Date: 30 January, 2020

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DOMESTIC INDICES

Close Points % Change

SENSEX 41199 232 0.57

NIFTY 12130 74 0.61

MIDCAP 15754 77 0.49

SMALL CAP 14841 18 0.12

SECTORAL INDICES

Close Points % Change

CG 17640 186 1.07METAL 9853 84 0.86AUTO 18463 143 0.78

POWER 1939 14 0.75REALTY 2513 13 0.52Finance 6879 29 0.42

TECK 8059 31 0.39IT 16234 60 0.37

OIL & GAS 14570 48 0.33BANKEX 35264 103 0.29

Healthcare 14290 14 0.10CD 25925 -125 -0.48

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS % TATAMOTORS 6.79 RAMCOCEM -4.90

AIAENG 5.88 NHPC -4.39BAJFINANCE 4.95 EICHERMOT -4.21

TATAMTRDVR 4.79 ASTRAL -3.40M&MFIN 4.47 ENDURANCE -3.26

ADVANCE/DECLINES

BSE %

ADVANCES 1282 48

DECLINES 1230 46

UNCHANGED 167 6

INSTITUTIONAL ACTIVITY

Rs Cr 29/01/20 28/01/20 Jan Total

FII -1014 -1358 -1585 (prov.)

MF 1521 712 -947 (prov.)

The January Series expire today. Nifty is up by 0.02% whileBank Nifty is down by 3.5% in the January series till now.

Since the rollover into the January series is less than theaverage, one could expect some pressure in thebenchmarks. But the Nifty is likely to hold above the12,087, where the 50 Day EMA is located.

By comparison, the Mid and the Small Caps have doneexceedingly well in that time. The Nifty MidCap Index hasgained 8.03% and the Nifty SmallCap risen 11.30%.

Our own SmallCap smallcase has delivered superior 13.8%return in this period.

The Federal Open Market Committee ( FOMC), the policymaking arm of the U.S. Federal Reserve, left interest ratesunchanged between 1.5% and 1.75% and signalled that itwould continue with its repo funding through the secondquarter of the year.

Meanwhile, the World Health Organization has called ameeting of its Emergency Committee Thursday toconsider issuing a global alarm as the death toll from thespreading coronavirus rose to 170 and the number ofcases jumped over 7,700.

Asian markets are down again this morning. The Nifty willaccordingly open weaker, but is likely to behave in themanner suggested above.

But there will be opportunities for traders.

Amongst large caps, Bajaj Finserve is likely to do well thismorning as it came out with market expectations beatingnumbers. Bajaj Finance also could see follow up buying asthe results had come during market hours yesterday.Nestle and Tech Mahindra are also well placed.

Amongst the small caps, SIS came out with strong set ofnumbers yesterday after market hours. We have an openpositional trade in the stock where the first target hasbeen achieved.

MID AND SMALL CAPS OUTSHINE IN THE JANUARY SERIES

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GLOBAL INDICES

Close Points % ChgDOW JONES 28734 11.60 0.04

S & P 500 3273 -2.84 -0.09NASDAQ 9275 5.48 0.06

FTSE 7484 2.88 0.04CAC 5955 29.07 0.49DAX 5952 9.50 0.16

EXCHANGE RATES

Value % Change

USD/INR 71.3 0.20EURO/USD 1.101 0.04USD/GBP 1.302 -0.03USD/JPY 108.9 -0.06

COMMODITIES

Value %

Gold ($ / Oz) 1578.9 0.54Silver ($ / Oz) 17.6 0.63

Crude Oil Futures 52.8 -1.05Brent Oil ($ / Barrel) 58.3 -1.10

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 6.57 -1

ADR

Value $ %Dr Reddys Labs 44.36 -0.29

HDFC Bank 58.11 0.19ICICI Bank 14.73 -0.87

Tata Motors 13.11 4.55Wipro 3.76 0.00

Vedanta Ltd 8.03 -0.25INFOSYS 11.06 -0.36

Bajaj Finserv Q3 FY20 PAT increased 32% to Rs 1,126croreBajaj Finserv registered 32 percent YoY rise inconsolidated profit at Rs 1,126 crore for the quarter.Consolidated total income increased 31 percent YoY toRs 14,561 crore.

