Peerless Master Picks- · to the product mix - Health Care Product Division, Family Product Division & Dabur Ayurvedic Specialities Limited.Dabur's FMCG portfolio today includes five

September 3, 2018

Peerless Master Picks- SEPTEMBER, 2018 Edition.

For Private Circulation Only

Peerless Securities Master Picks

Stocks Pick for September, 2018

September 3, 2018

COMPANY SECTOR CMP

(INR) RATING

MARKET

CAP(INR

CR)

POTENTIAL

TARGET POTENTIAL

UPSIDE

DABUR Consumer Staples 479 ACCUMULATE 84250 550 14.82%

HAVELLS Consumer Electricals 725 ACCUMULATE 45443 800 10.34%

TVS MOTOR Auto: 2-3 Wheelers 569 ACCUMULATE 27072 640 12.48%

BHARAT FORGE Auto Ancillary 679 BUY 31613 790 16.35%

ICICI PRU LIFE Insurance-Life 376 ACCUMULATE 53941 430 14.36%

(Current prices as on closing prices on August 31, 2018 in NSE)

Note: All price target for next 12 months.


Market Outlook

Markets trades at premium valuation compared to EM peers on expectations

of economic recovery and strong domestic liquidity, short term volatility may

be on rising current account deficit, and global trade uncertainty, long term

uptrend to intact: � Equity markets likely to trade volatile in near term with fear of escalation trade war after proposed US led

tariff hike in various Chinese products to hurt investors’ sentiments. Indian markets likely to outperform EM peers on signs of earnings recovery in Q1FY19.

� A cyclical pick-up in the business cycle coupled with rising earnings expectations drives the optimism for

Indian markets, and we maintain ‘Overweight’ stance on India. � India is at a very different stage of the business cycle compared to its Emerging Markets peers, as many

developing economies are on the cusp of a bear market,on weakening economic macros. Whereas in India we see slow and gradual recovery in investment cycle going forward.

� Rising crude oil prices are key risk to markets and it is inflationary will increase Current account deficit

(CAD) is adversely impacting domestic currency. Adverse currency movements in many emerging markets including India is key reason for FPI selling. So far in August FPI were net buyers in Indian markets.

� We continue to remain overweight India from a structural perspective. Still now India puts up a brave face

in emerging markets equity sell-off due to macro recovery and resilient GDP growth. We see 12-15% earnings growth in India in FY19 and any upgrade could push markets in higher levels.

� We like select IT and Pharma stocks on signs of margin stabilization and tactical move on domestic

currency weakness. � Rural focused consumption stocks and two wheelers companies could see higher demand on rising

government spending in rural India ahead of general election.


UPDATE ON August 2018 STOCK PICKS

How Benchmark Index- Nifty moved in August 2018

OPEN:11359 HIGH: 11760 CLOSE:11680

STOCK CALL INITATED

AT (INR) DATE

POTENTIAL

TARGET RATING

PRICE

(31 Aug

2018)

REMARKS

ICICI LOMBARD 778 31-Jul-18 880 ACCUMULATE 796OPEN

BANDHAN BANK 702 31-Jul-18 820 BUY 676OPEN

CEAT 1386 31-Jul-18 1600 BUY 1391OPEN

ASHOK LEYLAND 113 31-Jul-18 130 BUY 128.25TARGET ACHVD

TATA GLOBAL 247 31-Jul-18 285 BUY 234OPEN


ACCUMULATE | PERIOD: 12 Months

CMP: Rs 479 | Target: Rs550

DABUR Sector: Consumer Staples | NSECODE: DABUR

Dabur India Ltd. is one of India’s leading FMCG companies and the world’s largest Ayurvedic and Natural Health Care Company. For better operation and management, there are three seperate divisions according to the product mix - Health Care Product Division, Family Product Division & Dabur Ayurvedic Specialities Limited.Dabur's FMCG portfolio today includes five flagship brands with distinct brand identities like Dabur( the master brand),Vatika, Hajmola, Real and Fem.

Investment Theme � Dabur reported a strong Q1 FY19, which was driven by a

favourable base and expansion in operating margin led by aggressive cost control measures.The domestic volume growth spiked to 10-year high.The revenues grew from rupees 1966.44 crore to rupees 2032.91 crore i.e.,6.2% a year ago This rise was led by strong growth in both domestic and international businesses. The company witnessed a EBITDA growth of 15.71% on year-on-year basis. Lower raw material cost as a percent of net sales helped the company to report a strong EBITDA margin of 24.89% year-on -year basis.It made a bottom line profit of rupees 1357.74 for the year.

