feedback from
various stakeholders; the GST Council will
review the taxes from time to time.
WWW.EQUITYRESEARCHLAB.COM
TOP 5 Mutual Fund schemes for the
As the major benchmark indices traded
under pressure and slipped by nearly 1.5
per cent the mutual fund schemes that
invest in diversified equity in India across
various market capitalisation failed to
impress investors.
DSPBR World Mining Fund Reg (G) was
the best performing mutual fund scheme
for this week and gained almost 4.75 per
cent. Invesco India Pan Eur Equity Fund
Reg (G) was the other mutual fund that
invests in global equities that impressed
with 3.12 per cent gains in this week.
HSBC Brasil Fund (G) delivered 2.48 per cent
in this week. Invesco India Global Equity
Income Fund (G) gained 2.08 per cent and
HSBC Asia Pacific (Ex Japan) DYF Reg (G)
gained 2.03 per cent this week.
Sugar production to increase 16-20
per cent in 2018
Sugar production in India is expected to
increase by 16 to 20 per cent in 2018 to
around 24.5 million MT. Even with this
increase, the production is likely to be
matched with consumption, resulting in
stable prices. On the negative side,
increases in cane costs for the coming
crushing season are likely to impact margins
from Q4FY2018 onwards.
5
Meanwhile, an increase of 11 per cent in
fair and remunerative price (FRP) to Rs 255
per quintal by the Cabinet Committee on
Economic Affairs (CCEA) might pinch millers
in Tamil Nadu and South Karnataka, who
saw poor rainfall during the sowing period,
though millers in Maharashtra and Uttar
Pradesh might be less impacted by the price
increase as they received good rains, which
boosting production.
The units located in Maharashtra and North
Karnataka is likely to reap the benefits
arising out of higher production, even
though they are likely to be negatively
impacted by higher costs. The mills located
in the Cauvery region of South Karnataka
and parts of Tamil Nadu will be adversely
affected due to the double whammy arising
out of both higher cane prices as well as
limited prospects of volume growth.
High growth expected in
textile exports in FY18
The industry is likely to post a growth of
more than 18 percent reaching an export of
USD 20 billion in FY18 with a USD 7 billion in
FY17.
The synthetic textile is expected to grow
more post a fibre-neutral tariff policy. The
surge in high polyester products which has
a 15 per cent share in global is likely to
grow in the context of India.
The Indian exports industry already enjoys
significant advantages because of
government's support to exports and
declining interest rates. The cascading taxes
and a fragmented industry structure are the
downturns that the industry currently faces,
before the implementation GST.
Small players such as Bangladesh and
Vietnam who seems to enjoy the benefits
imposed on India by US and European
markets are likely to witness a lag in
exports. Chinas focus shift on technology
sector was another reason that led to a
decline in its share in global trade and
increase in trade volumes of smaller
countries

The textile sector, which contributes about

11 percent of the total exports, is expected
to show a high growth in exports during
FY18.

The US has already exited the Trans-Pacific

Partnership (TPP) which is expected to
realign the textile trade and would move
the global markets towards Indian
subcontinent. Earlier the trade was diverted
to Thailand and Vietnam.

WWW.EQUITYRESEARCHLAB.COM 6
MUTUAL FUND SCOREBOARD

EQUITY

Large Cap
Assets (Rs. RETURNS(%) as on June 26, 2017
NAV
Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
ICICI Pru Top 100 Fund (G 1,546.32 295.52 -0.2 2.8 16.6 22.5 11.8 11.7
Kotak Select Focus Fund - Regular (G) 6,335.80 30.34 2.1 7 24.5 26 15 19.7
SBI Blue Chip Fund (G) 8,582.51 35 2.9 5.7 20 16.6 10.9 16.8

Small & Mid Cap

Assets (Rs. RETURNS(%) as on June 26, 2017
NAV
Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Birla SL Small and Midcap Fund 422.72 36.69 1.7 9.2 31.4 34.4 24.1 24.6
DSP-BR Micro Cap Fund RP(G) 4258.41 61.31 4.4 10 25.2 33.4 23.8 32.6
Mirae Emerging Blue chip Fund (G) 2785.30 45.44 4.1 9.6 30.4 38.2 23.3 29.2

Diversified Equity
Assets (Rs. RETURNS(%) as on June 26, 2017
NAV
Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Birla Sun Life Equity Fund (G) 3391.00 651.26 2.8 5.6 21.3 30.2 16.8 17.3
Birla SL India Gen next(G) 449.36 71.09 3.4 6.9 25.6 25.6 14.9 22
Principal Emerging Blue chip (G) 695.81 94.48 3.7 7.0 26.9 33.8 17.4 24.4

Infrastructure
Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
DSP-BR Natural Resources RP(G) 123.29 30.13 -0.1 1.6 19.2 49.5 27.7 21.4
L&T Infrastructure (G) 264.38 15.12 1.9 9.4 30 41.2 16.7 17.3

ELSS
Assets RETURNS(%) as June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
DSP-BRTax Saver Fund(G) 1757.06 42.07 1.1 5.1 20 23.8 14.8 17.5
Principal Tax Savings 287.63 189.44 3.8 10 29 32.5 16 16.4
*Returns over 1 Year are annualised

WWW.EQUITYRESEARCHLAB.COM 7
MUTUAL FUND SCOREBOARD

DEBT

Debt Long Term

Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Can Robeco Dynamic Bond- RP (G) 270.42 19.51 1.8 3.9 4.6 14.9 10.9 11.3
UTI Bond Fund (G) 1115.08 51.54 2.2 3.9 4.4 14.9 10.8 11.1

