M&M board considers USD32mn infusion in SsangYong Motor

Lupin launches Mycophenolic Acid Delayed-Release Tablets USP

L&T Construction bags contract from Indian Army for its Smart World & Communication Business

Tata Power Solar awarded NTPC project worth Rs1,730cr

CCI approves formation of joint venture between Adani Green Energy, Total S.A

Granules Vizag facility gets EU GMP approval

IDBI Bank to sell 23-27% stake in life insurance arm

Hindalco’s Novelis inches closer to acquiring Aleris

Maruti Suzuki India cuts production by 32% in March

Hyundai integrates entire sales network with online sales platform

Adani Gas cuts CNG, piped cooking gas prices

L&T Hydrocarbon Engineering bags EPCC contract for IOC's Barauni Refinery, Bihar

Cipla received a final USFDA approval for generic version of Proventil HFA inhaler

L&T Construction awarded major contracts for its Power Transmission & Distribution Business

Services activity contracts in March, PMI falls to 5month low amid Covid-19 disruption

India's growth may slip below 3% in FY21 if Covid-19 proliferates: KPMG

Goldman pegs India’s growth at 1.6% in FY21

India cement demand may fall 20-25% this fiscal if pandemic isn’t contained by May: Crisil

Despite outbreak, sales of BS-VI vehicles cross over 1 million

NHAI achieves record 3,979km highways construction in FY20

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The Week That Went By:

Following strong global markets, Indian markets started the truncated week on a strong note with a 4% gap-up opening and extended its momentum throughout the day. As over 700 points rally was seen on first trading session, Benchmark Index commenced the second trading session on weak note but immediately recovered from the lower levels and reclaimed the level of 9000. Zone of 9050-9140 acted as a strong hurdle which dragged the Index lower to erase its gains. Majority of the week, markets were dominated by bulls and on the last trading session, robust opening was seen followed by strong follow through and Benchmark Index successfully managed to end the week above 9000 levels. Nifty 50=9111.90 BSE Sensex30=31159.62 Nifty Midcap 100=12553.40 Nifty Smallcap100=3822.15

ICICI Bank Ltd: Moody's affirmed the deposit r atings at Baa3, also affirmed baseline credit assessment and adjusted BCA at ba1, but lowered counterparty risk assessment from Baa2(cr)/P-2(cr) to Baa3(cr)/P-3(cr). The outlook was revised from stable to negative

Hikal Ltd: The company has informed that with the necessary compliance and directives, it has star ted limited operations at all its manufacturing units and expects the operations to ramp up over the next several days

Remsons Industries Ltd: ICRA has assigned the credit rating for Rs29.20cr of the company as Long term rating of BBB- with a Stable outlook and re-affirmed the Short term rating at A3.The aforesaid ratings for the company are valid till 30 th Novem-ber,2020

Sudarshan Chemical Industries Ltd: As the company is a part of the essential industr ies of food packaging and personal care, it has received necessary permission to restart its Roha site and transport material. It expects operations to ramp up depending on availability of resources

Thermax Ltd: Crisil has assigned ratings for the total bank loan facilities of Rs3260cr of the company as Long term rating Crisil AA+/Stable and Short term rating Crisil A1+

BASF India Ltd: Crisil has assigned ratings for NCD of Rs20cr at Crisil AAA under Rating watch with negative implications and re-affirmed ratings on FDs and CPs at FAAA/Stable and Crisil A1+

Recommendations adjusted as per Corporate Actions

Company Reco Target Corp Action Adj Price Adj Tgt Price

Appreciation

IHP Ltd 341 600 Bonus 1 : 1 171 500 -23%

Engineers India Ltd 211 200 Bonus 1 : 1 105 200 -38%

Gulshan Polyols Ltd 390 500 Stock Split from Rs.FV 5 to Rs.FV 1 110 78 -72%

Nesco Ltd 2397 3200 Stock Split from Rs.FV 10 to Rs.FV 2 479 640 0%

Castrol India Ltd 447 550 Bonus 1 : 1 223 200 -48%

Hikal Ltd 143 325 Bonus 1 : 2 95 216 -2%

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Coverage Universe Valuations