BAGIC and BALIC recorded strong growth in premium.BALIC’s assets under management crossed Rs 60,000crore during the quarter. BAGIC’s profit, however, wasaffected by continued unseasonal rainfall, whichextended well into the third quarter.

Bajaj Finserv participates in the financing businessthrough its 52.82 percent holding in Bajaj Finance (BFL)and in the protection business through its 74 percentholding in two unlisted subsidiaries, Bajaj AllianzGeneral Insurance Company (BAGIC) and Bajaj AllianzLife Insurance Company (BALIC).

Bajaj Finance reported highest ever quarterlyconsolidated profit at Rs 1,614 crore in Decemberquarter on the back of strong interest income.

Total income of the company grew 41 percent to Rs7,026 crore for October-December against Rs 4,992crore in a year-ago period.

IndiGo shareholders reject Rakesh Gangwal’s proposalto amend Articles of AssociationShareholders of InterGlobe Aviation Ltd, which runsIndia’s largest airline IndiGo, rejected co-promoterRakesh Gangwal’s proposal to amend the company’sarticles of association (AoA), which could have providedhim a clean exit if he so desired amid an escalating feudwith partner Rahul Bhatia.

If the amendment was approved, it would have doneaway with the Bhatia-led group’s right of first refusal tobuy Gangwal’s stake in case the latter decided to sellhis shares.

About 51.11% of the valid votes rejected the specialresolution, while 48.56% were in favour, according to afiling with stock exchanges.

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For the special resolution to be approved, Gangwal and his promoter entities, which had called anextraordinary general meeting (EGM) on Wednesday, needed 75% of the votes.

Gangwal has accused co-promoter Bhatia of violating corporate governance norms, questioned related-partytransactions and sought more independent directors including a woman director on the board.

Bhatia has denied the allegations.

Bhatia-controlled InterGlobe Enterprises (IGE) has maintained there is no evidence to substantiate theallegations on related-party transactions between the airline and IGE.

Quess Corp Q3 FY20 PAT grew 15% to Rs 75crQuess Corp reported 15 percent rise in consolidated net profit at Rs 75 crore for the December 2019 quarter.

Revenues from operations grew 35.8 percent at Rs 2,950 crore for the quarter from Rs 2,172.15 crore in theyear-ago period. Operating margin grew 60bps to 6.1% while it was flat on qoq basis.

EBITDA surged 52% YoY at Rs 179cr. Company’s focus on other key financial parameters in the form of cashgeneration, debt reduction and interest cost reduction has been robust.

The company saw strong growth in its staffing business, registering headcount addition of 67,000 associatesover the last four quarters.

Facilities management business continued its strong organic growth momentum during the quarter withrevenue up 11 percent YoY to Rs 347 crore. Tech services business reported strong revenue growth with 19percent YoY rise to Rs 544 crore from Rs 456 crore owing to 13 percent increase in Conneqt and the Allsecacquisition.

Cash Flow from Operations stood at Rs 74cr, +39% YoY. Company reduced debt by Rs 431cr and it stood at Rs830cr.

Crompton Consumer Q3 PAT surged to Rs 161cr on tax write backRevenues grew 4 percent to Rs 1,071.3 cr YoY. PBT for the quarter grew 16% to Rs 139cr. CromptonConsumer recorded Q3 PAT doubled to Rs 161cr on tax write back of Rs 22cr.

Ashoka Buildcon executed concession agreement with NHAI for a project worth Rs 1,382crAshoka Buildcon informed that Ashoka Bettadahalli Shivamogga Road Private Limited ("SPV") has executed aConcession Agreement with National Highways Authority of India ("NHAl") for the project i.e. "Tumkur -Shivamogga Section from Km 170.415 to Km 226.750 from Bettadahalli Shivamogga (Package IV) on HybridAnnuity Mode under Bharatmala in the State of Karnataka".

