Opening Bell

July 7, 2023
Market Outlook Major economic events
Indian markets are likely to open negative today tracking Date Event Country Period Expected Previous
negative global cues. 07-Jul FX Reserves USE IN Jun - -

Market Yesterday Top Fundamental Picks

Domestic markets ended higher tracking gains in health Company Name Research Report CMP Target Price
care & real estate. Reliance Industries 2443 2850
PCBL 145 200
Key Developments Gujarat
3198 4000
▪ Titan in its Q1FY24 pre quarterly update reported yet Fluorochemicals
another impressive show with healthy double digit
revenue growth across all divisions. Daily Technical Calls
▪ The sales value at | 1465 crore was up ~28% YoY during ▪ Buy Hindustan Unilever in the range 2751-2755
Q1 with average price realisation (increased to | 10506/sq ▪ Buy Bharat Electronics in the range 124-124.40
ft, up 24.6% YoY) mainly due to project mix. ▪ All recommendations of June Future
▪ The Phoenix Mills (PML) continues to witness See Momentum Pick for more details
consumption across malls exceeding pre-covid levels,
albeit with moderate growth in Q1.
CNX Nifty Technical Picture
Bulk Deals Intraday Short term
Company Client Name Type No. of Price (|) Trend Range Bound Up
NSE Support 19420-19370 19100
Resistance 19500-19545 19700
GREENCHEF VIJIT GLOBAL SECURITIES BUY 3,20,000 109.2
20 day EMA 18960
200 day EMA 17953
Nifty Heat Map
1,549 Apollo 5,283 Power 263 Tata 601 Reliance 2,639
M&M
5.0% Hospitals 4.0% Grid 3.7% Motors 2.1% Ind. 2.1% Index Movement
Close Previous Chg (%) MTD(%) YTD(%) P/E (1yrfwd)
393 197 165 5,174 981
BPCL NTPC ONGC Britannia Axis Bank Sensex 65,786 65,446 0.5 1.6 8.1 24.1
1.7% 1.7% 1.6% 1.5% 1.5% Nifty 19,497 19,399 0.5 1.6 7.7 23.7
Coal 235 426 1,021 5,232 23,099
Hindalco Cipla Dr Reddy Nestle
India 1.4% 1.2% 1.0% 1.0% 0.9% Institutional Activity
Asian 3,399 2,489 Kotak 1,877 396 4,918 CY21 CY22 YTD CY23 Yesterday Last 5 Days
L&T Wipro Bajaj Auto FII (| cr) -95,085 -2,60,392 17,662 2,641 14,772
Paints 0.7% 0.7% Bank 0.7% 0.6% 0.6%
DII (| cr) 95,934 2,59,089 88,025 -2,352 -2,716
JSW 796 673 3,172 8,410 Bajaj 1,620
UPL Hero Moto Ultratech
Steel 0.5% 0.4% 0.4% 0.4% Finserv 0.4%
Markets Today
1,179 Bharti 870 593 3,106 2,403 Commodities Close Previous Chng (%) MTD(%) YTD(%)
TechM SBI Titan Adani Ent
0.4% Airtel 0.3% 0.3% 0.2% 0.2% Gold (|/10 gm) 58,514 58,473 0.1 0.5 6.4
ICICI 959 1,293 HDFC 1,675 3,323 2,757 Silver (|/kg) 71,370 71,357 0.0 3.5 2.8
SBI Life TCS HUL
Bank 0.1% 0.1% Bank 0.1% 0.1% 0.0% Crude ($/barrel) 76.5 76.7 -0.1 2.2 -10.9
Copper ($/tonne) 8,304.0 8,346.0 -0.5 -0.2 -0.7
HDFC 2,796 Tata 845 Sun 1,043 1,344 474
Infosys ITC Currency
Ltd 0.0% Consum -0.1% Pharma -0.2% -0.3% -0.3% USD/INR 82.5 82.8 -0.3 -0.6 0.3
Tata 113 3,737 Adani 740 Grasim 1,768 Indusind 1,390 EUR/USD 1.1 1.1 0.3 -0.2 1.7
Divis Lab
Steel -0.3% -0.3% Ports -0.4% Ind -0.6% Bank -0.7% USD/YEN 143.9 143.1 0.5 0.3 -8.9
Bajaj 7,766 1,181 9,859 661 3,222 ADRs
HCl Tech Maruti HDFC Life Eicher HDFC Bank 67.1 70.8 -5.3 -3.8 -2.0
Finance -0.9% -1.2% -1.3% -1.8% -2.6%
ICICI Bank 23.4 23.4 0.1 1.4 6.9
Infosys 16.3 16.1 0.7 1.2 -9.7
Advance/Decline Dr Reddys Labs 63.2 62.5 1.1 0.1 22.1
Advances Declines Unchanged Wipro 4.8 4.8 -0.4 1.1 2.4
BSE 2049 1401 146
NSE 1357 843 110
Opening Bell
July 7, 2023
Key Data Points Exchange Cash Turnover (| crore)
Key Economic Indicator Period Latest Prior Values
RBI Cash Reserve Ratio N/A 4.50% 4.50%
RBI Repo Rate N/A 6.50% 6.25%
RBI Reverse Repo Rate N/A 3.35% 3.35%
CPI YY Apr 4.70% 5.66%
Current Account Balance Q4 -18.2bln $ -30.9bln $
Exports - USD Apr 34.66 bln$ 38.38 bln$
FX Reserves, USD Final Jun 595.07 bln$ 589.14 bln$
GDP Quarterly yy Q4 6.10% 4.40%
GDP Annual FY23 7.20% 6.80%
Imports - USD Apr 49.9 bln $ 58.11 bln $ NSE Derivative Turnover (| crore)
Industrial Output yy Mar 1.1% 5.6%
Manufacturing Output yy May 0.5% 5.6%
Trade Deficit Govt - USD Apr -15.24 bln $ -19.70 bln $
WPI Food yy Apr 3.5% 5.5%
WPI Fuel yy Apr 0.9% 9.0%
WPI Inflation yy May -0.9% 1.3%
WPI Manuf Inflation yy Apr -2.4% -0.8%