Company Reco Reco at (Rs)

CMP (Rs)

Tgt price (Rs)

Appreciation 1M Var 3M Var 12M Var

Supreme Petrochem Ltd BUY 77 139 275 80% -10.9% -14.8% -37.9%

Shanthi Gears Ltd BUY 107 68 150 -36% -12.8% -31.8% -49.2%

Hind Rectifiers Ltd BUY 69 144 275 109% -4.3% -38.7% 12.7%

KCP Ltd BUY 71 46 105 -35% -11.8% -27.8% -48.5%

The Hitech Gears Ltd BUY 298 86 300 -71% -34.0% -52.1% -69.8%

Bharat Bijlee Ltd BUY 787 667 1500 -15% -4.8% -21.0% -38.2%

Triveni Turbines Ltd BUY 92 67 150 -27% -20.3% -30.4% -37.8%

Siemens Ltd BUY 1128 1161 1750 3% -9.7% -23.1% 1.0%

GMM Pfaudler Ltd BUY 332 2780 3200 737% -2.3% 42.2% 134.6%

Alicon Castalloy Ltd BUY 288 195 650 -32% -25.4% -50.9% -67.1%

Gufic Biosciences Ltd BUY 50 65 120 29% 14.8% 3.9% -13.6%

Excel Industries Ltd BUY 380 612 1200 61% 13.3% -27.4% -47.3%

Vesuvius India Ltd BUY 1165 930 1300 -20% -11.8% -17.9% -22.2%

Munjal Showa Ltd BUY 191 73 191 -62% -17.5% -42.8% -56.1%

Bharat Rasayan Ltd BUY 2747 6050 9000 120% -7.3% 0.0% 34.4%

Alkyl Amines Chemicals Ltd BUY 391 1406 1700 260% -3.7% 12.3% 126.2%

Grauer and Weil (India) Ltd BUY 45 33 65 -26% -26.5% -42.2% -33.4%

Texmaco Rail & Engineering Ltd BUY 91 24 91 -74% 14.1% -44.1% -65.2%

Nagarjuna Agrichem Ltd BUY 29 24 45 -16% -17.0% -11.1% -18.5%

ITD Cementation India Ltd BUY 158 36 100 -77% -24.1% -33.9% -70.8%

Westlife Development Ltd BUY 266 327 450 23% -20.1% -12.7% -20.4%

Dynamatic Technologies Ltd BUY 2160 510 1700 -76% -32.1% -48.3% -67.2%

Hitech Corporation Ltd BUY 175 48 125 -73% -69.4% -44.8% -54.3%

NRB Bearings Ltd BUY 138 59 138 -57% -22.4% -38.0% -69.4%

Kokuyo Camlin Ltd BUY 132 48 132 -64% -22.2% -41.9% -52.1%

Timken India Ltd BUY 883 824 1250 -7% -9.1% -10.6% 42.1%

Morganite Crucible (India) Ltd BUY 1047 1468 2500 40% -16.7% -4.5% -0.6%

Vardhman Special Steels Ltd BUY 151 44 110 -71% -23.3% -45.0% -55.6%

Zen Technologies Ltd BUY 115 29 125 -75% -39.2% -52.4% -61.1%

KSB Ltd BUY 820 450 1100 -45% -26.5% -34.0% -34.8%

Thermax Ltd BUY 1019 710 1230 -30% -18.6% -33.9% -26.8%

Transpek Industry Ltd BUY 1547 1352 2000 -13% -21.0% 6.4% -14.2%

BASF India Ltd BUY 1954 1125 1400 -42% 2.6% 13.7% -19.0%

Artson Engineering Ltd BUY 64 23 55 -64% -6.3% -40.1% -42.1%

Remsons Industries Ltd BUY 104 54 130 -48% -12.7% -24.9% -38.3%

Snowman Logistics Ltd BUY 33 32 55 -3% -10.8% -24.9% -5.2%

Alembic Pharmaceuticals Ltd BUY 605 664 751 10% 6.6% 19.0% 23.2%

SKF India Ltd BUY 1942 1441 2620 -26% -19.2% -32.6% -29.9%

HFCL Ltd BUY 25 10 25 -60% -7.4% -42.6% -54.3%

Sudarshan Chemical Industries Ltd BUY 372 421 500 13% 0.2% -8.3% 15.7%

Huhtamaki PPL Ltd BUY 254 209 320 -18% -16.8% -17.5% -0.7%

Mishra Dhatu Nigam Ltd BUY 123 204 190 66% -6.6% 21.1% 52.1%

Anuh Pharma Ltd BUY 142 158 175 12% 22.9% 22.8% 17.4%