� The strategic initiatives that are bolstering optimism towards the company are its focus on innovation and improving market leadership, aggressive ad spends and enhancing direct distribution( Project Buniyaad). Innovations and new product launch is the main focus of the company during the fiscal year.It is eyeing a capex of rupees 250-300 crore this fiscal.Moreover, the company is best placed to regain share from some herbal companies that are facing aslowdown. The competitive intensity have receded for the company, especially in some categories where Patanjali was a core challenger.

� It is aggressively strategising of gaining overall market leadership that entails strengthening ayurvedic offerings,rationalization, offering products for generation next, premiumisation and deepening distribution. Latest increase in demand for herbal and ayurvedic products have helped Dabur to place itself as a leader in ayurvedic space and create a niche for its product offerings.Moreover, it is working on increasing e-commerce presence and is also eyeing few M&A deals, which makes it an attractive investment opportunity.

� Growing incomes, favourable demographics, easier access,changing lifestyles and government’s renewed focus on agriculture, education, healthcare are the key growth drivers for a consumer goods company like Dabur.A broad base growth across all categories is expected to continue and is likely to be aided by expansion of herbal market, premiumisation, new launches and an uptick in rural areas.It is

Company Data

Market Cap (cr) 84,473

52 week high (Rs) 490.65

52 week low (Rs) 298.70

3m average volume NSE 198,943

Beta 0.76

Face value ( RS ) 1

Key Financials

Category FY18 FY17 FY16

Net Sales (Cr) 8053 7999 8673

EBITDA (Cr) 1922 1807 1739

PAT (Cr) 1357 1280 1255

Net Profit Margin

(%) 17.51% 16.62% 14.85%

EPS (RS) 7.69 7.25 7.13

Book Value (Rs.) 32.55 27.66

23.77

P/BV(x) 13.63 13.35 15.26

RoNW(%) 23.79% 26.41%

30.11

%

RoCE(%) 21.66% 23.24%

26.93

%

Shareholding Pattern


trading at a P/E of 59 times(10% discount to HUL), thus an attractive investment opportunity.

Technical Outlook � The stock has been in consistent uptrend during last few years and it

has been moving up forming higher top higher bottom formation. Recently after it formed upward W pattern formation and given strong breakout with huge volume formation. Such volume pickup has been highest in last 5 years which shows that the stock will now started new strength which will take price much higher.

� Major trend indicator MACD in weekly chart has been in buy signal

and slow stochastic also in strength as it is consistently trading above 60 indicating underline strength in the stock.

� We expect that the fresh round of strong volume upmove is likely to

take stock price higher and our expected target of INR 550 in timeframe of 12 months



CMP: Rs 725 | Target: Rs 800

Havells India Limited Sector: Consumer Electic | NSECODE: HAVELLS

� Havells India Limited headquarteredis a leading Fast Moving

Electrical Goods Company and a major power distribution nequipment manufacturer with a strong global presence.Havells enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial and Industrial Applications.Havells is progressively diversifying its product portfolio by adding new products (added water purification and personal grooming in FY18) and also gaining market share from its competitors across segments and products.

Investment Theme � The company reported a strong Q1 FY19.It reported a rise in profit

at 60.4 percent. The revenues grew at 40 percent year-on-year.EBITDA surged 81 percent year-on-year to Rs 312 crore.New product launches and deeper market penetration lead to an increase in market share drove growth in the consumer durables segment.The solid performance was driven by a number of factors including: acquisition of Lloyd Electric & Engineering, favourable base led by Goods & Service Tax destocking and expansion in operating margin across its key business segments.

� The impact of GST seems to be fading and growth momentum is

slowly catching up. While the company is witnessing strong growth in lighting and ECD segments, the demand scenario for cables is improving gradually. The growth in switchgear segment is expected to gather momentum with the revival in construction and real estate activities. Lloyd’s business is being repositioned for growth as well as margin improvement.