Corporate Action Tracker Sectoral Performance – Monthly Returns (%)

Security name Action Ex Date Record Date Status Price (|)
MOTILAL OSWAL FINANCIAL SERVICES LTD. Final Dividend 04-Jul-23 - - 3.0
PUNJAB & SIND BANK Final Dividend 04-Jul-23 - - 0.5
MPHASIS LTD. Final Dividend 05-Jul-23 - - 50.0
SUNDARAM FINANCE LTD. Final Dividend 05-Jul-23 - - 15.0
IDBI BANK LTD. Final Dividend 06-Jul-23 - - 1.0
ADANI ENTERPRISES LTD. Final Dividend 07-Jul-23 07-Jul-23 - 1.2
AMBUJA CEMENTS LTD. Final Dividend 07-Jul-23 07-Jul-23 - 2.5
ASHOK LEYLAND LTD. Final Dividend 07-Jul-23 - - 2.6
AXIS BANK LTD. Final Dividend 07-Jul-23 07-Jul-23 - 1.0
BHARAT FORGE LTD. Final Dividend 07-Jul-23 07-Jul-23 - 5.5
Crompton Greaves Final Dividend 07-Jul-23 - - 3.0

Key News for today

Company/ News View Impact
Industry
Titan Titan in its Q1FY24 pre quarterly update reported yet Titan has been a secular growth story with
another impressive show with healthy double digit consistent market share gains from the
revenue growth across all divisions. Revenue from unorganized players. Despite challenging
jewellery division grew by 21% YoY led by strong demand scenario, Tanishq through its strong
buyer growth. Despite significant volatility in gold brand patronage continued to deliver healthy
prices throughout the quarter, Akshaya Tritiya sales in
April and wedding purchases in June were robust.
results. Over a long term company aspires to
grow jewellery revenues by 2.5x by FY27
👍
Watches division reported 13% sales growth with (implied CAGR: 20% from FY22 base).
wearables increasing 84% YoY. CaratLane (72%
owned Subsidiary) continues to scale to new highs
with robust growth of 32% YoY
Indian Hotels Indian Hotels Company ( IHCL) continued to accelerate With IHCL’s current portfolio of 270 hotels it
portfolio expansion with signing of 11 hotels and remains well poised to achieve vision of
opening of 5 new hotels in Q1FY24. IHCL has 325+ hotels by FY25. Over the next four
achieved a balanced portfolio, enabling maximisation years ( till FY27) the company plans to
of operating leverage from its owned/leased hotels increase its room capacity from 21338 rooms
and enhancing margins from the fee-based managed in FY23 to 31483 rooms by FY27 entailing a
hotels portfolio. Currently 70% of pipeline is fees
based.
room capacity enhancement of 48%. The
management plans to focus on asset light
👍
expansion with majority of the room capacity
addition is expected to be done on
management contract basis which would
provide a positive momentum to the return
ratios going ahead.
 Opening Bell ICICI Direct Research