Debt Short Term

Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
IDFC SSIF MTP Regular (G) 2086.34 28.25 1.1 2.3 3.7 9.5 8.8 9.1
LIC Income Plus Fund (G) 131.95 20.86 0.8 1.8 3.4 7.7 7.3 7.1

Ultra Short Term Debt

Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Indiabulls Ultra Short Term (G) 101.07 1603.98 0.7 1.9 3.6 8.3 8.4 8.7

GILT Long Term

Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Reliance Glit Sec. RP (G) 585.50 22.81 2.9 5 5.1 16.5 12.7 13.2
UTI Glit Advantage LTP (G) 232.63 38.30 2.4 4.5 6.3 19 12.6 13.5
*Returns over 1 Year are annualised

HYBRID

MIP Aggressive
Assets RETURNS(%) as on June 26, 2017
NAV
(Rs. Cr.) 1 MTH 3MTH 6MTH 1YR 2YR* 3YR*
Birla SL MIP II- Wealth 25 (G) 1571.67 37.43 2.7 5.0 11.6 18.9 12.9 15
ICICI Prudential MIP 25 (G) 1217.91 38.14 2.8 5.5 10.3 16.4 11.8 12.8
*Returns over 1 Year are annualised

WWW.EQUITYRESEARCHLAB.COM 8
DERIVATIVE CORNER

Rollover Report
Top 10 Stocks Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
CENTURYTEX 94% 90% 1100.25 4%
JINDALSTEL 93% 89% 122.4 4%
JSWENERGY 93% 90% 64.7 2%
TATAGLOBAL 92% 91% 148.35 4%
TV18BRDCST 92% 89% 35.75 0%
DABUR 92% 88% 290.1 8%
DHFL 92% 86% 436.5 8%
CESC 91% 88% 869.15 -2%
HINDPETRO 91% 87% 508.6 0%
IRB 91% 90% 209.8 -7%

Bottom 10 Stocks Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
ABIRLANUVO 59% 82% 1821.1 13%
PETRONET 62% 90% 432.05 0%
TORNTPHARM 64% 62% 1190.05 -2%
NIITTECH 66% 66% 573.5 17%
LUPIN 67% 67% 1057.7 -7%
MOTHERSUMI 67% 80% 457.8 6%
PAGEIND 68% 66% 16269.55 14%
OFSS 69% 71% 3580.35 0%
INDIGO 69% 87% 1238.25 15%
SBIN 69% 66% 272.55 -6%

Stocks Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
ABIRLANUVO 59% 82% 1821.1 13%
ACC 83% 72% 1580.4 -2%
ADANIENT 86% 83% 133.15 15%
ADANIPORTS 79% 75% 364.5 7%
ADANIPOWER 89% 84% 29 2%
AJANTPHARM 80% 71% 1548.55 -4%
ALBK 75% 73% 67.9 -8%
AMARAJABAT 89% 76% 838 0%
AMBUJACEM 76% 77% 246.25 3%
ANDHRABANK 82% 78% 54 -11%

WWW.EQUITYRESEARCHLAB.COM 9
Stocks Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
APOLLOHOSP 77% 85% 1278 6%
APOLLOTYRE 84% 84% 242.9 7%
ARVIND 73% 71% 359.1 -3%
ASHOKLEY 83% 80% 93.4 10%
ASIANPAINT 86% 75% 1105.25 0%
AUROPHARMA 79% 79% 670.95 28%
AXISBANK 85% 77% 511.85 1%
BAJAJ-AUTO 87% 71% 2801.9 -1%
BAJFINANCE 86% 74% 1378.15 9%
BANKBARODA 85% 73% 155.6 -14%
BANKINDIA 78% 61% 137.8 -8%
BATAINDIA 88% 82% 529.1 0%
BEL 86% 84% 160.05 -7%
BEML 84% 81% 1453 24%
BHARATFIN 87% 88% 707.55 -4%
BHARATFORG 79% 67% 1073.65 -3%
BHARTIARTL 83% 70% 382.95 3%
BHEL 85% 70% 135.65 -11%
BIOCON 75% 70% 330.2 -65%
BOSCHLTD 87% 79% 23258.5 -1%
BPCL 82% 80% 625.45 -14%
BRITANNIA 79% 86% 3637.4 3%
CADILAHC 79% 76% 521.25 22%
CANBK 85% 71% 332.4 -7%
CAPF 87% 80% 659.15 -5%
CASTROLIND 89% 91% 401.05 -3%
CEATLTD 76% 72% 1799.9 7%
CENTURYTEX 94% 90% 1100.25 4%
CESC 91% 88% 869.15 -2%
CGPOWER 84% 75% 80.75 -13%
CIPLA 84% 75% 543 8%
COALINDIA 86% 76% 245.3 -8%
COLPAL 85% 72% 1087.7 11%
CONCOR 80% 78% 1133.5 -2%
CUMMINSIND 82% 76% 906.35 -2%
DABUR 92% 88% 290.1 8%
DALMIABHA 87% 91% 2416.75 2%
DCBBANK 72% 74% 196.7 5%
DHFL 92% 86% 436.5 8%
DISHTV 79% 76% 79.15 -3%
DIVISLAB 79% 78% 637.6 16%
DLF 77% 78% 193.9 0%
DRREDDY 87% 76% 2652.3 9%
EICHERMOT 84% 76% 27347.75 -2%
ENGINERSIN 78% 78% 151.6 -2%
EQUITAS 88% 78% 149.4 -2%
ESCORTS 84% 82% 662.45 5%
EXIDEIND 88% 87% 217.95 -4%
FEDERALBNK 85% 87% 112.95 2%