Kirloskar Pneumatic Co. Ltd BUY 134 94 192 -30% -27.9% -32.7% -49.4%

Integra Engineering India Ltd BUY 37 22 50 -40% -26.0% -42.0% -59.7%

ICICI Bank Ltd BUY 535 343 657 -36% -25.0% -37.2% -13.7%

Srikalahasthi Pipes Ltd BUY 205 131 250 -36% -23.3% -28.2% -46.5%

Acrysil Ltd BUY 115 62 150 -46% -38.3% -36.3% -45.0%

Paushak Ltd BUY 2210 2190 3200 -1% -1.1% -18.9% 0.0%

IHP Ltd BUY 171 131 500 -23% -20.9% -48.7% -10.6%

Engineers India Ltd BUY 105 65 200 -38% -3.8% -34.9% 10.4%

Gulshan Polyols Ltd BUY 78 22 78 -72% -40.8% -46.9% -58.5%

Nesco Ltd BUY 479 479 800 0% -23.0% -28.9% 2.4%

Castrol India Ltd BUY 223 116 200 -48% -13.2% -8.4% 39.1%

Hikal Ltd BUY 95 94 175 -2% -13.3% -21.2% -20.7%

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Nifty50 has given a breakout from an Inver ted Head & Shoulder pattern as a result shor t to medium term changed to positive. Target of an Inverted H&S pattern comes around 9700. Auto sector is likely to extend its positive momentum. Metal sector has made a double bottom formation and majority of the components has formed bullish formation. Pharma sector has given a breakout but from last 2 week, sharp upmove was already been seen, some correction/profit booking can not be ruled out.

MARKET OUTLOOK

NIFTY (WEEKLY)

BANK NIFTY (WEEKLY)

Page No 4 Please Turn Over Please Turn Over

NIFTY 50 COMPONENTS (WEEKLY PERFORMANCE)

SECTORAL PERFORMANCE

HDFC Bank 13.70

Hero Motocorp 23.97

Hindalco 21.45

HUL 10.48

ICICI Bank 18.75

Indusind Bank 25.74

Infratel 10.03

INFY 8.00

IOC 4.77

ITC 4.14

Jsw Steel 15.70

Kotak Bank 9.31

LT 2.81

M&M 36.28

Maruti 33.37

Nestle India 11.57

NTPC 9.03

ONGC 10.89

PowerGrid 5.11

Reliance 11.93

SBIN 6.56

Shree Cement 9.42

Sun Pharma 20.19

Tata Motors 13.83

Tata Steel 11.66

TCS 6.15

Tech Mahindra 4.39

TITAN 16.85

Ultratech 10.36

UPL 6.67

VEDL 23.09

Wipro 9.13

Zee Entertainment 20.34

Adani Ports 2.87

Asian Paints 8.02

Axis Bank 28.48

Bajaj Auto 20.60

Bajaj Finserv 6.72

Bajaj Finance 14.97

Bharti Airtel 15.63

BPCL 9.46

Britannia 9.02

Cipla 29.46

Coal India 2.14

DR Reddy’s Labs 14.51

Eicher Motors 8.60

Gail 8.85

Grasim 16.75

HCL Tech 14.68

HDFC 13.49

* Gain/ Loss in %

With gains over 23%, Auto sector outperformed Benchmark Index. Beaten down stocks bounced sharply i.e. M&M and Maruti ended the week with gains of 36.28% & 33.37% respectively. Rest of the components ended the week with gains in the range of 13%-21%. Positive momentum will continue and likely to touch the levels of 6700 as shown in the chart (blue line).

Page No 5

SECTORAL GAINER

With the Market sentiment being bullish all the sectors have ended the week on a positive note

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