Strides Pharma Science receives Establishment Inspection Report for flagship facility in Bangalore

USFDA nod for Sun Pharma Halol plant products may be put on hold

Tata Power's JV Shuakhevi Hydro Power Project in Georgia commences commercial production

Maruti Suzuki announces service and warranty extensions to support customers

IndusInd Bank deposits fell 11% after a state withdrew funds

Banks clear Suzlon Energy debt resolution plan

Biocon's Malaysia unit gets EIR from USFDA

IDFC Ltd completes transaction with National Investment and Infrastructure Fund II for sale of Infra Debt Fund

GE Power bags Rs690cr FGD system order from NTPC

Adani Enterprises bags Rs867cr hybrid annuity road project from NHAI

Lupin's Aurangabad facility receives EIR from USFDA

Tata Power completes sale of 50% stake in South African JV Cennergi

Zydus Cadila gets final nod from USFDA to market generic seizures drug

IndusInd banks on PE firms for USD500-750mn of confidence capital

ADB to invest USD100mn in NIIF fund of funds

Govt sticks to BE to borrow Rs4.88lk-cr in H1FY21

World Bank approves USD1bn aid to India to fight Covid-19

Govt urged to ease ammonia supply, maintenance work for cold storages

Bank loan growth pace halves in February

Auto dealers fear huge losses with BS-IV inventory stuck in Covid-19 jam

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The Week That Went By:

Benchmark Index started the week on a negative note and continued to trade lower as financial stocks tumbled. On 2nd trading session, sectoral rotation was seen as in every session different sector took the leadership and pushed the Index higher to end the session at the high point of the day. On a weekly expiry day, Index started the day lower and compounded its losses throughout the day. Bears dominated the last trading session as Index extended its journey towards south. In the afternoon session, V shape recovery was seen but couldn't manage to hold higher levels and was dragged lower by financial stocks. Nifty 50=8083.80 BSE Sensex30=27590.95 Nifty Midcap 100=11316.75 Nifty Smallcap100=3485.75

BASF India Ltd: With regard to var ious demand notices received by the company from the Commercial Tax Dept; Karna-taka for treating the stock transfers of the company’s Mangalore plant as interstate sales to dealers; there has been a stay granted on the recovery of the demand of Rs52.17cr pertaining to period of 2010-11. The company is taking all the necessary legal steps to defend the matter

Texmaco Rail & Engineering Ltd: The company has informed that pursuant to the disinvestment to the extent of 10% of the total shareholding of Texmaco Defence Systems Pvt. Ltd; it ceases to be the subsidiary of the company w.e.f. 30th March, 2020

Zen Technologies Ltd: The company has informed that as a par t of CSR initiative, it has dedicated a small R&D team to develop a prototype of a ventilator for India which is expected to be ready soon

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 -30%

Engineers India Ltd 211 200 Bonus 1 : 1 105 200 -44%

Gulshan Polyols Ltd 390 500 Stock Split from Rs.FV 5 to Rs.FV 1 110 78 -74%

Nesco Ltd 2397 3200 Stock Split from Rs.FV 10 to Rs.FV 2 479 640 -6%

Castrol India Ltd 447 550 Bonus 1 : 1 223 200 -54%

Hikal Ltd 143 325 Bonus 1 : 2 95 216 -21%

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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 77 134 275 74% -10.9% -16.9% -41.0%