WWW.EQUITYRESEARCHLAB.COM 10
Stock Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
GAIL 85% 75% 362.3 -10%
GLENMARK 88% 72% 627.1 3%
GMRINFRA 83% 86% 19 25%
GODREJCP 80% 70% 947.1 -47%
GODREJIND 86% 77% 628.9 8%
GRANULES 89% 88% 132.8 -3%
GRASIM 72% 74% 1219.35 11%
HAVELLS 81% 68% 450.05 -2%
HCLTECH 80% 62% 847.35 -1%
HDFC 83% 64% 1635.95 6%
HDFCBANK 82% 71% 1664.1 3%
HDIL 81% 76% 87.5 1%
HEROMOTOCO 84% 70% 3712.65 3%
HEXAWARE 70% 77% 247.35 -2%
HINDALCO 87% 82% 192.15 1%
HINDPETRO 91% 87% 508.6 0%
HINDUNILVR 87% 74% 1089.2 4%
HINDZINC 91% 83% 261.95 12%
IBREALEST 84% 76% 209.45 31%
IBULHSGFIN 84% 82% 1097.05 5%
ICICIBANK 74% 70% 292.6 -8%
ICIL 87% 86% 170.9 0%
IDBI 86% 77% 53.4 -13%
IDEA 82% 74% 84.3 7%
IDFC 84% 76% 55.2 -4%
IDFCBANK 88% 78% 55.1 -4%
IFCI 87% 85% 24.05 -8%
IGL 86% 70% 1052.6 7%
INDIACEM 89% 82% 198.8 1%
INDIANB 78% 78% 280.45 -15%
INDIGO 69% 87% 1238.25 15%
INDUSINDBK 84% 66% 1480.25 1%
INFIBEAM 82% 57% 1043.95 1%
INFRATEL 73% 74% 377.95 1%
INFY 86% 77% 931.6 -5%
IOC 90% 75% 386.5 -12%
IRB 91% 90% 209.8 -7%
ITC 84% 62% 311.7 4%
JETAIRWAYS 74% 80% 569.65 22%
JINDALSTEL 93% 89% 122.4 4%
JISLJALEQS 88% 87% 102.75 7%
JPASSOCIAT 89% 90% 22.75 100%
JSWENERGY 93% 90% 64.7 2%
JSWSTEEL 78% 79% 205.3 7%
JUBLFOOD 83% 66% 951.2 -6%
JUSTDIAL 83% 70% 375.2 -20%
KOTAKBANK 80% 67% 947.6 -1%
KPIT 82% 79% 124.25 6%
KSCL 80% 79% 666.95 28%

WWW.EQUITYRESEARCHLAB.COM 11
Stock Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
KTKBANK 84% 80% 163.05 2%
L&TFH 81% 81% 143.45 11%
LICHSGFIN 73% 80% 742.95 8%
LT 70% 65% 1703.8 -4%
LUPIN 67% 67% 1057.7 -7%
M&M 87% 73% 1356.05 2%
M&MFIN 79% 72% 341.6 13%
MARICO 71% 84% 313.2 -1%
MARUTI 81% 78% 7225.95 4%
MCDOWELL-N 83% 79% 2350.95 18%
MFSL 87% 85% 609.45 8%
MINDTREE 75% 76% 529.6 -2%
MOTHERSUMI 67% 80% 457.8 6%
MRF 89% 83% 68633.65 8%
MUTHOOTFIN 85% 80% 459.9 18%
NCC 74% 79% 89.25 4%
NHPC 81% 76% 32 9%
NIITTECH 66% 66% 573.5 17%
NMDC 89% 82% 107.85 -8%
NTPC 79% 73% 158.85 2%
OFSS 69% 71% 3580.35 0%
OIL 83% 71% 265.05 -14%
ONGC 84% 80% 157.8 -9%
ORIENTBANK 85% 68% 138.6 -10%
PAGEIND 68% 66% 16269.55 14%
PCJEWELLER 71% 74% 496.85 10%
PEL 87% 75% 2773.1 3%
PETRONET 62% 90% 432.05 0%
PFC 85% 81% 122 -14%
PIDILITIND 91% 84% 788.6 7%
PNB 81% 61% 137.15 -9%
POWERGRID 85% 73% 207.9 4%
PTC 83% 83% 94.65 4%
PVR 87% 84% 1417.7 -3%
RCOM 82% 86% 21.9 -16%
RDEL 69% 78% 58.75 2%
RECLTD 76% 76% 169.95 -17%
RELCAPITAL 73% 88% 648.2 13%
RELIANCE 80% 73% 1393.7 7%
RELINFRA 89% 86% 503.3 1%
RPOWER 87% 88% 42.9 1%
SAIL 84% 79% 57.9 2%
SBIN 69% 66% 272.55 -6%
SHREECEM 79% 76% 16681.8 -5%
SIEMENS 73% 74% 1300.55 -4%
SINTEX 80% 88% 24.8 -4%
SOUTHBANK 91% 87% 27.8 8%
SRF 82% 73% 1533.15 -5%
SRTRANSFIN 86% 73% 986.3 3%
STAR 88% 75% 965.9 8%
SUNPHARMA 85% 79% 536.3 -9%
SUNTV 88% 85% 806.8 2%
SUZLON 75% 88% 18 -7%
SYNDIBANK 80% 78% 73.3 -8%
TATACHEM 86% 85% 599.3 -3%