Sobha The sales value at | 1465 crore was up ~28% YoY
during Q1 with average price realisation (increased to
| 10506/sq ft, up 24.6% YoY) mainly due to project
mix. Sales volume remained healthy at 1.39 mn sq ft
(up 3% YoY). We highlight that sales volume growth
for Q1 was driven by new launch in Kerala , while
Bengaluru at 0.84 million sq feet (forming 60% of
sales volume) was relatively muted.
The Phoneix The Phoenix Mills (PML) continues to witness
Mills consumption across malls exceeding pre-covid levels,
albeit with moderate growth in Q1. With these, total
consumption during Q1 stood at | 2575 crore, up 18%
YoY. Excl. new malls contribution, like to like
consumption was up 9% YoY (one off renovations
impacted growth). Retail collections stood at | 621
crore in Q1, showing a YoY growth of 18%.
Occupancy level for St Regis, Marriott (Agra) stood at
82%, 72% respectively. Commercial segment saw
new leasing of 0.85 lakh square feet in Q1 vs. 1.3 lakh
square feet in Q4.
GM GM Q1FY24 net revenues grew 4% YoY to | 147
Breweries crore, while its PAT grew 23% to | 20 crore. EBITDA
margins expanded 320 bps to 18.4%. The company
continued to disappoint on the dividend front (no
dividend announced in Q1 inspite of expected higher
cash surplus)
The overall demand seems to be steady. Key
will leverage trend ahead, where company
has sharply reduced debt in FY23
↔
Q1 overall performance is likely to remain
decent for PML, albeit trend ahead will be key
. PML continues to be a key beneficiary of
healthy consumption recovery at malls and
remains a quasi-play on India’s consumption
story, given the quality of assets, healthy
balance sheet & strategic expansion plans. ↔
New malls such as Indore (started in
December) and Ahmedabad (began in
February, 2023), alongwith new malls in FY24
will boost the overall growth ahead.
GM Breweries results indicate lowered
inflationary impact on COGS side (mainly
includes rectified spirit and PET). For the
liquor industry in general Q1 is expected to
witness QoQ flat to positive inflationary
impact (mainly due to continued higher ENA ↔
prices, while others such as paper and PET
will see softening, whereas glass on the other
side will gradually soften due to lowered
natural gas prices).

Key Developments (Continued…)

• Tata Steel reported steady sales volume for Q1FY24. For Tata Steel India crude steel production stood at
5.01 million tonne (up 2% YoY) with deliveries pegged at 4.8 million tonne (up 18% YoY). The planned
relining of Blast Furnace at Netherland operations of Tata Steel Europe led to muted volume overseas. Tata
Steel Europe reported crude steel production of 1.81 million tonne (down 26% YoY) and deliveries at 1.97
million tonne (down 8% YoY)
• JSW Steel reported healthy volume prints for Q1FY24. Indian operations reported crude steel production
of 6.2 million tonne (up 10% YoY) with total group combined volumes stood at 6.61 million tonne (up 12%
YoY)
• Tata Consultancy Services intends to train 25,000 engineers on generative artificial intelligence tools in its
partnership with Microsoft Corporation. It will also launch its new generative AI enterprise adoption offering
on Microsoft Cloud to help customers “jumpstart” their generative AI journey. In addition, TCS is enhancing
its own suite of products and platforms to take advantage of the new technology.
• Infosys has set up a new subsidiary in Canada under its US arm Infosys Public Services. IPS Canada will
help modernize public sector service delivery for new and existing federal, Ontario, and Manitoba
governments and crown corporation clients.
• JK Cement has acquired an additional 20% stake for ₹ 60.24 crore in Acro Paints, taking its overall
holding to 80%.
• As per media sources, SBI is undertaking restructuring its senior leadership wherein Amitava Chatterjee
will become Deputy MD in charge of overseas vertical catering to corporates. Rajay Sinha, currently in
charge of global operations, will become MD & CEO of SBI Capital Markets Ltd. Nand Kishore assumed as
deputy MD of global operations and Abhijit Chakravorty will become MD & CEO of SBI Cards.
• As per exchange filing, Reliance Industries has informed approval from NCLT for demerger and listing of
financial services undertaking - Jio Financial Services
• In its quarterly update, Dabur has informed that revenue growth is expected to exceed 10%, driven by
moderation in inflation and thus increase in demand. Operating profit is expected to grow at a faster pace
relative to top-line amid improvement in margins, however, amortization of acquisition expense is seen to
keep PAT growth lower than operating profit trajectory. For FY24, management expects improvement in
operating margin to sustain and to be utilised in higher advertising and promotion spends to drive further
business growth
• The board of Adani Green Energy (AGEL) cleared plans to raise up to Rs 12,300 crore by way of qualified
institutional placements (QIPs) of shares or any other share-sale instrument. The company will use the