The SPV is a Wholly Owned Subsidiary of Ashoka Concessions. The accepted bid project cost is Rs.1382 crore.

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Pidilite Industries reported strong results for Q3 FY20Net sales grew 4% YoY at Rs 1916cr. Net sales for the nine months ended registered 6% growth to Rs 5719cr.

EBITDA before non-operating income stood at Rs 464cr a growth of 36% over the same quarter last year.EBITDA for the nine months ended stood at Rs 1278cr and grew by 16% over the same period last year.

Profit before Tax (PBT) at Rs 455cr grew by 38% over the same quarter last year. Profit after tax (PAT) at Rs346cr surged 58% over the same quarter last year. Strong operating performance, higher other income andlower tax out go resulted into surge in profitability for the quarter.

SIS recorded 33% YoY rise in PAT at Rs 78crRevenues for the quarter grew 18.6% YoY at Rs 2178cr. EBITDA increased 36% to Rs 134cr while PATwitnessed 32.5% growth to Rs 78cr on tax write back of Rs 11.2cr. Gross debt stood at Rs 1216cr as on Dec-19.

Tata Motors Q3 PAT seen at Rs 1214crRevenues may decline 5% at Rs 73344cr. EBITDA margin may see 350bps improvement to 11.2%. PAT maycome in at Rs 1214cr as compared to a loss of Rs 1155cr a year ago.

Bajaj Auto PAT seen up 5% to Rs 1158crRevenues may grow 3% YoY to Rs 7644cr. EBITDA margin may expand 80bps to 16.4%. Realisation per vehiclemay grow 8% at Rs 63500. PAT is expected to rise 5% to Rs 1158cr.

IOC Q3 PAT seen up 170% at Rs 1880crRevenues may see ~12% YoY decline at Rs 1.21 lakh cr. EBITDA margin may rise 390bps YoY at 5%. IOC islikely to report the highest inventory gains led by crude price movement owing to its inventory cycle.Company may record 170% surge in profitability.

Bharti Infratel Q3 FY20 PAT seen up 25% at Rs 810crRevenues may decline 0.5% YoY to Rs 3618cr. EBITDA is expected to see 3% rise to Rs 1545cr. PAT may grow25% YoY on lower tax expenses.

Dabur India Q3 FY20 previewRevenues may grow 3% YoY to Rs 2266cr. EBITDA is expected to see 7% YoY rise to Rs 474cr. PAT may grow5% YoY to Rs 384cr. Volume growth for the quarter is expected at around 3-5%.

Key U.S. IndicesDow 28,734 12 0.04%S&P 500 3,273 - 3 -0.09%Nasdaq 9,275 5 0.06%

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Fed Holds Rate Steady; Wall Street Closes MixedKey U.S. Indices closed mixed Wednesday after the Fed held rates steady as expected and the coronavirusfears were offset by solid earnings reports.

The Dow Jones Industrial Average gained 12 points or 0.04% to close at 28,734.

The S&P 500 edged down 3 points or 0.09% to finish at 3,273.

The Nasdaq Composite inched up 5 points or 0.06% to 9,275.

What happened?Investors were encouraged by a slew of corporate earnings reports led by Dow component Apple which roseto a record high intraday, before closing up 2% at $324.34. The phone maker reported its second-bestquarter for iPhone sales in the company’s history late Tuesday.

The indices had opened sharply higher in the morning on strong corporate results led by Apple. The Dow wasup 244 points at one time before frittering away 95% of its intraday gains at close.The story repeated in all other indices.

The virus fears continued to worry markets as the death toll in China rose to 170 and the number ofinfections rising to 7711.