WWW.EQUITYRESEARCHLAB.COM 12
Stock Rollover

3 Month Rollover
Scrip Rollover % Closing Price Price Change %
Avg. %
TATACOMM 83% 83% 717.95 10%
TATAELXSI 88% 81% 1598.55 20%
TATAGLOBAL 92% 91% 148.35 4%
TATAMOTORS 83% 80% 436.2 -8%
TATAMTRDVR 82% 84% 268.75 -5%
TATAPOWER 88% 77% 81.5 1%
TATASTEEL 85% 83% 535.15 11%
TCS 84% 61% 2338.3 -11%
TECHM 88% 79% 388.9 -9%
TITAN 71% 83% 510 10%
TORNTPHARM 64% 62% 1190.05 -2%
TORNTPOWER 81% 87% 177.05 -11%
TV18BRDCST 92% 89% 35.75 0%
TVSMOTOR 78% 76% 544.65 0%
UBL 72% 70% 781.95 0%
UJJIVAN 90% 82% 304.6 -3%
ULTRACEMCO 77% 71% 3954.5 -5%
UNIONBANK 83% 73% 145.3 -12%
UPL 86% 60% 827.55 2%
VEDL 86% 79% 250.85 8%
VOLTAS 73% 81% 453.85 -4%
WIPRO 89% 73% 258.9 -52%
WOCKPHARMA 90% 78% 605.5 6%
YESBANK 83% 68% 1438.7 -2%
ZEEL 90% 81% 488 -5%

Nifty 50 P/E and P/B

25.5 3.66
3.64
25
3.62
3.6
24.5
3.58
24 3.56
3.54
23.5
3.52
3.5
23
3.48
22.5 3.46
15 June 2017
07 June 2017

21 June 2017
05 June 2017

13 June 2017

u27 June 2017

03 June 2017

19 June 2017

25 June 2017
09 June 2017

17 June 2017
01 June 2017

11 June 2017

23 June 2017
14 May 2017

22 May 2017
06 May 2017

20 May 2017

28 May 2017
04 May 2017

12 May 2017

18 May 2017

26 May 2017
10 May 2017
02 May 2017

08 May 2017

16 May 2017

24 May 2017

30 May 2017

n
2
9

2
0
1
7
e
J

NIFTY 50 P/E NIFTY 50 P/B

WWW.EQUITYRESEARCHLAB.COM 13
 0
5
10
15
20
25
30
35

0
10
20
30
40
50
60
02 May 2017
02 May 2017
04 May 2017
04 May 2017
06 May 2017
06 May 2017
08 May 2017
08 May 2017
10 May 2017

WWW.EQUITYRESEARCHLAB.COM
10 May 2017
12 May 2017
12 May 2017
14 May 2017
Nifty Bank P/E and P/B

1
4

M
a
y
16 May 2017
2
0
1
7
1
6
M
a
y
2
0
1
18 May 2017
7
1
8
M
a
y
2
0
20 May 2017
1
7
2
0
M
a
y
2
0
1
22 May 2017
7
2
2
M
a
y
2
0

Nifty Full Midcap 100 P/E and P/B

1
7
24 May 2017
2
4
M
a
y
2
0
1
7
2
6
26 May 2017
M
a
y
2
0
1
7
2
8
M
28 May 2017
a
y

NIFTY BANK P/E

2
0
1
7
3
0
M
a
30 May 2017
y
2
0

NIFTY FULL MIDCAP 100 P/E

1
7

01 June 2017
01 June 2017
03 June 2017
03 June 2017
05 June 2017 05 June 2017
07 June 2017
07 June 2017
09 June 2017 09 June 2017
1
1

J
u
n
e
11 June 2017
2
0
1
7
1
3
J
u
n
e
13 June 2017
2
0
1
7
1
5
J
u
n
e
15 June 2017
2
0
1
NIFTY BANK P/B
7
1
7
J
u
n
e
2
17 June 2017
0
1
7
1
9
J
u
n
e
19 June 2017
2
0
1
7
2
1
J
u
n
e
2
21 June 2017
0
1
7
2
3
J
u
n
e
2
23 June 2017
0
1
7
2
5
J
u
n
e
2
25 June 2017
0
1
7
2
7
J
u
n
e
2
27 June 2017
0

NIFTY FULL MIDCAP 100 P/B

1
7
3

2.7
2.8
2.9

2.6
2.7
2.8
2.9
2.65
2.75
2.85
2.95
3.05

2.55
2.65
2.75
2.85
2.95

14
29 June 2017 29 June 2017
 0
10
20
30
40
50
60
70
80
90
02 May 2017
04 May 2017
06 May 2017
08 May 2017

WWW.EQUITYRESEARCHLAB.COM
10 May 2017
12 May 2017
14 May 2017
16 May 2017
18 May 2017
20 May 2017
22 May 2017
Nifty Full Midcap 100 P/E and P/B

24 May 2017
26 May 2017
28 May 2017
30 May 2017

NIFTY FULL SMALLCAP 100 P/E

01 June 2017
03 June 2017
05 June 2017

07 June 2017
09 June 2017
11 June 2017
13 June 2017
15 June 2017
17 June 2017
19 June 2017
21 June 2017
23 June 2017

market level. Whereas Nifty bank is trading with a P/E of 26.17 and P/B of 2.81.
NIFTY FULL SMALLCAP 100 P/B

