HSL PCG Currency Insight-Weekly

03 December, 2016
 WEEKLY MOVEMENT MARKET WRAP UP
Rupee Notches Weekly Gain After Three Weeks Down Move
Currency The Indian rupee strengthened for the fourth consecutive sessions or first weekly
gains after three weeks losses against the dollar. The local unit closes at 68.23 a
dollar, up 0.25% from its previous close of 68.47. The mood was cautious ahead
Currency Prev. %
Last Chg. of RBIs bi-monthly policy on 07th December. Market is pricing 25 basis points cut
(Spot) Close Chg.
in the meeting. The benchmark 10-year government bond yield closed at 6.243%,
DXY Index 100.77 101.49 -0.72 -0.71% compared to previous weeks close of 6.233%.
Technically, Spot USDINR likely to corrective moves in coming weak after sharp
EURUSD 1.0664 1.0589 0.01 0.71%
rally. We believe the pair would retrace to the level of 67.78 to 67.40 with higher
GBPUSD 1.2729 1.2477 0.03 2.02% side triple top resistance of 68.86.
USDJPY 113.5100 113.2200 0.29 0.26% RBI Raises MSS Bond Ceiling To 600 Billion Rupees
USDINR 68.2250 68.4725 -0.25 -0.36% The cap on market stabilisation scheme (MSS) raised from 300 billion rupees to
600 billions amid significant increases in banking liquidity after withdrawal of high
EURINR 72.6424 72.5400 0.10 0.14% denomination notes. The move will suck out surplus liquidity, arising from the
GBPINR 86.0713 85.2782 0.79 0.93% surge in deposits with the banking system.

JPYINR 59.8900 60.6700 -0.78 -1.29% Dollar Drops As US 10Y Yield Declines, Ahead Of Italian Vote And ECB Meet
Dollar undermined in the week gone as the UST 10Y yield extended its drop from
DGCX USDINR 68.4556 68.7994 -0.34 -0.50%
Thursdays high ~2.49%, that decline coming after data showed NFP at 178k vs.
est. for a gain of 180k and the unemployment rate dropped to a nine-year low
4.6%. The dollar index, basket of six currencies, fell 0.71% to close at 100.77
RBI Reference Rate from previous weeks 101.49. The drop is mostly tied to profit-taking as upside
momentum failed, rather than a shift in sentiment. The closes below the 20-day
Prev. % moving average at 100.37 are needed to confirm that a short-term top has been
Currency Last Chg. posted. The buck has a November monthly top resistance of 102.05.
Close Chg.
Euro ends the week on strong note ahead of the Italys referendum and ECB
USDINR 68.3689 68.4626 -0.09 -0.14% meets. The EURUSD shut the shop at 1.0664 near and near the Fridays high of
EURINR 73.0385 72.3855 0.65 0.90% 1.0690. EUR defied expectations that further selling may be seen ahead of
Sundays Italian referendum that is expected to return a no vote on constitutional
GBPINR 86.2816 85.2222 1.06 1.24% reform, investors worry that if PM Renzi quits, the political stalemate may weigh
JPYINR 59.9600 60.3200 -0.36 -0.60%
on the Italian financial market.

GBP Hits 2-Month High Above 1.2700; Eyes for 100-DMA 1.2805
The Pound rises to its highest since Oct. 6 at 1.2711 in thin, erratic trading on
GOI 10 Yr. Bond Yield Friday. It up four days in a row, with latest gain on the back of hopes that Brexit
talks may take the soft approach with compromise on access to single-market.
Prev. % U.K. Supreme Court hearing on Brexit will be held next week. The GBPUSD ends
Instrument Last Chg.
Close Chg. the week with the gain of 2.02% to settle at 1.2729. In near term , the pair likely
to head towards 1.2805, the 100 days moving average while hold the support
697GS2026 6.2430 6.2330 0.01 0.16%
around 1.2674 the high of 11th November.