Fed holds patThe Federal Reserve left its policy interest rate unchanged as expected and said the economy is growing at amoderate pace, but Fed Chairman Jerome Powell acknowledged that the coronavirus epidemic in Chinaintroduces “uncertainty” into the outlook and also called asset valuations “some what elevated.”

The Federal Reserve held its benchmark fed funds interest rate steady in a range.

The Federal Reserve left interest rates unchanged between 1.5% and 1.75% and signalled that it wouldcontinue with its repo funding through the second quarter of the year.

Economic dataIncoming economic data in the U.S. was weak.

The U.S. trade deficit rose 8.5% in the fourth quarter.

The index of pending home sales fell 4.9% in December from the previous month.

Corporate resultsShares of chip maker Advanced Micro Devices lost 5.9%. AMD late Tuesday offered an outlook that wasweaker than Wall Street analysts had expected, while data-centre sales disappointed.

McDonald’s rose 2% after its quarterly results and U.S. comparable-store sales beat Wall Street estimates,driven by price hikes at its U.S. stores.

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GE delivered a beat on both the top and bottom lines, led by strength in its aviation business, sending itsshare price 10% higher. The company also reported free cash flow of $3.9 billion, exceeding its target for thefull-year.

Boeing shrugged off weaker-than-expected earnings, rising about 2%, as the aircraft maker posted its firstannual loss in decades, owing to losses from the grounding of its 737 Max jets.

Coffee-chain Starbucks late Tuesday topped forecasts with its fiscal first-quarter earnings and called itsholiday season “one of the strongest” in its history, but it also warned that China’s coronavirus outbreak waslikely to hit its bottom line this year. Shares declined 2.2%.

Victoria’s Secret parent L Brands is exploring strategic alternatives for the lingerie brand, including a full orpartial sale, according to a report in The Wall Street Journal. L Brands’ stock rose 12.9%.

So far, nearly 25% of S&P 500 companies have reported results for the previous quarter. Of those companies,nearly 72% have beaten analyst expectations.

The current view is that earnings will be up around 10% in 2020, but early-in-the-year estimates generallycome down as the year wears on.

Other marketsThe yield on the 10-year U.S. Treasury note fell 4 basis points to 1.59%, and has slipped for the past fivetrading days, to the lowest since October 9 last year.

Oil futures declined Wednesday after the U.S. government data reported domestic crude inventories posteda bigger-than-expected weekly rise. West Texas Intermediate crude for March delivery on the New YorkMercantile Exchange fell 15 cents, or 0.3%, to $53.33 a barrel.

Gold futures finished with a slight gain on Wednesday, then held ground close to that settlement after theU.S. Federal Reserve left its benchmark short-term interest rate unchanged. February gold was at $1,569.90an ounce in electronic trading, shortly after the Fed policy statement.

The U.S. dollar edged 0.1% higher against a basket of its rival currencies, according to the ICE U.S. Dollarindex.

In Hong Kong, the Hang Seng Index tumbled 2.8%, while Japan’s Nikkei 225 gained 0.7%.

European Indices were up Wednesday. The pan-European Stoxx 600 led the gains with a 0.44% surge, whilethe German Dax followed with a 0.16% rise. The UK's FTSE 100 edged up 0.04%.

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DATA & EVENTS

OPEN TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIME BASIS. A TRADING RECOMMENDATIONSHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAYTRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THE POSITIONS. REFER JAMMOON FORTIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.

No. Reco Date Company Name Reco Cost SL Target1. 13/01/20 THERMAX BUY 1090-1055 1041 11702. 14/01/20 PETRONET (E-MARGIN) BUY 276.75-263 259 3053. 15/01/20 SBILIFE (E-MARGIN) BUY 995.6-965 955 10654. 23/01/20 METROPOLIS (E-MARGIN) BUY 1670.6-1640 1615 17655. 23/01/20 DEEPAKNTR (E-MARGIN) BUY 398.5-389 385 4226. 24/01/20 TORNTPOWER (E-MARGIN) BUY 322.85-317 310 3457. 27/01/20 PFIZER (E-MARGIN) BUY 4273-4170 4100 45508. 27/01/20 CARERATING (E-MARGIN) BUY 670-652 640 7259. 28/01/20 INFOEDGE (NAUKRI) (E-MARGIN) BUY 2761-2660 2610 2970