25 June 2017
27 June 2017
2

1.8
1.9
2.1

1.75
2.15

1.85
1.95
2.05

15
Nifty 50 is currently trading at 24.47 P/E and at a P/B of 3.56, which is quite satisfying with the

29 June 2017
Global Market Statistics
As on 03rd July 2017

Index Close % YTD % 3-yr %

Change High Low % Chg
(Region/Country) Price Change Change Change
Global
The Global Dow
2784.18 14.78 0.53 10 2790.26 2284.45 19.7 1.8
(World)
Asia Pacific
Shanghai
Composite 3195.91 3.48 0.11 3 3288.97 2953.39 6.9 15.7
(China)
Hang Seng (Hong
25784.17 19.59 0.08 17.2 26063.06 20495.3 22.4 3.1
Kong)
S & P BSE Sensex
31221.62 300.01 0.97 17.3 31311.57 25765.1 14.5 6.5
(India)
Nikkei 300
320.5 0.46 0.14 5.4 322.52 243.38 26.4 7.4
(Japan)
Straits Times
3223.46 -3.02 -0.09 11.9 3271.11 2787.27 12.3 -0.5
(Singapore)
Kospi (South
2394.48 2.69 0.11 18.2 2395.66 1953.12 20 6
Korea)

Europe
CAC 40 (France) 5195.72 75.04 1.47 6.9 5432.4 4085.3 22.7 5
DAX (Germany) 12475.31 150.19 1.22 8.7 12888.95 9373.26 28.5 7.5

