Grievance Redressal / Escalation Matrix

Investor Charter In Respect Of Research Analysts Vision and Mission Statements for investors •Vision Invest with knowledge & safety. •Mission Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness. B. Details of business transacted by the Research Analyst with respect to the Investors •To publish research report based on the research activities of the RA. •To provide an independent unbiased view on securities. •To offer unbiased recommendation, disclosing the financial interests in recommended securities. •To provide research recommendation, based on analysis of publicly available information and known observations. •To conduct audit annually C. Details of services provided to investors (No Indicative Timelines) •Onboarding of Clients •Disclosure to Clients: To distribute research reports and recommendations to the clients without discrimination. •To maintain confidentiality w.r.t publication of the research report until made available in the public domain. D. Details of grievance redressal mechanism and how to access it In case of any grievance / complaint, an investor should approach the concerned Research Analyst and shall ensure that the grievance is resolved within 30 days. If the investor’s complaint is not redressed satisfactorily, one may lodge a complaint with SEBI on SEBI’s SCORES portal which is a centralized web based complaints redressal system. SEBI takes up the complaints registered via SCORES with the concerned intermediary for timely redressal. SCORES facilitates tracking the status of the complaint. With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra -Kurla Complex, Bandra (E), Mumbai - 400051. E. Expectations from the investors (Responsibilities of investors) •Do’s i. Always deal with SEBI registered Research Analyst. ii. Ensure that the Research Analyst has a valid registration certificate. iii. Check for SEBI registration number. iv. Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=y es&intm Id=14) v. Always pay attention towards disclosures made in the research reports before investing. vi. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. vii.Before buying securities or applying in public offer, check for the research recommendation provided by your Research Analyst. viii.Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation. ix. Inform SEBI about Research Analyst offering assured or guaranteed returns. •Don’ts i. Do not provide funds for investment to the Research Analyst. Ii Don’t fall prey to luring advertisements or market rumors. iii.Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst. iv.Do not share login credential and password of your trading and demat accounts with the Research Analyst.

Top 3 Indian Companies - Two Wheeler Wholesales October 2022

Havells Q2FY23 Update

Havells Q2FY23 • Strong sales growth of 14% YoY driven by healthy growth across all segments. • PAT down 38% and Operating Margins at 7.8% are down 590 bps impacted by high cost inventory. • Volume growth of 10% YoY in Q2FY23 and 18% YoY for C&W. • Capex to be around Rs 1000-1200 crore in FY23 & FY24. • Management is optimistic in the upcoming festive season and is seeing encouraging primary and secondary sales. • Price hikes will be taken in Llyod product portfolio in Q4FY23 due to new BEE norms. • In fans segment de-stocking is expected and price hikes will be taken due to new BEE norms in Q3FY23. • According to the management, inflationary pressures on demand are visible, but no downtrading is happening. • The company is currently not looking for M&A. • Capital allocation is more towards Lloyd for the next 1-2 years to gain market share.

SEBI Investor Charter

Annexure- A Investor Charter in respect of Research Analyst (RA) A. Vision and Mission Statements for investors. • Vision Invest with knowledge & safety. • Mission Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness. B. Details of business transacted by the Research Analyst with respect to the investors. • To publish research report based on the research activities of the RA. • To provide an independent unbiased view on securities. • To offer unbiased recommendation, disclosing the financial interests in recommended securities. • To provide research recommendation, based on analysis of publicly available information and known observations. • To conduct audit annually. C. Details of services provided to investors (No Indicative Timelines) • Onboarding of Clients. • Disclosure to Clients - To distribute research reports and recommendations to the clients without discrimination. D. Details of grievance redressal mechanism and how to access it In case of any grievance / complaint, an investor should approach the concerned research analyst and shall ensure that the grievance is resolved within 30 days. If the investor’s complaint is not redressed satisfactorily, one may lodge a complaint with SEBI on SEBI’s SCORES portal which is a centralized web-based complaints redressal system. SEBI takes up the complaints registered via SCORES with the concerned intermediary for timely redressal. SCORES facilitates tracking the status of the complaint. With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. E. Expectations from the investors (Responsibilities of investors). • Do’s i. Always deal with SEBI registered Research Analyst. ii. Ensure that the Research Analyst has a valid registration certificate. iii. Check for SEBI registration number. iv. Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes &intmId=14) v. Always pay attention towards disclosures made in the research reports before investing. vi. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. vii. Before buying securities or applying in public offer, check for the research recommendation provided by your research Analyst. viii. Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation. ix. Inform SEBI about Research Analyst offering assured or guaranteed returns. • Don’ts i. Do not provide funds for investment to the Research Analyst. ii. Don’t fall prey to luring advertisements or market rumours. iii. Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst. iv. Do not share login credentials and password of your trading and demat accounts with the Research Analyst.

DIVI'S LABORATORIES

AARTI DRUGS

DABUR

IPCA LABORATORIES

JB CHEMICALS & PHARMACEUTICALS

NAVIN FLOURINE INTERNATIONAL

LAURUS LABS

MARICO

TATA CONSUMER

TATA CHEMICALS

SUPREME INDUSTRIES

BATA INDIA

RELAXO FOOTWEAR

RBI MONETARY POLICY

RBI MONETARY POLICY

With the backdrop of slowing global growth, hazy oil prices, uncertain monsoon and domestic economy not giving strong growth impulses, a cut was expected. Repo rate was cut 25 basis points to 6% in the first bi-monthly monetary policy signally slowing domestic growth overshadowed by global concerns. RBI maintained its neutral stance and as a result, repercussions were flattish for the equity markets which had already pencilled in the 25-basis cut but expected the central bank to turn over to accommodative mode. The bond markets perceived the policy to be less dovish and thus reacted with a 6-basis point rise for the benchmark 10-year bond to 7.34%.  

Reserve Bank Of India has been impacted by the recent democratization of the Indian Financial System. Kotak Mahindra’s petition followed by judgement against RBI’s February 12 circular has underlined the need of wider consultations with relevant stakeholders before important policy formulations. Though Kotak Mahindra case in still in suspension mode, RBI has agreed to issue fresh circular with respect to resolution of NPA mess.  Fringed and flanked by such complex operative derivatives, RBI has done its bit in the first bimonthly monetary policy by pushing for growth as retail inflation at 2.6% and its revised GDP estimate of 7.2% called for a repo rate cut. Coming to liquidity issues faced by the market, apart from regular OMOs and the recent innovative rupee dollar swap tool, the central bank has allowed an additional 2% of SLR to be counted as Level 1 High Quality Liquid Assets for LCR computation for banks. This will not only harmonise liquidity requirements of banks with LCR, but also release additional liquidity for banks for lending purposes. Decision to link retail loan floating rates to external benchmark and the activation of Countercyclical Capital Buffer have been deferred. One of the major RBI announcements was with respect to corporate loan secondary market. Reserve Bank will set up a Task Force to recommend measures for developing robust secondary market for corporate loans in India.

With general elections just round the corner and effectiveness of Repo Rate arsenal already in question with lower rate cuts transmitted to general public, the central bank is worried  about growth as credit flows remain muted for small, micro and medium enterprises, capacity utilization is low with weak export growth and declining non gold non-oil imports. Though growth might improve with new government formation in June and annual budget in July, another 25-basis rate cut is already on the MPC table.