PRIVATE CLIENT GROUP [PCG]

 WEEK AHEAD
The coming week promises to be both busy and important. The European Central Bank will probably discuss the future of its asset-purchase
program as it sets monetary policy. Australia, Canada, India and Poland also decide on interest rates. Italians vote in a constitutional referendum
that could lead to a change of government, Austrians hold a presidential runoff with immigration a key issue, and the U.K. faces another special
election with Brexit on everyones lips.
And there's a volley of economic data releases on its way.
Monday, Dec. 5 :
The final reading of the composite PMI survey for November should confirm the signal from the initial figure that quarterly euro-area GDP
growth may accelerate to 0.4% in 4Q from 0.3%. The average for November and October of 53.7 stood 0.8 point above the 3Q average.
The U.K.'s composite PMI made a strong start to 4Q, edging up to 54.8 from 53.9. It's highly unlikely that it will be enough to move the Bank
of England's policy stance away from neutral at its final meeting of the year on Dec. 15.
U.S. Congress must pass a spending measure by Dec. 9 to avoid a partial government shutdown.
Tuesday, Dec. 6
GDP data for the Euro Area carry the potential for revisions to the headline growth figure for 3Q, though none is expected. The bigger picture
is that growth of 0.3% a quarter is not sufficient to see slack soaked up fast enough to satisfy the ECB. European Union finance ministers
meet to discuss the European fund for strategic investments, improving the regulatory environment, and corporate taxation.
The U.S. trade deficit probably widened in October on less demand from overseas and a pickup in imports of consumer goods.
Wednesday, Dec. 7
UKs first official production output data for 4Q may well show a modest expansion. The manufacturing sector is always worth keeping an eye
on given its fate is closely linked to the paths of both domestic and external demand.
The Reserve Bank of India will announce a monetary policy decision. The market is pricing in a rate cut of at least 25 bps.
Thursday, Dec. 8
European Central Bank rate decision. With the recovery behind schedule, the ECB to announce its asset purchase program will continue at the
same pace until at least June 2017 or beyond if necessary. A longer extension is much more likely than none at all and taper talk is unlikely.
Friday, Dec. 9
US change in the level of inventories can influence the overall pace of economic activity; during 2Q the change in private inventories
subtracted 1.2% points from the real GDP headline and added 0.5% points in 3Q.
Japan's 3Q GDP may be revised up in the second estimate. There is expectations for 2.4% QoQ seasonally-adjusted annualized growth, a
touch faster than the preliminary estimate of a 2.2%.
China's NBS will update on CPI and PPI for November, the forecast is for CPI inflation to inch up to 2.2% YoY from 2.1% in October. The
consensus forecast is for PPI inflation to pick up to 2.2% year on year from 1.2% in October.

WEEKLY PRICE - VOLUME - OI (PVO)

PREV. OPEN PREV.
WKLY PREV. WKLY OI VOLUME WKLY VOL.
CURRENCY PAIR CLOSE WEEK INTEREST WEEK
% CHG. WEEK OI % CHG. (VOL.) % CHG.
CLOSE (OI) VOL.

NSE INRUSD Future Dec16 68.3500 68.6075 -0.4% 1496158 775233 93.0% 861713 604878 42.5%
NSE EURINR Future Dec16 72.8300 72.7250 0.1% 36846 21784 69.1% 40379 12988 210.9%
NSE GBPINR Future Dec16 86.2450 85.4850 0.9% 28997 17098 69.6% 45343 15894 185.3%
NSE JPYINR Future Dec16 60.1250 60.8850 -1.2% 27049 9817 175.5% 18883 11482 64.5%

PRIVATE CLIENT GROUP [PCG]

 TECHNICAL OUTLOOK SPOT USDINR
USDINR Dec. Future CMP 68.35

Currency
Weekly DAILY CHART
Pivot

Resistance 2 69.21
Resistance 1 68.78
Pivot 68.56
Support 1 68.13
Support 2 67.91

Correction likely to Extend

Last week, we shared our
expectation of rupee getting
appreciated and the same is
vindicated.
Recently, pair has corrected
from 68.86 to 68.20 odd levels
in spot. Overall trend of Pair
has been bullish.
On 24th Nov 2016, Pair formed
a Doji pattern on the daily
chart, indicating indecision after
major upswing from 66.33 to
68.86.
Doji Could lead to some
correction in the pair and it is
expected that the pair could
drag lower towards 67.78 and
67.40 spot levels.
Resistance for the Pair in Spot
would be at 68.86.