FTSE 100 (U.K.) 7377.09 64.37 0.88 3.3 7547.6 6463.6 13.1 2.4

FTSE 250 (U.K.) 19320.43 -19.72 -0.1 6.9 20024.92 15669.7 19.9 6.4

Currency Desk
As on 03rd July 2017

Pair Closing Month Month Year Year 52 52

Price Change Change High Low Weak Weak
% Change Change
%

USD 64.3000 64.0800 0.34% 68.5150 64.0800 -3.4725 -0.0512

Euro 74.0100 70.0300 5.68% 74.5500 68.2100 -1.5150 -0.0201

Pound 84.1275 83.1925 1.12% 86.1725 79.7550 -7.3475 -0.0803

Japanese 57.7150 58.4975 -1.34% 60.6200 56.4800 -8.1825 -0.1242

Yen

WWW.EQUITYRESEARCHLAB.COM 16
NIFTY 50 SCOREBOARD

365 Days 30 Days

52 Week 52 Week Face Stock Book
Symbol CMP % % Market Cap
High Low value P/E value
Change Change
ACC 1,643.00 1,756.70 1,256.55 4.54 3.79 10 47.19 471.42 30,735.14 Cr.
ADANIPORTS 368 377.7 195.35 77.65 8.35 2 19.27 82.81 75,682.93 Cr
AMBUJACEM 243 281.7 191 -2.76 3.27 2 35.1 100.43 48,310.75 Cr.
ASIANPAINT 1,154.00 1,227.30 851.1 17.26 5.76 1 54.88 79.27 1,10,657.85 Cr.
AUROPHARMA 672.9 895 503.05 -7.27 27.88 1 17.11 159.73 39385.95 Cr
AXISBANK 505 638.3 424.4 -4.07 1.14 2 32.88 232.64 1,20,961.10 Cr.
BAJAJ-AUTO 2,827.00 3,120.00 2,510.00 6.6 2.27 10 21.35 557.05 81,726.77 Cr.
BANKBARODA 160.75 202.5 135.25 5.62 -8.53 2 26.8 174.92 37,062.41 Cr.
BHARTIARTL 364.95 401 283.05 0.04 -0.92 5 37.18 115.98 1,46,384.79 Cr.
BOSCHLTD 23,800.00 25,670.85 17,671.60 8.92 4.27 10.00 41.71 3,286.26 72,625.63 Cr.
BPCL 630.4 769.25 498.05 23.14 -11.45 10 11.35 243.39 91,217.08 Cr.
CIPLA 542.45 621.25 459.6 14.02 4.39 2 44.66 165.37 43538.64 Cr
COALINDIA 245.2 349.95 243.1 -22.78 -6.32 10 16.41 69.54 1,52,019.45 Cr.
DRREDDY 2,644.00 3,689.85 2,380.35 -16.63 5.05 5 33.92 783.66 43,833.07 Cr.
EICHERMOT 27,083.00 30,051.00 18,000.00 45.14 -1.03 10 44.36 1,885.01 73,953.32 Cr.
GAIL 354.7 433.7 268.32 -5.55 -9.2 10 16.02 201.55 59,897.50 Cr.
HCLTECH 851 909.6 708 10.55 -0.45 2 14.12 251.6 1,21,557.96 Cr.
HDFC 1,650.20 1,682.20 1,183.15 32.49 8.22 2 23.76 389.05 2,62,610.47 Cr.
HDFCBANK 1,681.10 1,716.00 1,147.00 41.26 7.3 2 29.64 348.26 4,31,214.69 Cr.
HEROMOTOCO 3,650.55 3,880.55 2,849.50 19.17 2.33 2.00 21.64 506.33 73,091.04 Cr.
HINDALCO 188.7 210.35 112 52.3 0.88 1 27.2 171.23 42,332.82 Cr.
HINDUNILVR 1,095.05 1,129.00 781.95 25.96 5.49 1 54.97 29.98 2,37,636.56 Cr.
IBULHSGFIN 1,103.90 1,187.40 616 61.54 6.22 2 16.45 314.54 46,759.27 Cr.
ICICIBANK 290.5 297.64 201 32.65 4.19 2 19.1 151.11 1,87,158.44 Cr.
INDUSINDBK 1,494.00 1,538.00 1,036.70 35.41 5.69 10 31.12 337.01 89,256.17 Cr.
INFRATEL 372.5 413.7 281.75 15.68 0.95 10 25.06 114.05 68,833.17 Cr.
INFY 943.05 1,214.85 901 -22.16 -1.23 5 15.1 300.32 2,16,659.31 Cr.
IOC 384.25 450.9 204.5 82.2 -10.75 10 9.74 191.63 1,86,175.40 Cr.
ITC 311 319.9 222 29.49 3.7 1 37.03 35.46 3,77,783.61 Cr.
KOTAKBANK 985.5 1,004.65 692.5 31.88 5.28 5 49.68 202.24 1,87,505.12 Cr.
LT 1,721.30 1,833.95 1,295.10 14.86 2.19 2 25.78 538.79 1,60,799.65 Cr.
LUPIN 1,059.85 1,750.00 1,058.05 -28.66 -13.73 2 18.72 299.8 47,880.32 Cr.
M&M 1,382.00 1,508.95 1,141.40 0.53 5.61 5 26.91 460.58 85,474.73 Cr.
MARUTI 7,225.00 7,480.90 3,866.60 73.32 5.17 5 29.72 1,136.94 2,18,076.08 Cr.
NTPC 157.5 178.25 142.85 5.63 0.67 10 13.12 119.05 1,30,154.59 Cr.
ONGC 158.55 211.8 138 8.84 -8.72 5 11.38 143.96 2,02,893.45 Cr.
POWERGRID 206 215 150.6 31.5 3.05 10 14.33 96.06 107770.75 Cr
RELIANCE 1,432.10 1,467.75 930 46.07 10.36 10 14.86 835.29 4,66,876.07 Cr.
SBIN 288.95 315.3 202.5 32.82 2.05 1 1,033.81 210.38 2,49,423.10 Cr.
SUNPHARMA 544.55 854.95 492.65 -27.64 -9.77 1 16.63 163.59 1,30,474.27 Cr.
TATAMOTORS 444.1 598.4 417.25 -8.99 -5.42 2 18.9 275.62 1,42,000.23 Cr.
TATAMTRDVR 276.5 378.15 257.45 -13.44 0.02 2 20.28 65.8 14,047.38 Cr.
TATAPOWER 81.6 91.15 67 11.63 1.68 1 15.96 57.74 22,043.90 Cr.
TATASTEEL 506.7 525.65 296.3 51.73 4.83 10 14.31 250.31 49,264.93 Cr.
TCS 2,359.80 2,744.80 2,051.90 -10.79 -7.79 1 17.15 450.37 4,52,097.30 Cr.
TECHM 380.5 542 356.65 -28.39 -8.79 5 12.92 176.78 37,128.81 Cr.
ULTRACEMCO 3,991.65 4,533.10 3,050.00 19.58 -4.33 10 41.63 851.07 109781.68 Cr.
VEDL 237.3 278.1 107.65 87.44 5.98 1 10.91 162.83 88,041.75 Cr.
WIPRO 257.5 288.9 204.05 -8.64 -1.9 2 14.7 109.29 1,24,999.96 Cr
YESBANK 1,440.00 1,651.90 1,042.00 29.64 1.05 10 19.72 482.1 65,663.54 Cr.
ZEEL 508.45 589.9 427.65 13.51 -0.14 1 43.5 69.31 48,956.39 Cr.

WWW.EQUITYRESEARCHLAB.COM 17
Technical Picks

BEML FUT (EXPIRY 27 JULY 2017) (SHORT BEML JULY FUT BELOW 1500 WITH STOP LOSS 1575 FOR THE TARGET
OF 1400)

DAILY CHART (Candlestick)

Technical View:

BEML is currently trading at 1540 (as on 03rd July).BEML has received a great rally from 1150 1574.Momentum
Indicators like RSI, Stochastic and MACD are visiting a divergence formation on daily chart. BEML made a high of
1574 on 22nd Jun 2017.On daily chart, We can easily interpret the formation of Double top price pattern in the
zone of 1425-1574.After calculating the Fibonacci ratios for the rally 1150-1574 we are expecting a descent
correction in the scrip in upcoming sessions. Fibonacci 23.60% ratio has been already tested once on 27 th Jun and
now its time to test 38.20 % ratio which is lying at 1400.We expecting stock to correct till 50% rally is covered.

On daily chart, we can found the formation of spinning top and doji candle sticks, which is itself a reversal signal.