Shanthi Gears Ltd BUY 107 65 150 -39% -26.0% -35.2% -49.9%

Hind Rectifiers Ltd BUY 69 129 275 87% -21.5% -42.8% 6.0%

KCP Ltd BUY 71 43 105 -39% -26.9% -33.3% -52.8%

The Hitech Gears Ltd BUY 298 73 300 -76% -51.4% -57.6% -74.9%

Bharat Bijlee Ltd BUY 787 592 1500 -25% -23.2% -32.0% -46.9%

Triveni Turbines Ltd BUY 92 56 150 -39% -40.2% -41.4% -50.4%

Siemens Ltd BUY 1128 1052 1750 -7% -22.4% -30.3% -9.4%

GMM Pfaudler Ltd BUY 332 2600 3200 683% -14.6% 39.0% 119.2%

Alicon Castalloy Ltd BUY 288 180 650 -37% -38.0% -56.2% -70.0%

Gufic Biosciences Ltd BUY 50 50 120 -1% -20.8% -20.8% -35.7%

Excel Industries Ltd BUY 380 520 1200 37% -22.4% -41.3% -55.2%

Vesuvius India Ltd BUY 1165 775 1300 -33% -29.6% -34.4% -32.6%

Munjal Showa Ltd BUY 191 59 191 -69% -41.9% -55.4% -64.8%

Bharat Rasayan Ltd BUY 2747 5325 9000 94% -26.2% -14.4% 25.0%

Alkyl Amines Chemicals Ltd BUY 391 1148 1700 193% -25.5% -2.1% 84.7%

Grauer and Weil (India) Ltd BUY 45 33 65 -27% -34.2% -36.1% -34.6%

Texmaco Rail & Engineering Ltd BUY 91 18 91 -80% -28.5% -50.7% -73.8%

Nagarjuna Agrichem Ltd BUY 29 22 45 -26% -29.5% -17.9% -28.4%

ITD Cementation India Ltd BUY 158 30 100 -81% -39.9% -47.1% -76.3%

Westlife Development Ltd BUY 266 330 450 24% -26.6% -8.0% -24.0%

Dynamatic Technologies Ltd BUY 2160 467 1700 -78% -43.2% -52.4% -70.3%

Hitech Corporation Ltd BUY 175 48 125 -73% -69.4% -46.7% -54.3%

NRB Bearings Ltd BUY 138 58 138 -58% -27.8% -40.7% -69.0%

Kokuyo Camlin Ltd BUY 132 43 132 -67% -35.5% -47.0% -56.4%

Timken India Ltd BUY 883 794 1250 -10% -18.3% -12.3% 33.1%

Morganite Crucible (India) Ltd BUY 1047 1438 2500 37% -28.1% -5.7% -3.5%

Vardhman Special Steels Ltd BUY 151 44 110 -71% -27.9% -40.2% -55.9%

Zen Technologies Ltd BUY 115 28 125 -76% -49.7% -54.8% -63.7%

KSB Ltd BUY 820 416 1100 -49% -39.4% -38.2% -39.3%

Thermax Ltd BUY 1019 718 1230 -30% -19.3% -35.0% -24.0%

Transpek Industry Ltd BUY 1547 1233 2000 -20% -35.1% 1.2% -19.5%

BASF India Ltd BUY 1954 1092 1400 -44% 7.7% 8.5% -22.5%

Artson Engineering Ltd BUY 64 21 55 -67% -27.2% -40.2% -49.8%

Remsons Industries Ltd BUY 104 59 130 -44% -10.0% -20.0% -32.0%

Snowman Logistics Ltd BUY 33 30 55 -9% -30.6% -29.4% -11.6%

Alembic Pharmaceuticals Ltd BUY 605 532 751 -12% -19.3% -5.6% 0.4%

SKF India Ltd BUY 1942 1411 2620 -27% -24.9% -35.7% -31.7%

HFCL Ltd BUY 25 9 25 -65% -30.9% -50.5% -60.9%

Sudarshan Chemical Industries Ltd BUY 372 350 500 -6% -23.8% -17.7% 1.3%

Huhtamaki PPL Ltd BUY 254 199 320 -22% -23.5% -23.0% -3.0%

Mishra Dhatu Nigam Ltd BUY 123 173 190 40% -30.5% 8.1% 24.2%

Anuh Pharma Ltd BUY 142 120 175 -16% -15.6% -5.9% -10.8%

Kirloskar Pneumatic Co. Ltd BUY 134 92 192 -31% -33.8% -33.1% -50.3%

Integra Engineering India Ltd BUY 37 19 50 -49% -43.2% -50.7% -65.7%

ICICI Bank Ltd BUY 535 287 657 -46% -44.5% -46.8% -27.0%

Srikalahasthi Pipes Ltd BUY 205 115 250 -44% -40.8% -38.5% -53.9%

Acrysil Ltd BUY 115 58 150 -50% -47.4% -43.1% -49.5%

Paushak Ltd BUY 2210 1755 3200 -21% -29.8% -29.8% -19.5%

IHP Ltd BUY 171 119 500 -30% -29.6% -51.2% -17.4%

Engineers India Ltd BUY 105 59 200 -44% -21.8% -40.8% 1.4%

Gulshan Polyols Ltd BUY 78 20 78 -74% -48.7% -52.1% -63.5%

Nesco Ltd BUY 479 452 800 -6% -33.0% -31.7% -6.2%

Castrol India Ltd BUY 223 102 200 -54% -30.6% -21.1% 21.3%

Hikal Ltd BUY 95 75 175 -21% -39.4% -39.0% -37.6%

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During the week, outperformance was seen by the Broader markets which gives some relief and at the same time market breadth indicator i.e. Advance-Decline ratio also showed some strength as majority of the time A/D ratio remained in the favour of bulls. On a sectoral front, positive divergence was seen in the Pharma sector ; however sharp upmove was already seen, some profit booking can be expected but trend will remain positive. Metal sector stands at the level of 2016 with a possibility of a bullish divergence. Selective buying will remain in FMCG stocks.

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 -10.33

Hero Motocorp -4.35

Hindalco -3.00

HUL 0.58

ICICI Bank -15.26

Indusind Bank -23.68

Infratel 0.73

INFY -9.84

IOC 3.51

ITC 8.76

Jsw Steel -5.58

Kotak Bank -17.22

LT -6.46

M&M -4.45

Maruti -13.66

Nestle India -0.26

NTPC -3.25

ONGC 8.30

PowerGrid -2.22

Reliance 2.10

SBIN -10.18

Shree Cement -12.26

Sun Pharma 11.29

Tata Motors -7.43

Tata Steel -8.26

TCS -9.07

Tech Mahindra 3.95

TITAN -7.16

Ultratech -3.52

UPL -6.89

VEDL -1.49

Wipro -1.83

Zee Entertainment -2.85

Adani Ports -2.83

Asian Paints -5.12

Axis Bank -9.13

Bajaj Auto -1.63

Bajaj Finserv -7.58

Bajaj Finance -13.03

Bharti Airtel -5.54

BPCL 13.72

Britannia 1.69

Cipla 9.90

Coal India 4.59

DR Reddy’s Labs 7.90

Eicher Motors -11.91

Gail 16.19

Grasim -1.69

HCL Tech -4.83

HDFC -14.50

* Gain/ Loss in %

With gains of over 8%, Pharma sector outperformed Frontline Index. Lupin and Sun pharma were the top performers as both of them ended the week with gains of 20.78% & 11.29% respectively. Other components ended the week in the range of 4%-8%. AuroPharma was the only exception as stock price corrected by 2.87%. As shown in the chart, bullish divergence was witnessed. Sharp upmove was already seen, some profit booking can be expected but overall trend will remain positive.

Page No 5

SECTORAL GAINER

Nifty Bank tumbled over 13% and underperformed Benchmark Index. Stocks like RBL Bank, Bandhan Bank & Indusind Bank plunged in the range of 23%-30%. Rest of the components has ended the week with a loss in the range of 9%-17%.

SECTORAL LOSER

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