� The company is integrating and scaling up its Lloyd’s business

which remain a key challenge as the company seems to be doing well on most other fronts. Havells is progressively diversifying its product portfolio by adding new products (added water purification

� and personal grooming in FY18) and also gaining market share from its competitors across segments and products. It has also been able to maintain its margins in an inflationary environment by undergoing price hikes.Havells is constantly looking for innovation.

� A strong quarterly performance on almost all fronts reinforces our faith on the management's execution

capabilities. Over the past couple of years, Havells has gained a strong foothold in the sector with the launch of new products and higher market share across segments. The company seems well positioned to benefit

Company Data

Market Cap (cr) 45367


52 week low (Rs) 450

3m average volume NSE 1,385,476

Beta 1.20

Face value ( RS ) 1

Key Financials


NII (Cr) 8255 6269 5505

ROA % 1166 958 816

PAT (Cr) 712 539 715

Net Profit

Margin (%) 8.75% 8.78%

13.15

%

EPS (RS) 11.4 8.63 11.45

Book Value (Rs.) 59.82 52.39 42.33

P/BV(X) 8.15 8.94 7.61

RoNW(%) 19.05%

16.45

%

27.05

%

NIM(x) 17.48%

15.84

%

26.2

%



from an expanding distribution network and increased brand visibility. The repositioning of Lloyd brand and expansion of its portfolio seems to be going on track. Reduction in GST rates on white goods (TV, washing machine, refrigerator etc) should further spur consumer demand.

Technical Outlook � Havells has broken out of medium term consolidation pattern

where it traded in range of 581-500 for over 4 months. After breaking past that consolidating zone, the stock is undergoing strong upmove.

� MACD has given positive crossover and turned up in positive

zone which indicates underlying uptrend intact for this stock. Also that ADX has turned above 25 in weekly chart which shows that the pick up of momentum has taken place.

� The stock is likely to continue its momentum and expected

target price of INR 800 in time period of 12 months.



TVS Motor Company Sector: Automobile-Two-Three wheeler|NSECODE: TVSMOTOR TVS Motor Company is a multinational motorcycle company headquartered at Chennai, India. It is the third largest motorcycle company in India with a revenue of over 15,000 Cr ($2.12 billion) in 2017-18. The company has an annual sales of 3 million units and an annual capacity of over 4 million vehicles.It is also the 2nd largest exporter in India with exports to over 60 Countries.The company, member of the TVS Group, is the largest company of the group in terms of size and turnover.The company currently manufactures a wide range of two-wheelers, which includes motorcycles, scooters and mopeds. It has also forayed into manufacturing three wheeler, parts and accessories.

Investment Theme

� TVS Motor reported a resilient Q1 FY19.The company’s net profit grew by 13percent to rupees 147 crore.The revenues rose by 4.03percent to rupees 4153.7 crores.EBITDA grew by 45 percent to rupees 306.4 crore and EBITDA margin expanded by 120 basis points to 7.4 percent compared to a year ago.However,the financial performance,bottomline profit, was pulled down a little due to rise in tax.It posted a double digit growth in profit mainly due to robust sales across verticals,comeback of rural demand and strong export.Overall two wheeler sales rose by 14 percent with motorcycle sales growth (17%) outpacing scooter sales(12%).The company’s export rose by 52 percent as compared to same quarter last year.The management is confident that it will continue to deliver double-digit growth in the coming quarters.

� The company is constantly strengthening its presence and offerings in overseas market.This quarter it reported a 52 percent rise in exports, three wheeler being the major contributor.It recently made addition to the scooter segment with the launch of TVS Dazz and forayed into three wheeler segment with its product TVS King in the Philippines.The company expects that these two product will be well received by the international markets and will contribute greatly to its sales and revenue growth.It is also eyeing to establish its presence in Latin American, South-East Asian and West Asian markets.

