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HSL PCG “CURRENCY DAILY”

 

06 December, 2016

HSL PCG “CURRENCY DAILY” 06 December, 2016 PRIVATE CLIENT GROUP [PCG]

PRIVATE CLIENT GROUP [PCG]

HSL PCG “CURRENCY DAILY” 06 December, 2016 PRIVATE CLIENT GROUP [PCG]
MAJOR CURRENCY

MAJOR CURRENCY

MAJOR CURRENCY
 
   

Prev.

   

Close

Close

Chg.

% Chg.

USDINR

68.218

68.225

-0.007

-0.01%

DXY INDX

100.070

100.59

-0.520

-0.52%

EURUSD

 
  • 1.077 0.51%

1.071

0.006

 

GBPUSD

 
  • 1.275 0.20%

1.272

0.003

 

USDJPY

113.630

114.25

-0.620

-0.54%

DG USDINR

 
  • 68.166 -0.26%

68.343

-0.177

 
GLOBAL INDICES

GLOBAL INDICES

GLOBAL INDICES
 
   

Prev.

   

Close

Close

Chg.

% Chg.

SGX NIFTY

 
  • 8151.0 -0.24%

8171.0

-20

 

NIFTY

 
  • 8128.8 0.52%

8086.8

42

 

SENSEX

26349.1

 

118

  • 26230.7 0.45%

HANG-SENG

22667.9

 

162

  • 22505.6 0.72%

NIKKEI

18370.8

 

96

  • 18275.0 0.52%

SHANGHAI

 
  • 3203.0 -0.05%

3204.7

-2

 

S&P INDEX

 
  • 2204.7 0.58%

2192.0

13

 

DOW JONES

19216.2

19170.4

46

0.24%

NASDAQ

5308.9

 

53

  • 5255.7 1.01%

FTSE

6746.8

 

16

  • 6730.7 0.24%

CAC

4574.3

 

46

  • 4528.8 1.00%

DAX

10684.8

10513.4

171

1.63%

INSTITUTIONAL ACTIVITY (Provisional Rs. In Cr) Segment 05-Dec-16 02-Dec-16 Equity -125.25 -401.04 Debt -410.80 -1010.45
INSTITUTIONAL ACTIVITY (Provisional Rs. In Cr)
Segment
05-Dec-16
02-Dec-16
Equity
-125.25
-401.04
Debt
-410.80
-1010.45
MAJOR CURRENCY Prev. Close Close Chg. % Chg. USDINR 68.218 68.225 -0.007 -0.01% DXY INDX 100.070

PRIVATE CLIENT GROUP [PCG]

MAJOR CURRENCY Prev. Close Close Chg. % Chg. USDINR 68.218 68.225 -0.007 -0.01% DXY INDX 100.070

VIEW POINT

MAJOR CURRENCY Prev. Close Close Chg. % Chg. USDINR 68.218 68.225 -0.007 -0.01% DXY INDX 100.070

Rupee Ends Flat at 68.22 vs. US Dollar, Likely to Trade Positive

  • The Indian rupee yesterday closed at a two week high against the US dollar, ahead of the bi-monthly policy of the Reserve Bank of India starting today. The rupee closed at 68.22 a dollar--a level last seen on 21 November, up 0.01% from its previous close of 68.23. After strong start, the local currency weight down on weaker service PMI number. The Nikkei/Markit Services Purchasing Managers' Index sank to 46.7 in November from October's 54.5, the first time since June 2015 that the index has gone below the 50 mark that separates growth from contraction.

  • In the two day MPC monetary policy meet, starting today, rate cut seems a done deal as the economy absorbs a hit to growth stemming from the scrapping of high-value bank notes. As moderating food prices had already stoked expectations for rate cut along with concerns about GDP growth have been lingering. Yield on 10-year bond down ~60bps since banknote ban announced on Nov.

  • Overseas funds slashed holdings of Indian local debt by 90.69b rupees ($1.3b) yesterday, NSDL data shows. That’s the biggest drop since data going back to April 2013.

Euro Holds Rebound From 20-Month Low

  • Dollar faces selling pressure as market unwinds long positions amid lack of buying incentives. Market starting to price in uncertainty over implementation of Trump policies, making it difficult to buy dollar. Wary of FOMC next week with possibility economy may not warrant as quick a pace of rate hikes that market priced in. Risk aversion could push Japanese Yen higher in near term.

  • The euro held near a three-week high against the dollar before a European Central Bank meeting on Thursday. The euro rebounded yesterday after plunging to a 20-month low as market participant shrugged off the “No” vote in the Italian referendum that prompted Prime Minister Matteo Renzi to offer his resignation

  • Focus this week is ECB, which is likely to extend duration of easing. The ECB will announce an extension of asset purchases Thursday at the current pace of 80 billion euros ($86 billion) a month, according to Bloomberg estimates. The comments on tapering could boost EUR but don’t think ECB will mention it at this stage.