PRIVATE CLIENT GROUP [PCG]

 TECHNICAL OUTLOOK SPOT EURINR
EURINR Dec. Future CMP 72.83
DAILY CHART
Weekly
Currency
Pivot

Resistance 2 73.92
Resistance 1 73.37
Pivot 73.02
Support 1 72.48
Support 2 72.13

Existing Trend is bearish;

However Pullback can not be
ruled out
Lower tops and lower bottoms
are intact on the daily chart.
Short term moving averages
are trading below long term
moving averages
However, RSI has formed a
positive divergence on the daily
chart. This setup, indicates that
dominance of bears over bulls
is weakening.
Though, Price has forming
lower bottom recently, RSI has
formed higher bottom. This
raises the hope for the bulls.
We advise short term pullback
in the overall bearish setup.
Supports for the pair are seen
at 72.06 and 70.20, while
resistances for the same are
seen at 73.34 and 75.63.

PRIVATE CLIENT GROUP [PCG]

TECHNICAL OUTLOOK SPOT GBPINR
GBPINR Dec. Future CMP 86.25
DAILY CHART
Weekly
Currency
Pivot

Resistance 2 87.40
Resistance 1 86.82
Pivot 86.02
Support 1 85.45
Support 2 84.65

Hold Longs with the SL of 85

Recently, GBP has relatively
done well compared to EUR
against the Dollar rally.
Pair has recently moved from
81 to 86.4 in last six weeks.
This has been gradual.
After 5 Months of selloff in the
pair, Where GBPINR Fell from
101 to 81 odd levels, Pair is
closed with a gain of around
4.5% in November.
Globally, GBP has crossed the
crucial resistance of the
previous top placed at 1.674
against dollar, which augers
well for GBP against all major
currencies.
Immediate support for GBPINR
is seen at 85, which can kept as
a SL in Longs. Bias for the pair
remains positive. Resistances
are seen at 88.90 and 89.37.

PRIVATE CLIENT GROUP [PCG]

 TECHNICAL OUTLOOK SPOT JPYINR
JPYINR Dec. Future CMP : 60.13
DAILY CHART
Weekly
Currency
Pivot

Resistance 2 62.34
Resistance 1 61.23
Pivot 60.62
Support 1 59.51
Support 2 58.90

Bearish Trend intact but looks

deeply Oversold in short term
There has been significant
depreciation in JPY against
dollar in last 4 weeks, where
USDJPY moved from 101 levels
to 115 odd levels.
JPY against INR also
depreciated in the recent past.
JPYINR pair corrected from 69
levels to 60 odd levels in the
period of June to Nov 2016.
Now, we feel that JPYINR pair
has reached extremely oversold
zone on the medium term
charts. RSI has reached below
30, indicating possible trend
reversal.
However, existing trend is
bearish and till date we have
not got any signal which
indicates buy, except it has
turned oversold.

PRIVATE CLIENT GROUP [PCG]

DOLLAR INDEX EURUSD
EURUSD: Daily Chart
DXY: Daily Chart

GBPUSD USDJPY

USDJPY: Daily Chart

GBPUSD: Daily Chart

PRIVATE CLIENT GROUP [PCG]

USDINR DEC. MONTH OPTION DISTRIBUTION

Data Interpretation:
The highest Put base is at the 68 strike with 2.74 lakh contract while the highest Call base is at the 68.50 strike with 3.02
lakh contract. The 68.50 and 69 Call strikes saw additions of 0.72 and 1.57 lakh contracts, respectively, while the 68 and
68.50. Put strikes saw additions of 1.38 and 1.17 lakh contract, respectively.
The overall distribution saw support in the range of 67.70 to 68.00 while resistance 69 to 69.25.