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research

proceeds to repay debt and expand capacity. Currently, the size of its renewable energy portfolio stands at
20.4 gigawatts (Gw) — 8.2 Gw operational and another 12.2 Gw under-construction and near-construction
projects. The company is targeting a 45-Gw portfolio by 2030
• To push China like infrastructure development and financial growth, India will n need Rs 845-880 lakh crore
investment between 2023 and 2047. It has recommended the roadmap for augmenting key infrastructures
to meet future need by setting the target to increase highway length by 1.6 times, port capacit by four times
and doubling the railway network, including the laying of 20,000 kms elevated tracks and 4,500 km bullet
train corridors in the next 24 years. There is also the plan to take the number of Vande Bharat trains to
4,500.
• GE Shipping has delivered its 2004 built crude carrier to its buyer. The vessel was sold in April 2023. Its
current fleet stands at 42 vessels, amid record shipping asset prices.
• IOC and Praj have signed a term agreement to strengthen biofuels capacity in India. Biofuels covered in the
MoU consists of Sustainable Aviation Fuel (SAF), Ethanol, compressed Bio-Gas, Biodiesel and Bio-
bitumen.
• AllCargo demerged entity - Transindia Real Estate Limited (TREL) had executed Business Transfer
Agreement with Premier Heavy Lift Private Limited (PHL) on April 27, 2023, for sale of crane division as a
going concern on a slump sale basis. TREL has completed the sale of crane division to PHL on a slump sale
basis on July 4, 2023.
• Aster DM has acquired additional 2.36% stake in Malabar Institute of Medical Scienc es Ltd (MIMS), a
material subsidiary of the Company from several minority shareholders as on July 05, 2023. Consequent
to the said acquisition, shareholding of the Company in MIMS has increased from 76.01% to 78.37%. MIMS
is a material a subsidiary of Aster DM Healthcare Limited and operates hospitals in Kerala.
• HCG has entered into a Share Purchase Agreement on July 06, 2023, with Dr Ajay Mehta, Dr Suchitra
Mehta, shareholders of Nagpur Cancer Hospital and Research Institute (NCHRI) for the acquisition of entire
equity share capital in NCHRI. The cost of acquisition would be | 14 crore and the sum payable to Dr. Ajay
Mehta would be | 17 crore (includes deferred consideration of |4 crore)
• As per media sources, Alkem labs has forayed into Opthalmology segment with the launch of extensive
portfolio of Eye care products
• As per media sources, the Cabo Delgado gasfield in Mozambique, in which Indian companies hold a 30%
stake, is expected to resume production this month after terror attacks threatened to derail it. ONGC Videsh
holds 16%, while BPRL Ventures Mozambique BV, a subsidiary of BPCL, and Oil India Ltd hold 10% and
4% respectively
• As per media sources, ONGC is preparing to map India's geothermal energy sources, which have a potential
capacity of 10 GW. Initial studies have indicated the presence of abundant geothermal sources in Ladakh,
Himachal Pradesh, Gujarat (Cambay Basin and Ankleshwar), Andhra Pradesh (Kowthalam), and
Chhattisgarh. The focus will primarily be on Ladakh, followed by Gujarat, and later on the southern regions.
Last month, ONGC signed an agreement with Iceland GeoSurvey (ISOR) to collaborate on it
• IOCL, Chennai, has committed to invest | 54000 crore in various projects in Tamil Nadu in the next few
years, including a 9 MMTPA grass-root refinery at an estimated cost of | 35580 crore.
• As per media sources, RIL and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG)
plants each, across the country. These plants will be of upto 30 tonnes per annum capacity. Five plants will
be set in the next five years. The rest would come up later. The companies would invest up to | 2500 crore
each in setting up these plants
• As per media sources, Promoters of Aster DM Healthcare led by Azad Moopen have initiated stake-sale
talks with private equity groups such as Blackstone and KKR among others. The promoters may even be
open to selling a controlling stake in their India-listed hospital chain to capitalise on the ongoing sectoral
consolidation.