MAJOR CURRENCY Prev. Close Close Chg. % Chg. USDINR 68.218 68.225 -0.007 -0.01% DXY INDX 100.070

TECHNICAL OUTLOOK

SPOT USDINR DAILY CHART
SPOT USDINR DAILY CHART

Technical Observations

  • The spot USDINR is having support at 67.90, concur with 38.20% retracement of rally from 66.3362 to 68.8625.

  • Momentum oscillators have turned bearish on daily scale, whereas the same on hourly scale it exited from oversold hence can prompt short covering.

  • In near term, the pair is having support at 67.90 and 67.60 while continue to face stiff resistance around triple top 68.86. The short term bias remains neutral to bearish, until 68.86 taken-out.

TECHNICAL OUTLOOK SPOT USDINR DAILY CHART Technical Observations  The spot USDINR is having support at

PRIVATE CLIENT GROUP [PCG]

TECHNICAL OUTLOOK SPOT USDINR DAILY CHART Technical Observations  The spot USDINR is having support at
TECHNICAL LEVELS
TECHNICAL LEVELS

Near Month Fut.

 

Last

Pivot

 

S3

 

S2

   

S1

R1

R2

R3

 

View For The Day

 
 

USDINR

 
  • 68.34 68.32

 

68.10

 

68.17

 

68.25

 

68.41

68.48

68.57

 

Bearish

 

EURINR

 
  • 73.17 72.81

 

71.04

 

71.51

 

72.34

 

73.64

74.12

74.95

 

Bullish

GBPINR

 
  • 86.90 86.82

 

86.10

 

86.31

 

86.60

 

87.11

87.32

87.62

 

Consolidation

JPYINR

 
  • 59.91 60.03

 

59.23

 

59.54

 

59.73

 

60.22

60.53

60.71

 

Short Covering

 

Spot

Wkly

 

Wkly

 

1-Mth.

 

1-Mth.

 

52 Wk

 

52 Wk

   

5 DMA

 

20 DMA

50 DMA

 

100 DMA

200 DMA

 

High

Low

High

Low

High

Low

   

USDINR

68.80

 

68.21

 

68.86

 

66.34

 

68.86

 

66.07

   

68.37

 

67.91

 
  • 67.19 67.08

67.13

 

EURINR

73.34

 

72.44

 

75.64

 

71.82

 

77.49

 

71.50

   

72.80

 

72.91

 
  • 73.53 74.14

74.76

 

GBPINR

86.42

 

85.02

 

86.88

 

80.89

 

101.87

 

80.89

   

85.98

 

84.77

 
  • 83.67 85.81

90.38

 

JPYINR

61.50

 

59.74

 

66.11

 

59.64

 

68.11

 

53.86

   

60.17

 

61.66

 
  • 63.38 64.41

63.09

 
CURRENCY MOVEMENT

CURRENCY MOVEMENT

CURRENCY MOVEMENT
 

Currency

 

Open

 

High

 

Low

 

Close

 

Chg.

 

Open

 

Chg.

in OI

 

Volume

 

Chg. In

 

Interest

Volume

SPOT USDINR

 

68.16

 

68.27

 
  • 68.13 68.22

 

-0.01

 

--

 

--

 

--

 

--

USDINR DEC. FUT.

 

68.27

 

68.39

 
  • 68.24 68.34

 

-0.03

 

1471995

 

-17295

 

798012

 

-63701

SPOT EURINR

 

71.88

 

73.09

 
  • 71.82 73.00

 

0.36

 

--

 

--

 

--

 

--

EURINR DEC. FUT.

 

72.02

 

73.29

 
  • 71.98 73.17

 

0.34

 

-528

  • 35915 66591

   

26212

SPOT GBPINR

 

86.52

 

86.88

 
  • 86.42 86.75

 

0.68

 

--

 

--

 

--

 

--

GBPINR DEC. FUT.

 

86.52

 

87.03

 
  • 86.52 86.90

 

0.66

 
  • 31275 50564

2629

   

5221

SPOT JPYINR

 

60.06

 

60.14

 
  • 59.64 59.71

 

-0.18

 

--

 

--

 

--

 

--

JPYINR DEC. FUT.

 

60.23

 

60.34

 
  • 59.85 59.91

 

-0.23

 
  • 29186 27399

2217

   

8516

TECHNICAL LEVELS Near Month Fut. Last Pivot S3 S2 S1 R1 R2 R3 View For The

PRIVATE CLIENT GROUP [PCG]

TECHNICAL LEVELS Near Month Fut. Last Pivot S3 S2 S1 R1 R2 R3 View For The
ECONOMIC EVENTS RELEASED
ECONOMIC EVENTS RELEASED
 

Date Time

Country

 

Event

Period

Survey

Actual

Prior

 

12/05/2016 07:15

CH

Caixin China PMI Services

Nov

52.7

53.1

52.4

 

12/05/2016 10:30

IN

Nikkei India PMI Services

Nov

--

46.7

54.5

 