Company Data



52 week low (Rs) 507


Beta 1.75

Face value ( RS ) 1

Key Financials


Net Sales (Cr) 15274 12308 11208

EBDITA (Cr) 1274 1030 913

PAT (Cr) 662 558 489

Net Profit Margin

(%) 4.37% 4.59% 4.4%

EPS (RS) 13.9 11.8 10.3

Book Value (Rs.) 60.6 50.7 41.2

P/BV(x) 10.18 8.51 7.83

RoNW(%) 23% 23.17% 24.98%

RoCE(%) 19.48% 18.27% 18.55%


CMP: Rs569| Target: Rs640


� The company is in constant endeavor to make new product launches and technological innovations.It has made three new product launches in the same calendar year with scooter NTorq 125 followed by the Apache RTR 160 4V and 110cc commuter motorcycle Radeon.These launches came at a time when the segment sees immense competition.On innovation front,its new product Radeon equipped with synchronized braking technology, a first-in-segment feature, which provides better braking control and minimizes skidding.It has also made investment to Ultraviolette Automotive Pvt Ltd for developing e-mobility solutions that are expected to outperform the traditional ICE motorcycles in the 200-250cc segment.All these new developments will help the company to place itself as a strong player in the automobile sector and will be well equipped to sustain the stiff competition that the segment is expected to face.This will eventually help it to maintain its margin and retain its sales volume.

� The recent move on insurance cover from one year to five year could disrupt the sales temporarily in the two wheeler segment.The initial outgo on the new vehicles pushing up the on road prices and demand may get impacted in the short run.The two wheeler prices are likely to rise by 3 percent to 8 percent on new insurance norm from September 2018.

� The company is considering to reduce its import content of raw materials and will be relying on domestic market for its raw material.It increased its average sell price by 11 percent year-on-year lead by a richer product mix and a depreciation of INR against USD.These developments backed by technological innovations will help the company to strategically position itself as a strong market player whose margins and volumes will not be affected much due to stiff competition faced by this segment.

Technical Outlook � The stock has completed its correction as it formed downward

wedged pattern and recently broke above this pattern which is bullish for the stock. Moreover this breakout of this pattern is accompanied with strong volumes which augur well for end of downtrend and start of uptrend for this stock.

� Technical momentum indicators in daily chart like RSI and ROC

are showing strength and the stock will keep its momentum intact after it has turned up.

� The stock is likely to touch its Bollinger band target on weekly

chart which comes to our expectation target of INR 640 in time frame of 12 months.


BUY | PERIOD: 12 Months

CMP: Rs679| Target: Rs 790


Bharat Forge Sector: Auto Ancillary |NSECODE: BHARATFORG

Bharat Forge Limited (BFL) is a Pune-based Indian multinational company involved in automotives, power, oil and gas, construction & mining, locomotive, marine and aerospace industries.The company has made a strong foray into the defence and aerospace sectors and is moving from being a components manufacturer to a complete product maker.

BFL's major products include front axle beams, steering knuckles, connecting rods and crankshafts. As part of its risk mitigation efforts, BFL diversified into a variety of industrial sectors including oil & gas, infrastructure, and marine. It is aiming to double its revenues by 2020 .Some of BFL's largest customers include Daimler Group, VW Group, Meritor, Dana etc. with extensive collaboration with all major truck manufacturers including Paccar, Volvo, Navistar etc.

Investment Theme

The company started off the financial year 2018-19 on a strong note as first quarter profit surged 33.9 percent on growth across the board.Profit increased to Rs 234.5 crore from Rs 175.1 crore in same period last year and the revenue during the quarter rose 23.2 percent year-on-year to Rs 1,479.7 crore, backed by domestic as well as exports businesses.Despite continued inflationary pressures on raw material and energy front EBITDA grew by 28.6 percent year-on-year to Rs 428.7 crore and margin expanded by 120 basis points to 29 percent in Q1.The company reported Q1FY19 was the seventh consecutive quarter of sequential revenue growth, driven by combination of de-risked business model and end market growth. The company has strong international market.Growth in export revenue at 26 percent was a key driver of performance.Within exports, the US business posted 31 percent growth on the back of a recovery in North America’s industrial segment and significant improvement in US Class 8 truck demand. Industrial segment improved on the back of recovery in oil and gas exports.The continued renewal and expansion of fleet along with a strong freight environment is supporting demand for trucks in Europe. Moreover, with dollar strengthening up export revenue is expected to show robust performance. Strong outlook for M&HCV and industrials in domestic market The management expects the domestic medium and heavy commercial vehicle (M&HCV) segment to register continued growth on the back of government’s focus on infrastructure, stricter implementation of the overloading ban and pick up in the overall economy. It expects for a 10-12