ICICI Securities | Retail Research

 Opening Bell ICICI Direct Research

Recovery to sustain!!!

A b out the stock: NRB was incorporated in 1965 as an Indo-French venture and
pioneered the production of needle and roller bearings in India.
• NRB is India’s largest needle and cylindrical roller bearings producer. Today
90% of vehicles on Indian roads run on NRB parts

• Domestic markets contribute ~75% of total revenues while exports

contribute the balance ~25%. In domestic markets, company cater to auto

Conviction Idea
Particulars
industry including 2W, PV, CV
Particular Amount
• Company exports its products to approx. 45 countries worldwide including Market Capitalization 1,980
France, Italy, the US, Mexico, Brazil, Thailand, Bangladesh etc Total Debt (FY23) 322
Cash and Investments (FY23) 83
Key I n vest men t T h esi s: EV 2,302
52 week H/L (|) (BSE) 212/ 115
• Do mestic and Exports to drive growth: We believe with strong traction with
Equity capital 19.4
export clients, we expect markets to deliver 15% YoY growth in FY24
Face value (|) 2.0
whereas domestic markets are expected to grow by 10% YoY led by
recovery in 2-Wheeler and CV segment. Hence, we expect revenues to grow Shareholding Pattern Key Fina
at a CAGR of 11% over FY23-FY25E to |1308 crore. Jun-22 Sep-22 Dec-22 Mar-23
Promoters 49.9 49.9 49.9 50.1
• Ma rgins improvement to boost P AT CAGR at 24% o ver FY23-FY25E: FY23 FII 21.5 21.5 21.3 21.3
was a tale of two half wherein H1FY23 saw margins falling to 10% given DII 11.6 11.6 11.5 11.5
sharp rise in prices of key input i.e., steel and the lag at which the same was Others 17.0 17.0 17.3 17.1
passed on to OEM’s. However, in Q4FY23, the price hikes got fully
implemeted the same reflected in significant improvement in margins which Risks to our call
rose to 20.5% in the same period. Going ahead, with no major volatility 1) Higher/lower than expected
expected in steel prices, double digit growth in export markets we expect growth in auto sector
margins to improve to 16.7% and 17.6% in FY24E and FY25E respectively. 2) Volatility in Raw material prices could

ICICI Securities – Retail Equity Research

Double digit topline growth coupled with margin expansion and controlled impact margins
finance costs will lead to PAT CAGR of 24% over FY23-FY25E
Price Performance

300 24000
Ra t i n g a n d T a rg et P ri c e
20000
• We believe with a visibility of 24% PAT CAGR over FY23-25E and a 200 16000
controlled leverage, NRB is highly undervalued across the bearings space 12000
(other players quoting at 40x-50x on 2 year forward EPS). Even discounting 100 8000
the fact that it has one segment exposure unlike other bearings companies 4000
still the stock remains undervalued and we expect a rerating to set in. 0 0
Jan-21

Jan-22

Jan-23
Jul-20

Jul-21

Jul-22

Jul-23

• We value NRB at | 270 per share (based on 18x FY25 P/E)

NRB Bearings Nifty Index

Research Analyst
Chirag Shah
Shah.chirag@icicisecurities.com

Vijay Goel
Vijay.goel@icicisecurities.com
Key Financial Summary
5 Year CAGR 2 Year CAGR
Financials FY21 FY22 FY23 FY24E FY25E
(FY18-23) (FY23-25E)
Net Sales 762.4 944.2 1,057.2 3.9% 1,175.6 1,307.9 11.2%
EBITDA 85.8 103.9 146.5 -2.7% 196.6 230.8 25.5%
EBITDA Margin (%)
Net Profit 55.7 75.6 94.9 0.4% 120.5 146.2 24.1%
EPS (|) 5.6 7.6 9.8 12.4 15.1
P/E (x) 36.9 27.2 21.0 16.6 13.7
EV/EBITDA (x) 20.6 15.2 13.0 11.2 9.4
RoCE (%) 11.8 13.7 15.4 17.3 19.3
s