12/05/2016 14:30

EC

Markit Eurozone Services PMI

Nov F

54.1

53.8

54.1

 

12/05/2016 15:00

UK

Markit/CIPS UK Services PMI

Nov

54.0

55.2

54.5

 

12/05/2016 15:00

EC

Sentix Investor Confidence

Dec

14.5

10.0

13.1

 

12/05/2016 20:15

US

Markit US Services PMI

Nov F

54.9

54.6

54.7

 

12/05/2016 20:30

US

ISM Non-Mfg. Composite

Nov

55.2

57.2

54.8

 
 

ECONOMIC EVENTS RELEASED

 
 
 

Date Time

Country

 

Event

Period

Survey

Prior

 
 

12/06/2016 14:40

EC

Markit Eurozone Retail PMI

Nov

--

48.6

 

12/06/2016 15:30

EC

GDP SA YoY

3Q F

1.60%

1.60%

 

12/06/2016 19:00

US

Trade Balance

Oct

-$41.6b

-$36.4b

 

12/06/2016 19:00

US

Nonfarm Productivity

3Q F

3.20%

3.10%

 

12/06/2016 20:30

US

Factory Orders

Oct

2.50%

0.30%

 

12/06/2016 20:30

US

Durable Goods Orders

Oct F

0.70%

4.80%

ECONOMIC EVENTS RELEASED Date Time Country Event Period Survey Actual Prior 12/05/2016 07:15 CH Caixin China

PRIVATE CLIENT GROUP [PCG]

ECONOMIC EVENTS RELEASED Date Time Country Event Period Survey Actual Prior 12/05/2016 07:15 CH Caixin China

Technical Analyst: Vinay Rajani (vinay.rajani@hdfcsec.com) Currency Analyst: Dilip Parmar(dilip.parmar@hdfcsec.com)

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 HDFC securities Limited, 4 th Floor, Astral Tower, Above HDFC Bank Ltd, Nr.Mithakhali Six Roads, Navrangpura, Ahmedabad 380009. Phone: (079)66070168, Website: www.hdfcsec.com Email: pcg.advisory@hdfcsec.com

Disclosure:

I/We, Dilip Parmar and Vinay Rajani, MBA, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer (s) or securities. I 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 his report. Research Analyst or his/her relative does not have any financial interest in the subject company. Also HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject instrument at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.

Any position in Instruments NO

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 have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete 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 or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC Securities Ltd 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. This document may not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income 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. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HDFC Securities 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 the company(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 in the 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 of interests with respect to any recommendation and other related information and opinions. HDFC Securities Ltd, 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 any action 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. HDFC Securities Ltd 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. HDFC 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 in the past twelve months. HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.

HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. This report has been prepared by the PCG team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, Retail) of HDFC Securities Ltd.

"HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475.

Technical Analyst: Vinay Rajani (vinay.rajani@hdfcsec.com) Currency Analyst: Dilip Parmar(dilip.parmar@hdfcsec.com) HDFC securities Limited, I Think Techno Campus,www.hdfcsec.com Email: pcg.advisory@hdfcsec.com Disclosure: I/We, Dilip Parmar and Vinay Rajani, MBA, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer (s) or securities. I 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 his report. Research Analyst or his/her relative does not have any financial interest in the subject company. Also HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject instrument at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any position in Instruments – NO 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 have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete 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 or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC Securities Ltd 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. This document may not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income 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. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HDFC Securities 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 the company(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 in the 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 of interests with respect to any recommendation and other related information and opinions. HDFC Securities Ltd, 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 any action 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. HDFC Securities Ltd 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. HDFC 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 in the past twelve months. HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. This report has been prepared by the PCG team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, Retail) of HDFC Securities Ltd. "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475. ” PRIVATE CLIENT GROUP [PCG] " id="pdf-obj-5-31" src="pdf-obj-5-31.jpg">

PRIVATE CLIENT GROUP [PCG]

Technical Analyst: Vinay Rajani (vinay.rajani@hdfcsec.com) Currency Analyst: Dilip Parmar(dilip.parmar@hdfcsec.com) HDFC securities Limited, I Think Techno Campus,www.hdfcsec.com Email: pcg.advisory@hdfcsec.com Disclosure: I/We, Dilip Parmar and Vinay Rajani, MBA, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer (s) or securities. I 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 his report. Research Analyst or his/her relative does not have any financial interest in the subject company. Also HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject instrument at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any position in Instruments – NO 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 have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete 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 or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC Securities Ltd 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. This document may not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income 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. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HDFC Securities 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 the company(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 in the 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 of interests with respect to any recommendation and other related information and opinions. HDFC Securities Ltd, 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 any action 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. HDFC Securities Ltd 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. HDFC 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 in the past twelve months. HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. This report has been prepared by the PCG team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, Retail) of HDFC Securities Ltd. "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475. ” PRIVATE CLIENT GROUP [PCG] " id="pdf-obj-5-35" src="pdf-obj-5-35.jpg">