10. 29/01/20 AARTIDRUGS BUY 628.1-606 600 67011. 29/01/20 BERGEPAINT FEB FUTURE BUY 571-567 564 58412. 29/01/20 NIFTY FEB FUTURE BUY 12180-12120 12080 12330

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DATA & EVENTS

OPEN TECHNICAL POSTIONAL REPORTS

No. Reco Date Company Name Reco Upper Lower SL First Target

Second Target

1. 27-Oct-19 VOLTAS BUY 699.05 640 600 842 8902. 27-Oct-19 GOLD BEES (ETF) BUY 3407 3200 3080 3950 -

3. 02-Nov-19 TATA METALIKS (E-MARGIN) (Partially Booked) BUY 609.2 580 552 685 745

4. 27-Dec-19 JSWSTEEL (E-MARGIN) BUY 269 242 225 315 3405. 27-Dec-19 LUPIN (E-MARGIN) BUY 757 700 645 905 9856. 27-Dec-19 THE PHOENIX MILLS (E-MARGIN) BUY 807 720 670 1010 11207. 30-Dec-19 SIS (Partially Booked) BUY 482.5 460 437.5 540 6108. 2-Jan-20 KSL (KALYANI STEEL LTD) BUY 253 235 220 290 320

9. 10-Jan-20 MINDAIND (E-MARGIN)(Partially Booked) BUY 396 370 356 451 480

10. 17-Jan-20 DRREDDY (E-MARGIN) (PartiallyBooked) BUY 3041 2920 2830 3350 -

11. 20-Jan-20 SOBHA LTD (E-MARGIN) BUY 451 425 405 514 54912. 20-Jan-20 GRINDWELL NORTON BUY 633.6 590 562 729 78513. 23-Jan-20 MAX INDIA BUY 86.7 82 77 99 107

14. 24-Jan-20 ENDURANCE TECH (E-MARGIN) (Partially Booked) BUY 1116 1065 1038 1216 1270

15. 27-Jan-20 NAM- INDIA (E-MARGIN) BUY 359.6 347 337 388 425

OPEN DERIVATIVE POSTIONAL REPORTS

No. Reco Date Company Name Reco Cost SL Target

1. 22/01/20 GLENMARK FEB FUTURE BUY 353.8-344 332 385

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DATA & EVENTS

RESULT CALENDAR-BSE500

RESULTS ANNOUNCED DURING MARKET HOURS

COMPANY Q3FY20 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Bajaj Finance Ltd 7011.1 1614.1 40.6 52.3 10.9 7.2

Birla Corporation Ltd 1715.1 81.5 10.2 198.0 5.4 -7.8

Dixon Technologies (India) Ltd 995.6 26.3 25.4 49.1 -29.0 -38.9

Escorts Ltd 1650.2 154.8 -1.3 11.2 23.7 52.4

Godrej Consumer Products Ltd 2778.1 445.2 2.0 5.1 5.6 7.6

Jubilant Foodworks Ltd 1071.4 101.8 14.3 9.6 7.3 39.5

Kalyani Steels Ltd 280.5 32.1 -25.0 -6.8 -7.5 -28.6

Maithan Alloys Ltd 469.1 63.9 -1.6 18.5 -0.1 52.5

Meghmani Organics Ltd 522.2 56.7 -5.5 -28.6 -1.9 -41.8

Nava Bharat Ventures Ltd 543.3 54.9 -33.6 -57.8 -20.2 -44.7

Nilkamal Ltd 583.3 30.5 0.8 2.4 1.3 -37.9

Nucleus Software Exports Ltd 130.3 23.2 6.0 11.9 1.6 10.0

Orient Cement Ltd 564.5 -5.7 -1.1 LL 9.6 LL

Sundram Fasteners Ltd 822.5 104.9 -28.9 -10.0 -7.5 47.1

TajGVK Hotels & Resorts Ltd 91.1 11.1 6.2 33.1 24.3 271.3PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

DATE COMPANY DATE COMPANY DATE COMPANY DATE COMPANY

30-Jan Bajaj Holdings Timken India Titan Company Aditya Bir. Fas.