PRIVATE CLIENT GROUP [PCG]

USDINR DEC. FUT. ROLLING CHART (PRICE AND OPEN INTEREST)

Data Interpretation:
USDINR failed to hold the rally of three weeks and ended the with 0.40% lower to close at 68.35. In the week gone by,
there have been addition of 7.20 lakh contracts with near month future OI stood at 14.96 lakh from previous weeks 7.75
lakh contract. The rise in Open interest and fall in price suggesting weakness in current up trend.
USDINR December future likely to continue weakness in coming week with the down side support around 68.08 and 67.66
while faces stiff resistance around 69.05.

PRIVATE CLIENT GROUP [PCG]

INDIA FOREX RESERVE
Indian Foreign Exchange Reserves (US$ Billions)
Wkly. Chg. 25-Nov 18-Nov 11-Nov 4-Nov 28-Oct 21-Oct
Total Reserves -0.20 365.3 365.5 368.23 367.16 367.14 366.14
Foreign Currency Assets -0.19 341.08 341.27 343.92 341.94 341.92 340.9
Gold 0.00 20.46 20.46 20.46 21.4 21.4 21.4
Special Drawing Rights 0.00 1.44 1.44 1.47 1.46 1.46 1.47
Position in IMF -0.01 2.31 2.32 2.37 2.35 2.35 2.36

FOREIGN FUND FLOW VS USDINR

Foreign Fund Flows Activity

PRIVATE CLIENT GROUP [PCG]

MAJOR CURRENCIES
1 DAY 5 DAY 1 MONTH 3 MONTHS
CURRENCY PAIR OPEN HIGH LOW CLOSE
(% CHG) (% CHG) (% CHG) (% CHG)
DOLLAR INDEX SPOT 100.91 101.11 100.62 100.77 (0.27) (0.71) 3.46 5.14
Euro Spot 1.0661 1.069 1.0626 1.0664 0.03 0.71 (3.91) (4.41)
British Pound Spot 1.2591 1.2738 1.257 1.2729 1.10 2.02 3.45 (4.25)
Japanese Yen Spot 114.1 114.21 113.33 113.51 0.52 (0.26) (8.99) (8.45)
Indian Rupee Spot 68.285 68.385 68.2088 68.225 0.18 0.36 (2.21) (2.05)
Brazilian Real Spot 3.4696 3.4922 3.4457 3.4769 (0.36) (1.81) (7.05) (6.33)
Australian Dollar Spot 0.7415 0.7469 0.7401 0.7457 0.57 0.19 (2.66) (1.53)
South Korean Won Spot 1168.85 1174.75 1164.44 1172.55 (0.43) 0.41 (1.98) (4.72)
S. African Rand Spot 14.1075 14.1695 13.7818 13.8021 2.21 2.23 (2.44) 5.01
Canadian Dollar Spot 1.3319 1.3319 1.3256 1.3292 0.20 1.71 0.76 (2.25)
Swiss Franc Spot 1.0106 1.0123 1.0076 1.0111 (0.05) 0.30 (3.75) (2.99)

MAJOR COMMODITIES
1 DAY 5 DAY 1 MONTH 3 MONTHS
COMMODITY OPEN HIGH LOW CLOSE
(% CHG) (% CHG) (% CHG) (% CHG)
GOLD 1171.69 1178.13 1164.92 1177.43 0.49 (0.52) (9.21) (11.15)
SILVER 16.518 16.8107 16.3278 16.7422 1.36 1.27 (9.41) (13.91)
CRUDE OIL 51.01 51.73 50.18 51.68 1.21 12.20 12.52 11.76