Company Data


52 week high (Rs) 798

52 week low (Rs) 560.30


Beta 1.17

Face value ( RS ) 2

Key Financials


Net Sales (Cr) 5434 3964 4446

EBITDA (Cr) 1665 1172 1429

PAT (Cr) 707.3 585.1 697.6

Net Profit Margin

(%) 13.3% 15.13% 16.09%

EPS (RS) 15.2 12.6 30.6

Book Value (Rs.) 99.1 181.8 153.8

P/BV(X) 7.07 5.73 5.67

RoNW(%) 15.32 13.82 19.47

RoCE(%) 12.16 10.87 13.17


percent YoY growth in FY19.The company expects domestic industrial segment to growth 15-18 percent over the next one-and-a-half years led by the government’s ‘Make in India’ initiative and its domestic procurement policy. It is well-positioned to take advantage of these opportunities and has lined up lots of new products. The company has robust order book.In the last two years, it bagged more than Rs 1,620 crore in orders. Most orders belong to the Passenger Vehicles and industrial segments. During Q1, its standalone business saw orders worth Rs 120 crore across the domestic and export market. German operations - CDP Bharat Forge - has secured new business worth €40 million for supply of aluminium forgings to a marquee premium vehicle manufacturer. These orders are expected to start contributing to revenue from 2019. Going forward, we expects to see that the company sustains its demand at the current levels.While demand is extremly strong on the export front across sectors, domestic demand especially on the commercial vehicle (CV) front could be volatile due to the recent regulatory change in axle load norms and the understanding of its impact on end demand. But the Indian commercial vehicle story remains intact, will not impact the business to a great extent.The positive outlook for industrials, Class 8 truck demand in the US and multiple growth avenues like robust order book, diversification through multiple avenues, business expansions make it an ideal investment call.

Technical Outlook � Bharat Forge corrected after having a strong rally from INR 400

to INR 780 during the period January 2017 to April 2018. Thereafter the stock corrected and took support at 50% Fibonacci retracement level of around 580. The share consolidated around 580-600 and built a base and thereafter started to move up.

� The stock has been moving up and now on weekly chart formed higher top higher bottom formation over last few weeks. It also made a short term moving average crossover of 7wma & 13wma (weekly moving average crossover) which is positive for the stock to move up

� The stock has started it upmove and now likely to rally to make a

fresh high as it bounced back from correction level. Target on the upside will be INR 790 which is likely to be achieved in time of 12months


ICICI Prudential Life

Insurance

Sector:Insurance-Life |NSECODE: ICICIPRULI � ICICI Prudential Life Insurance Company is the largest private

life insurance company, which is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company provides life insurance, pensions and health insurance to individuals and groups. It conducts business in participating, non-participating and unit linked lines of businesses.

Investment Theme � The insurance sector in India is on a structural growth path.

Listed private insurers have gained a significant edge over agency-led insurers and are now witnessing accelerated growth. We are enthused by private insurers’ improving profitability metrics in general and changing business mix in particular. We see low penetration, increasing persistency ratios and growth of protection business as key growth drivers for insurance companies.

� ICICI Prudential Life Insurance Company Ltd. is looking to

increase its investments in protection products to earn higher new business margins. Its share of protection business rose to 8 percent in the quarter ended June from 5 percent of annualized premium equivalent a year ago. This was the key reason for a 700-basis-point expansion in the company’s new business margin, a measure of profitability for insurance companies, at 17.5 percent. The insurer’s new business premium in the June quarter rose 34 percent over last year to Rs 144 crore. The company expects the cost ratio to improve as the company’s investments in the past start yielding benefits in the form of volume.

� Current price correction from INR 428 is around 12.6% and this level is around 61.8% Fibonacci retrenchment

level of the up move starting from INR 347.50. This fall is due to concern over higher claim due to Kerala flood. However we think that impact on P&L will be insignificant due to flood. Premium from Kerala forms a small proportion of overall premium. Worst case impact could be 5-6% of profit. Recent correction provides opportunity to accumulate the company as it is the largest private insurance company and its valuation comes to reasonable level post recent corrections. We think most of the negatives priced in due to Kerala flood concern. Most of the claims comes generally in general insurance segment and due to low life insurance penetration, damage for life insurers could be low. In could be contoured as a contra pick in growing life insurance segment. Natural calamities generally increase the awareness of the need of insurance and may boost sales for short term.