Bajaj Auto Kansai Nerolac Exide Inds. Endurance Tech.

Colgate-Palm. Tech Mahindra Firstsour.Solu. MphasisMarico Magma Fincorp J B Chem & Pharm 7-Feb T.V. Today Netw.

Heritage Foods Navneet Educat. 5-Feb Sundaram Clayton EmamiI O C L 1-Feb Chambal Fert. Berger Paints Mahanagar Gas

Persistent Sys Amara Raja Batt. Bosch MerckNOCIL 3-Feb Glaxosmi. Pharma Cipla

Bharat Electron Shriram Trans. 6-Feb Hero MotocorpDabur India 4-Feb TVS Motor Co. SKF India

31-Jan Castrol India Tata Global I D F C

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DATA & EVENTS

RESULTS ANNOUNCED AFTER MARKET HOURS

COMPANY Q3FY20 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Bajaj Finserv Ltd 14558.9 1978.1 30.7 39.2 2.4 -2.1

Bharat Gears Ltd 104.9 -8.0 -32.4 PL -20.9 LL

Crompton Greaves Consumer Electrical Ltd 1071.3 161.0 4.0 102.0 -0.4 45.2

Greenlam Industries Ltd 358.0 29.1 14.0 46.6 2.6 5.7

MPS Ltd 83.7 13.0 -15.9 -33.5 -5.1 -41.4

Pidilite Industries Ltd 1926.6 346.1 4.2 57.6 6.6 6.5

Pokarna Ltd 61.8 6.6 -49.1 -74.7 -47.2 -78.5

Security & Intelligence Services India Ltd 2178.0 78.3 18.6 32.5 4.3 2.8

Tata Power Company Ltd 7071.0 245.6 -11.4 11.8 -7.9 -30.0

Vaibhav Global Ltd 563.3 65.6 10.3 24.9 16.1 33.9PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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Disclaimer:This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein havebeen compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified andno guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to changewithout notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to becomplete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident orlocated in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or whatwould subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction.If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. Thisdocument may not be reproduced, distributed or published for any purposes without prior written approval of HSL.Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or theincome derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk.It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from, or perform broking, or other servicesfor, any company mentioned in this mail and/or its attachments.HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of thecompany(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker inthe financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict ofinterests with respect to any recommendation and other related information and opinions.HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or anyaction taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs,reduction in the dividend or income, etc.HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report,or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.

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Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

PCG TEAM

Name DESIGNATION EMAIL ID

Mr. Vinod Sharma Head, PCG & Market Strategy vinod.sharma@hdfcsec.com

Mr. Devarsh Vakil Head, Advisory devarsh.vakil@hdfcsec.com

Mr. Nandish Shah Derivative Analyst nandish.shah@hdfcsec.com

Mr. Vinay Rajani Technical Analyst vinay.rajani@hdfcsec.com

Mr. Kushal Rughani Fundamental Analyst kushal.rughani@hdfcsec.com

Ms. Nisha Sankhala Fundamental Analyst nishaben.shankhala@hdfcsec.com

Mr. Dilip Parmar Currency & Equity Analyst dilip.parmar@hdfcsec.com

Mr. Tapan Patel Commodity Analyst tapan.patel@hdfcsec.com

Mr. Karan Shah Fundamental Analyst karan.shah@hdfcsec.com

Mr. Manthan Jhaveri Fundamental Analyst manthan.jhaveri@hdfcsec.com

Mr. Jimit Zaveri Fundamental Analyst jimit.zaveri@hdfcsec.com