MAJOR INDICES
1 DAY 5 DAY 1 MONTH 3 MONTHS
INDEX OPEN HIGH LOW CLOSE
(% CHG) (% CHG) (% CHG) (% CHG)
Nifty 50 8153.6 8159.3 8070.1 8086.8 (1.30) (0.34) (4.11) (8.21)
S&P BSE SENSEX INDEX 26437.4 26463.1 26182.9 26230.7 (1.24) (0.33) (3.83) (8.07)
DOW JONES INDUS. AVG 19161.3 19196.1 19141.2 19170.4 (0.11) 0.10 7.17 3.67
S&P 500 INDEX 2191.1 2198.0 2188.4 2192.0 0.04 (0.97) 5.12 0.55
NASDAQ COMPOSITE INDEX 5249.0 5274.5 5239.3 5255.7 0.09 (2.65) 4.15 0.11
FTSE 100 INDEX 6752.9 6752.9 6678.7 6730.7 (0.33) (1.61) 0.56 (2.16)
CAC 40 INDEX 4532.3 4545.3 4490.2 4528.8 (0.70) (0.47) 3.46 (0.27)
DAX INDEX 10436.5 10545.4 10402.6 10513.4 (0.20) (1.74) 2.48 (1.49)
NIKKEI 225 18435.6 18469.7 18315.4 18426.1 (0.47) 0.24 9.00 8.15
HANG SENG INDEX 22736.8 22756.0 22559.2 22564.8 (1.37) (0.70) (0.34) (4.59)
SHANGHAI SE COMPOSITE 3270.1 3279.7 3235.3 3243.8 (0.90) (0.55) 3.79 5.59

PRIVATE CLIENT GROUP [PCG]

 ECONOMIC EVENTS NEXT WEEK
Date Time Country Event Period Survey Prior
12/05/2016 06:00 JN Nikkei Japan PMI Services Nov -- 50.5
12/05/2016 07:15 CH Caixin China PMI Services Nov -- 52.4
12/05/2016 10:30 IN Nikkei India PMI Services Nov -- 54.5
12/05/2016 14:30 EC Markit Eurozone Services PMI Nov F 54.1 54.1
12/05/2016 15:00 UK Markit/CIPS UK Services PMI Nov 54 54.5
12/05/2016 15:00 EC Sentix Investor Confidence Dec 14.5 13.1
12/05/2016 20:15 US Markit US Services PMI Nov F 54.9 54.7
12/05/2016 20:30 US ISM Non-Manf. Composite Nov 55.2 54.8
12/05/2016 12/30 IN BoP Current Account Balance 3Q -- -$0.30b
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%
12/07/2016 14:30 IN RBI Repurchase Rate 7-Dec -- 6.25%
12/07/2016 14:30 IN RBI Reverse Repo Rate 7-Dec -- 5.75%
12/07/2016 14:30 IN RBI Cash Reserve Ratio 7-Dec -- 4.00%
12/07/2016 15:00 UK Industrial Production YoY Oct 0.40% 0.30%
12/07/2016 15:00 UK Manufacturing Production YoY Oct 0.80% 0.20%
12/07/2016 17:30 US MBA Mortgage Applications 2-Dec -- -9.40%
12/07/2016 20:30 UK NIESR GDP Estimate Nov 0.40% 0.40%
12/08/2016 05:20 JN GDP Annualized SA QoQ 3Q F 2.30% 2.20%
12/08/2016 18:15 EC ECB Main Refinancing Rate 8-Dec 0.00% 0.00%
12/08/2016 18:15 EC ECB Deposit Facility Rate 8-Dec -0.40% -0.40%
12/08/2016 18:15 EC ECB Marginal Lending Facility 8-Dec 0.25% 0.25%
12/08/2016 18:15 EC ECB Asset Purchase Target Dec EU80b EU80b
12/08/2016 19:00 US Initial Jobless Claims 3-Dec 255k 268k
12/08/2016 19:00 US Continuing Claims 26-Nov 2048k 2081k
12/08/2016 CH Trade Balance Nov $46.69b $49.06b
12/09/2016 07:00 CH CPI YoY Nov 2.20% 2.10%
12/09/2016 15:00 UK Trade Balance Oct -4363 -5221
12/09/2016 20:30 US U. of Mich. Sentiment Dec P 94.1 93.8
12/09/2016 12/15 IN Trade Balance Nov -- -$10160.8m

PRIVATE CLIENT GROUP [PCG]

KNOWLEDGE CENTRE

How Importers And Exporters Could Use A Forex Hedge To Minimise Losses

An important tool in the global financial markets, hedging is used in every asset class to mitigate losses. This can be
utilised by anyone, whether it is an individual or corporate, to overcome the negative impact of price volatility.