Key Financials


Net Sales (Cr)

6909 6862 6718

EBITDA (Cr) 933 874 736

PAT (Cr) 567 463 -30.25

Net ProfitMargin (%)

8.32% 6.83% -0.45%

EPS (RS) 7.85 6.17 -0.09

Book Value (Rs.)

127.41 113.85 112.3

P/BV(X) 3.87 2.51 2.66

RoNW(%) 12.6% 7.29% 19.61%

RoCE(%) 12.35% 7.06% 18.33%



CMP: Rs376| Target: Rs 430


� We have seen ICICI Prudential Life’s stock underperforming the Nifty in the past one year. The rally after its Q4 earnings was short lived as the stock corrected on the back of technical factors like promoter’s stake sale. Uncertainty relating to the management change at the parent bank weighed on the stock’s performance.

� The stock is currently trading at 3 times trailing P/EV (price to embedded value), a significant discount to

HDFC Standard Life (trading at 6.4x P/EV), despite RoEV improving from 16.5 percent in FY17 to 22.7 percent in FY18. The valuation discount of around 50 percent to its closest peer as unwarranted and expect the gap to narrow down in the near to medium term, offering upside to the current stock price.We remain positive on the insurance sector and suggest investors to participate in insurance growth story through ICICI Prudential Life, which is available at a compelling valuation.

Technical Outlook

� ICICI Pru stock price after rally till INR 510 is now

undergoing consolidation phase for last one year. In this consolidating pattern the stock has been rebounding strongly around its support zone of weekly Bollinger bands level and taking resistance at its band resistance level.

� Currently the stock after rallying from support zone has

corrected over 61.8%. A correction till 78.6% retracement level also will be close horizontal support zone of around INR 365. As technical indicators in daily chart are in oversold zone and turned northward indicating start of upward rally in short term.

� We expect the price to move up and upside price target

projection will be around INR 430 which is trend line resistance zone. Time period for the target is likely to be achieved in 12 months.


Disclaimer

RATING PARAMETER

BUY We expect the stock to deliver more than 15% returns over the next 12months

ACCUMULATE We expect the stock to deliver 6% - 15% returns over the next 12months

REDUCE We expect the stock to deliver 0% - 5% returns over the next 12months

SELL We expect the stock to deliver negative returns over the next 12months

NOTE: Target prices are for a period of 12-month perspective. Returns stated in the rating parameter are for our internal benchmark.

TECHNICAL CALL RATING PARAMETER

BUY A condition that indicates a good time to buy a stock. The exact circumstances of the signal will be determined by the indicator that an

analyst isusing.

SELL A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by the indicator that an

analyst isusing.An instruction to the broker to buy or sell stock when it trades beyond a specified price. They serve to either protect your

profits or limit your losses.

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I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/s mentioned in this report. I/we have not served as officer/director etc in the subject company.

Name E-mail

Amartya Ray [email protected]

Kaushik Hore [email protected] Sayantina Mallick Chowdhury [email protected]

Peerless Securities Limited: Registered Office: Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.

Telephone No.: 033 4050 2700, Fax No.: 033 2243 6941. Website: www.peerlesssec.co.in

SEBIRegistrationNo.: NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency- SEBI registered; AMFI ARN 2103, NSDL: IN-DP-NSDL-96-99, DP ID: IN300958; CDSL: IN-DP-CDSL-505-2009; Research Analyst INH300002365, CIN:U67120WB1995PLC067616

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities are subject to market risk, please read all the related documents carefully before investing. Please read the SEBI prescribed Combined Risk Disclosure Document (refer to SEBI website) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Compliance Officer: Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, Email: [email protected]

Peerless Securities Limited Registered Office:

1, Chowringhee Square, 2nd Floor, Kolkata- 700 069

Phone: +91-33-4050-2700/6450-2002/2243-5942, Fax: +91-33-2243 6941

Institutional Office:

11-A, Mittal Towers, 1st floor, Nariman Point, Mumbai – 400 021

Phone: +91-22-2284 1411, 22-6630 3810, Fax: +91-22-2284 1316

SEBI REGN. NO. NSE: INB/INF 230821137, BSE: INB 010821131, NSDL: IN-DP-NSDL-96-99, CDSL: IN-DP-CDSL-505-2009, ARN - 2103

Documents

Peerless Master Picks- · to the product mix - Health Care Product Division, Family Product Division & Dabur Ayurvedic Specialities Limited.Dabur's FMCG portfolio today includes five