STATISTICS

VWAP 1,523.99
Face Value 10.00
Traded Volume (shares) 2,55,853
Traded Value (lacs) 3,899.17
Free Float Market Cap(Crs) 2,943.58
52 week high 1,569.70
(22-JUN-17)
52 week low 771.00
(23-NOV-16)

WWW.EQUITYRESEARCHLAB.COM 18
 Daily Nifty Sample Report

WWW.EQUITYRESEARCHLAB.COM 19
NIFTY

NIFTY SPOT : R1:9693 R2:9715 R3:9735

PIVOT : 9676 S1:9648 S2:9630 S3:9603

NIFTY DAILY CHART

NIFTY OUTLOOK
Nifty is likely to open in a flat note. Momentum indicators like RSI are waving its flag for the bears once
again. We are expecting a weak trading session today. Positional traders are advised to average their long
around 9575 with a stop loss of 9500.While intraday traders are advised to go for sell on rise strategy for
todays trading session.

Strategy: Short Nifty around 9665 with a stop loss of 9700 for the target of 9600

Name Current Value Change % Chg Open High Low

FTSE 100 (Jun 7) 7,478.62 -46.33 -0.62 7,524.95 7,555.62 7,476.33
CAC 40 (Jun 7) 5,265.53 -3.69 -0.07 5,261.42 5,320.04 5,254.03
DAX (Jun 7) 12,672.49 -17.63 -0.14 12,659.97 12,746.42 12,640.52
Nikkei 225 (Jun 8) 19,987.07 2.45 0.01 20,048.28 20,061.22 19,973.19

Straits Times (Jun 3,240.39 9.9 0.31 3,236.41 3,242.74 3,226.64

8)
Hang Seng (Jun 8) 26,024.65 50.49 0.19 25,974.00 26,058.04 25,923.21

Taiwan Weighted 10,220.18 10.19 0.1 10,215.93 10,235.70 10,214.07

(Jun 8)

SGX Nifty (Jun 8) 9,699.00 3 0.03 9,690.00 9,706.50 9,671.50

WWW.EQUITYRESEARCHLAB.COM 20
CORPORATE NEWS

Endurance Technologies
-Company planning to expansion of aluminum die casting plant, to expand from 8161 MT to 12,250
MT
-Current capacity utilization is 79.5 percent, to invest Rs 9.1 crore, all financing from internal accruals

Petronet LNG
-GDF International to exit Petronet LNG, launches block to sell 10 percent
stake -To sell Petronet stake at price range of Rs 417-440 per share
-To sell 10 percent Petronet stake at around Rs 3,100-3,300 crore

-Citi, JPMorgan are bankers to stake sale in Petronet

Sundeep Sikka, ED & CEO, Reliance Nippon Life AMC says

-Reliance Capital approves listing of Reliance Nippon Life AMC

-Reliance Nippon Life AMC plans to dilute 10 percent stake in the first tranche

Bhushan Steel
-Company says have never interacted or have any association with Shirish Chandrakant
Shah Alert: Income Tax Dept claims that Shah provided bogus entries for black money
Alert: Income Tax Dept claims Shah benefitted Bhushan Steel, Bhushan Power, Ajmera Group

-ICRA downgrades Tata Power to AA- from AA

-Amtek Auto board meeting on June 3rd June to consider issue of shares of preferential
basis -Cyient announces expanded strategic relationship with United Technologies Corp
-SEBI approves Asian Star's acquisition of 5 percent equity shares in Indian Commodity
Exchange Limited
Indiabulls Ventures commences consumer finance business, net worth increased to Rs 1,000
crore -Edelweiss issues its maiden unsecured perpetual bond aggregating to Rs 300 crore -
Healthcare Global launches 125 bed cancer centre in Nagpur, Maharashtra -Biocon fixed June 17
as record date for bonus equity shares
-Zensar sets up R&D centre in Pune campus, plans one in US: ET
-SAIL, RINL clash over forged wheels for railway: FE
-Kotak Mahindra Bank to raise Rs 5,000 crore to shore up capital -
PFC plans foray into transmission and distribution space: FE
-Piramal Enterprises to extend funds Rs 1,100 crore to Embassy group: ET
-Telecom stocks in focus: TRAI to meet telecom CEO's on June 15 to discuss their financial crisis
-Gujarat Pipavav Ports put up for sale by APM terminals: ET
-M&M Says Mahindra Vehicle Sales now subsidiary of Mahindra Automotive North America-
Dynamic pricing for petrol & diesel likely to be introduced in 2nd fortnight of June: Sources

WWW.EQUITYRESEARCHLAB.COM 21
 Daily Derivative Sample Report

WWW.EQUITYRESEARCHLAB.COM 22
 NIFTY FUTURE

NIFTY DAILY CHART

The Nifty witnessed a round of profit booking and The Nifty opened on flat note tracking muted
fellNIFTYnearlyOUTLOOK75pointsfor the day. With all sectors global cues as a long awaited US tax cut plan
feeling the heat, the index ended near 9300. Nifty unveiled by US president on Wednesday failed to
inspire investors. The index traded choppy in a
.futures ended at a premium of 35 points. India
narrow range of just 45 points thereafter
VIX rose 5.8%, ending at 12.0.FIIs sold 364 crore
while DIIs bought 298 crore in the cash segment. between 9367 and 9322 for the entire session
FIIs sold | 1089 crore in index futures and bought before finally settling at 9342. Sectorally, profit
1800 crore in index options. In stock futures, they booking in FMCG, pharma and metal space
sold 471 crore capped the upside while oil & gas, IT and capital
goods indices posted modest gains

NIFTY FUTURE : R1:9352 R2:9387 R3:9414

PIVOT : 9324.5 S1:9289 S2:9261 S3:9226

WWW.EQUITYRESEARCHLAB.COM 23
 NIFTY BANK FUTURE

NIFTY BANK DAILY CHART

NIFTY BANK OUTLOOK

TheNIFTYindexOUTLOOKwitnessed a sharp fall
last Friday. However, the level of 22500 acted as a
strong support for the day. Towards the end, the
index S ended well above 22650 with stock specific
activity in a few heavyweights. We feel the index has
a strong support near 22500. It is advisable to buy on
dips until the index does not end
below these levels
The index ended at all-time high levels very
much near the sizeable Call base of 22000. As the
index continued to trade in a discount for the
third day in a row, we feel spreads are likely to
get narrow. However, the overall support for the
index has shifted towards 21700.

