HDFC Securities Broker Research reports

Clean Science and Technology Limited IPO Note Issue Open: July 07 July 09, 2021 Price Band: Rs. 880 900 *Issue Size: 17,184,689 eq shares (Entirely Offer for Sale) Issue Size: Rs.1546.62 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh

G R Infraprojects Limited IPO Note Issue Open: July 07 July 09, 2021 Price Band: Rs. 828 837 ( Discount of Rs 42 for eligible Employee) Issue Size: 11,508,704 eq shares (Entirely Offer for Sale) *Issue Size: Rs.963.28 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh Employee Upto 225,000 eq sh

Deal wins (TCS-Proximus, Ericsson, Alcatel-Lucent, Virgin Atlantic; INFY-BP, Archrock, RXR, Britvic; HCLT-Hitachi ABB; WPRO-Levi Strauss, Bristol Water; LTI-Hoist Finance) remained strong in 1QFY22. Acquisition volumes continued in 1Q (WPRO-Ampion; TECHM-DigitalOnUs, Eventus; LTI-Cuelogic; PSYS-Sureline Systems select assets; MTCL-NxT Digital; ZENT-M3bi) to augment capabilities in cybersecurity, DevOps, product development and analytics. We believe that the elevated supply-side pressure is transient and will normalise over the next 1-2 quarters. Strong deal momentum (both pipeline and large deal bookings), broad-based industry-vertical trends towards digital transformation, positive cyclical indicators in product development/engineering services and consulting, accelerated hiring, and improving alignment with hyperscalers/SaaS indicate continuity of momentum for the sector (coverage universe). Tier-1 IT is expected to deliver 4% QoQ (3% organic) and 20% YoY (base impact) revenue growth. In comparison, mid-tier IT is expected to post 3.5% QoQ (range of -3.6% to +5.9% QoQ) with larger mid-tier averaging >4.5% QoQ. Margin will be impacted by wage increases, increase in sub-contracting/attrition, offset partly by operating leverage and FX/offshoring.

India Pesticides Limited IPO Note Issue Open: June 23 June 25, 2021 Price Band: Rs. 290 296 *Issue Size: 27,027,027 eq shares (Fresh issue of 3,378,378 eq sh (Rs.100cr) +offer for Sale of 23,648,649 eq sh (700cr) Issue Size: Rs.800 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh

Krishna Institute Of Medical Sciences Limited IPO Note Issue Open: June 16 June 18, 2021 Price Band: Rs. 815 825 (Discount of Rs.40 for all eligible employees) *Issue Size: 25,984,780 eq shares (Fresh issue of 2,424,242 eq sh +offer for Sale of 23,560,538 eqs h ) Issue Size: Rs.2117.8 2143.7.2cr Reservation for: QIB atleast 75% eq sh Non Institutional Upto 15% eq sh Retail Upto 10% eq sh Employees Rs.20 cr

Dodla Dairy Limited IPO Note Issue Open: June 16 June 18, 2021 Price Band: Rs. 421 428 *Issue Size: 12,153,668 eq shares (Fresh issue of 1,168,224 eq sh +offer for Sale of 10,985,444 eqs h ) Issue Size: Rs.511.7 520.2cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh

Sona BLW Precision Forgings Limited IPO Note Issue Open: June 14 June 16, 2021 Price Band: Rs. 285 291 *Issue Size: 190,721,649 eq shares (Fresh issue of 10,309,278 eq sh (Rs 300 cr) +offer for Sale of 180,412,371 eq sh (Rs.5250 cr)) Issue Size: Rs. 5435.6 5550.0 cr Reservation for: QIB atleast 75% eq sh Non Institutional Upto 15% eq sh Retail Upto 10% eq sh

Shyam Metalics and Energy Limited - IPO Note Issue Open: June 14 June 16, 2021 Price Band: Rs. 303 306 ( Discount of Rs 15 for eligible employees) *Issue Size: 29,705,882 eq shares (Fresh issue of 21,470,588 eq sh (Rs.657 cr) +offer for Sale of 8,235,294 eqs h ) Issue Size: Rs.909.0 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh

POWERGRID Infrastructure Investment Trust - IPO Note Issue Open: April 29 May 03, 2021 Price Band: Rs. 99 100 *Issue Size: 773,499,100 units Issue Size: Rs. 7734.99 cr (Fresh Issue of 4993.48 cr + offer for sale of 2741.51 cr)

We continue to recommend UTIAM as our top BUY with an increased TP of INR680 (19.8x FY23E NOPLAT + cash + investments) as we roll our earnings forward to Mar'23. AMCs - buoyant capital markets to drive treasury profits: Despite net outflows of INR676bn during FY21, 4QFY21 witnessed inflows to the tune of INR109bn. Nifty-50/Nifty-200 are up just 5.1/6.1% in 4QFY21, which has driven industry equity AUM higher by 6.5% QoQ. Debt schemes witnessed outflows of INR430bn in 4QFY21 vs. inflow of INR1,451bn during the prior quarter as institutions redeem funds towards the year end. Sequentially higher equity prices are expected to boost treasury profits. We continue to monitor trends around sustained reversal in equity flows, management commentary around flows and market share.