For the corporate in which the business activity is dependent on import and export of commodities, there is an automatic
exposure to foreign exchange and, hence, the need for hedging is higher. In the current context, since the world markets
are interlinked, they eventually affect and impact the movement of currencies.

Hedging, in any asset class, is ultimately a strategy to decrease or transfer risk in order to protect one's portfolio or
business from uncertainty in prices. In case of hedging in the foreign exchange market, a participant who is entering a
trade with the intention of protecting the existing position from an unexpected currency move, is said to have created a
forex hedge.

With the help of a forex hedge, a participant who is long in a foreign currency pair, can protect himself from the downside
risk. On the other hand, a hedger who is short on a foreign currency pair will protect his existing position from the upside
risk.

The strategy to create a hedge would depend on the following parameters: (a) risk component (b) risk tolerance and (c) to
plan and execute the strategy.

The impact of the movement in the USD-INR currencies affects both importers and exporters. In other words, an importer
will benefit when the rupee appreciates, while the exporter will gain when the rupee depreciates against the US dollar. The
cost of import reduces when the rupee gains strength, thus benefiting an importer, and at the same time creating a loss for
the exporter, since a stronger rupee will reduce the export remittances when converted to Indian rupees.

In order to reduce the risks associated with these uncertain movements in the financial markets, both importers and
exporters can utilize the derivatives platform of currency futures. By creating an equal and opposite position in the
derivatives market, a hedge can be created.

PRIVATE CLIENT GROUP [PCG]

KNOWLEDGE CENTRE

How Hedging Works For An Importer

Suppose an oil importer wants to purchase oil worth $1,00,000 and places his order on 11 March 2016, with the delivery
date being three months away. At the time of placing the contract in the spot market, one US dollar is worth, say, Rs
66.50. However, suppose the Indian rupee depreciates to Rs 69 per dollar when the payment is due in June 2016, the
value of the payment for the importer goes up to Rs 69,00,000 rather than Rs 66,50,000.

In this case, if the importer hedges the currency risk, the losses can be reduced. Here's how the hedging strategy for the
importer would work:

Buy 100 lots of USD June 2016 contracts on 11th March 2016, assuming that June 2016 contract is trading at 67 on 11th
March 2016.
Then in June 2016, He square off 100 lots USD at 69. Profit of Rs. 200000, i.e. 1000 lot size* (69-67) *100.
Then importer makes the payment of oil purchase at 69 per dollar

Had the importer not hedged his position, he would have suffered a loss of Rs 2,50,000 (Rs 69,00,000 - Rs 66,50,000).
However, by creating a hedge position on the futures platform, his losses were reduced to Rs 50,000 due to profits in
currency hedge.

How An Exporter Can Use Hedging

A Jeweller, who is exporting gold jewellery worth US$50,000 in March 2016, wants protection against a possible
appreciation in the Indian rupee in June 2016 (spot Rs 66.50), when he receives his payment. When he is required to make
the payment in June 2016, suppose the rupee appreciates to 64. If, in this situation, he wants to lock in the exchange rate
for the above transaction, his strategy would be as follows

In March 2016, Sell 50 lots of June 2016 contract USD with a lot size of 1000,spot market @66.50. Assume that initially
the Indian rupee depreciated, but later appreciated to 64 per USD as foreseen by the exporter at end of June 2016.

Had the exporter not hedged his position, he would have suffered a loss of Rs 75,000, i.e. (50*1000*(66.50-64)), but by
creating a hedge he has made a profit of Rs 75,000 in the futures, offsetting his business loss. Hence, exposure
management is essential, given the premise of a volatile foreign exchange market. Hedging in the currency markets,
therefore, holds prime importance.

PRIVATE CLIENT GROUP [PCG]

 Technical Research Analyst(Equity and Currency): Vinay Rajani (vinay.rajani@hdfcsec.com)
Research Analyst(Currency): 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, 4th Floor, Above HDFC Bank, Astral Tower, Nr. Mithakadi 6 Road, Navrangpura, Ahmedabad-380009, Gujarat.
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Disclosure:
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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 Research 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.

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