Source: Company, ICICI Direct Research

ICICI Securities |Retail Research

 Opening Bell ICICI Direct Research

Results/Events Calendar

19 June 20 June 21 June 22 June 23 June 24 June

Monday Tuesday Wednesday Thursday Friday Saturday
0 JP Industrial Production MoM UK CPI YoY US Existing Home Sales UK Retail Sales MoM 0
0 US Building Permits MoM 0 UK BoE Int Rate Decision EU Manufacturing PMI 0
0 0 0 0 EU Services PMI 0
0 0 0 0 0 0
0 0 0 0 0 0

26 June 27 June 28 June 29 June 30 June 01 July

Monday Tuesday Wednesday Thursday Friday Saturday
0 US New home sales EU M3 Money Supply US GDP Q3 UK GDP QoQ 0
0 0 US goods trade balance US Pending home sales EU CPI 0
0 0 0 CH Manufacturing CPI IN Federal Fiscal Deficit 0
0 0 0 CH Composite PMI IN Infrastructure Output 0
0 0 0 0 IN Foreign Debt 0

03 July 04 July 05 July 06 July 07 July 08 July

Monday Tuesday Wednesday Thursday Friday Saturday
IN Nikkei Manf PMI CH Caxin Service PMI IN Nikkei Service PMI US Services PMI US Unemployment Rate 0
EU Manf PMI 0 EU Service PMI JP Household Spending 0 0
UK Manf PMI 0 UK Service PMI 0 0 0
US Mang PMI 0 US Facory Orders 0 0 0
0 0 0 0 0 0

10 July 11 July 12 July 13 July 14 July 15 July

Monday Tuesday Wednesday Thursday Friday Saturday
0 UK Unemployment Rate IN CPI UK GDP IN WPI Food 0
0 JP PPI US CPI UK Industrial Prodn IN WPI Fuel 0
0 PCBL IN Cumulatine Industrial Prodn EU Industrial Production IN WPI Inflation 0
0 0 TCS US PPI IN WPI Manf Inflation 0
0 0 HCL Tech 0 0 0

17 July 18 July 19 July 20 July 21 July 22 July

Monday Tuesday Wednesday Thursday Friday Saturday
0 US Industrial Production UK CPI YoY US Existing Home Sales UK Retail Sales 0
0 CIE Automotive India UK PPI JP National CPI JSW Steel 0
0 0 EU CPI Infosys Ramkrishna Forging 0
0 0 US Building Permits Coforge 0 0
0 0 0 Persistent Technology 0 0

Major Economic Events this Week Recent Releases

Date Event Country Period Actual Expected Date Report
03-Jul Nikkei Manf PMI IN Jul 57.8 58.0 July 03, 2023 Shubh Nivesh– South Indian Bank
03-Jul Manufacturing PMI EU Jul 43.4 43.6 Jun 26, 2023 Shubh Nivesh– Steel Strips Wheels Ltd
03-Jul Manufacturing PMI UK Jul 46.5 46.2 Jun 19, 2023 Stock Tales– Hindustan Oil Exploration
03-Jul Manufacturing PMI US Jul 46.3 46.3 Jun 19, 2023 Company Update– Trent
04-Jul Caixin Service PMI CH Jul 53.9 56.2 Jun 19, 2023 Shubh Nivesh– Granules
05-Jul Nikkei Servie PMI IN Jul 58.5 60.2
05-Jul API Weekly Crude Oil Stock US Jul -4.382M -1.800M
06-Jul Initial Jobless Claims US Jul 248k 245k
06-Jul Crude Oil Inventories US Jul -1.508M -0.983M
Date Event Country Period Expected Previous
07-Jul FX Reserves USE IN Jun - -

ICICI Securities |Retail Research

 Opening Bell ICICI Direct Research

Pan kaj Pan dey Head – Research

pan kaj. pan dey@icicisecu rities. com

IC IC I Direct Research Desk,

IC IC I S ecu rities Limited,
Third Floor,Brillanto House,
Road No 13, MIDC
Andheri (East)
Mumbai – 400 093
research @icicidirect. com

ICICI Securities |Retail Research

 Opening Bell ICICI Direct Research

Disclaimer
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