BANK NIFTY FUTURE : R1:22795 R2:22938 R3:23058

PIVOT : 22675 S1:22532 S2:22412 S3:22269

WWW.EQUITYRESEARCHLAB.COM 24
 USDINR

The Indian rupee rose for a second day against the dollar in-line with other Asian currencies. The Fed
kept interest rates unchanged at its two-day policy meeting on Wednesday and emphasized the
strength of the labour market in its subsequent statement - a sign it was still on track for two more rate
rises this year. USDINR is expected to trade with positive bias in todays session. Resistance is at 64.60
and support is at 64.30 mark.

USDINR : R1:64.50 R2:64.60 R3:64.75

S1:64.30 S2:64.22 S3:64.10

GLOBAL MARKETS

EUROPEAN MARKET
NAME CHANGE % CHANGE
FTSE 100 49.33 0.68
CAC 40 59.98 1.10
DAX 69.11 0.54

European markets finished higher on with shares in France leading the region. The FTSE 100 is up
0.0.68% and France's CAC 40 is up 1.10% while Germany's DAX is up 0.54%.

ASIAN MARKET
NAME CHANGE % CHANGE
NIKKEI 225 450 2.26
STRAITS TIMES 2.77 0.09
HANG SENG 133.12 0.54
TAIWAN WEIGHTED 37.31 0.38

Asian markets traded on a positive note. Chinas Shanghai composite fell 24.79 percent or 0.81 points
to close at 3078.25 and the Hong Kong's Hang Seng was positive by 133.12 points.

WWW.EQUITYRESEARCHLAB.COM 25
ADVANCES / DECLINES RATIO

ADVANCE DECLINE UNCHANGED TOTALS

406 1274 70 1750

INDIAN MARKETS

INDEX PREVIOUS OPEN HIGH LOW CLOSE GAIN/LOSS

CLOSE
Nifty 50 9359.9 9374.55 9377.1 9272 9285.3 -74.6
Nifty IT 10106.5 10084.5 10101.95 10031.1 10086.3 -20.2
Nifty Bank 22720.1 22844.85 22853.55 22514 22604.95 -115.15
Nifty Pharma 9979 9969.85 10048.8 9908.7 9935.15 -43.85
India VIX 11.3325 11.3325 12.16 10.4525 11.9875 0.655

FII/DII ACTIVITY

BUY SELL OPEN INTEREST AT THE

END OF THE DAY
No. Of Amt. No. Of Amt. No. Of Amt.
Contracts (In. Crores) Contracts (In. Crores) Contracts (In. Crores)
INDEX 18715 1435.72 33310 2524.19 209786 15236.13
FUTURES
INDEX 502369 39387.55 477861 37587.29 810102 57506.74
OPTIONS
STOCK 122946 9104.78 129948 9575.21 1048480 69189.90
FUTURES
STOCK 105286 7953.64 107101 8058.83 56643 4016.69
OPTIONS

WWW.EQUITYRESEARCHLAB.COM 26
TOP GAINERS VS. TOP LOSERS

TOP GAINERS

Company LTP(Rs.) % Change

IBULHSGFIN 1107 +2.80
ACC 1659 +2.15
ADANIPORTS 344 +1.40
HCLTECH 828 +1.22
ASAINPAINT 1146 +1.18

TOP LOSERS

Company LTP(Rs.) % Change

BANKBARODA 187.50 -4.21
TATAMOTORS 419.90 -3.80
HINDALCO 185.60 -3.56
ZEEL 505 -3.02
TATAMTRDVR 259 -2.98

WWW.EQUITYRESEARCHLAB.COM 27
 DISCLAIMER
The information and views in this report, our website & all the service we provide are believed to be
reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have
the right to choose the product/s that suits them the most. Investment in Stocks has its own risks.
Sincere efforts have been made to present the right investment perspective. The information
contained herein is based on analysis and up on sources that we consider reliable. We, however, do
not vouch for the accuracy or the completeness thereof. This material is for personal information
and we are not responsible for any loss incurred based upon it & takes no responsibility whatsoever
for any financial profit s or loss which may arise from the recommendations above. The stock price
projections shown are not necessarily indicative of future price performance. The information
herein, together with all estimates and forecasts, can change without notice.

Equity Research Lab does not purport to be an invitation or an offer to buy or sell any financial
instrument. Analyst or any person related to Equity Research Lab might be holding positions in the
stocks recommended. It is understood that anyone who is browsing through the site has done so at
his free will and does not read any views expressed as a recommendation for which either the site or
its owners or anyone can be held responsible for. Any surfing and reading of the information is the
acceptance of this disclaimer.

Our Clients (Paid or Unpaid), any third party or anyone else have no rights to forward or share our
calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly
or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of
the information is the acceptance of this disclaimer.

ALL RIGHTS RESERVED.

WWW.EQUITYRESEARCHLAB.COM 28