US DATA ALERT

Current: -0.5% Expected: -0.1% Previous: 0.3% (Data seen lower estimates, negative for U.S. Dollar) *U.S. Retail Sales m/m* Current: -1.1% Expected: -0.8% Previous: -0.6% US Retail Sales for December drops to -1.1% against forecasts of -0.8% and 0.6% in November. The Core Retail Sales data also sees a drop to -1.1% against forecast of -0.4% and revised figures of -0.6% in November. PPI (MoM) for December falls to -0.5% against estimates of -0.1% and revised figures of 0.2% in November. On a yearly basis as well PPI fell to 6.2% against forecasts of 6.8% and revised figures of 7.3% reported in November. Core PPI also sees a cooling both on a monthly and yearly basis. *Data Negative for USD, Positive for Bullions*

Shalby

Shalby Q3 Earnings ✓ Net Profit: Up 17.8% at Rs 15.2 cr Vs Rs 12.9 cr (YOY) ✓ Revenue: Up 24.7% at Rs 202.4 cr Vs Rs 162.3 cr (YOY) ✓ EBITDA: Up 20.3% at Rs 33.8 cr Vs Rs 28.1 cr (YOY) ✓ Margin:16.7% Vs 17.3% (YOY)

SPENCER'S RETAIL LIMITED

SPENCER'S RETAIL LIMITED Spencer’s Retail, India’s foremost retail destination and part of RP-Sanjiv Goenka Group (RPSG), is all set to unveil its brand new hyper market chain called “Spencer’s Value Market”. Synonymous to its name, VALUE Market is a new-age hypermarket serving the needs of today’s modern, well - informed and value conscious customers. Spencer’s Value Market is all set to launch at 6 locations, namely, Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram & Vijayanagaram between 16th to 22nd January’23.

IndusInd Bank

IndusInd Bank Q3 results: Consolidated net profit up 58% YoY to Rs 1,963 crore The lender's Net interest income in the quarter rose 19% YoY to Rs 4,495 crore. Interest earned increased to Rs 9,457 crore versus Rs 7,737 crore YoY Gross NPA At 2.06% Vs 2.11% QoQ Net NPA At 0.62% Cr Vs 0.61% QoQ Provisions & contingencies at Rs 1065 cr vs Rs 1654 cr YoY

Adani Enterprises Limited

Adani Enterprises Limited file RHP with SEBI on 18-Jan-2023 Issue Date : 27 to 31-Jan, 2023 Fresh : ₹20000 Cr on partly paid basis Retail : 35% EMP : 50 Cr FV : ₹1 IPO Open : 27-Jan-2023 IPO Close : 31-Jan-2023 Basis of Allotment : 3-Feb-2023 Initiation of Refunds: 6-Feb-2023 Credit of Shares : 7-Feb-2023 IPO Listing Date : 8-Feb-2023

Tata Metaliks

Tata Metaliks (TML) 3QFY23 results first cut: Blast furnace issues lead to disappointing performance* *Revenue:* Rs 7.9bn, +15% yoy; -10% qoq *PI sales* volume: 63kt, -16% yoy; -24% qoq and Realisation at Rs 47,995; flat yoy,-7% qoq realisation eased qoq as a result of poor market demand; volumes declined due to issues and stoppage of one blast furnace *DI pipe* sales volume: 77kt, +15% yoy; +10% qoq and Realisation at Rs 63,358; +28% yoy, flat% qoq. Volumes ramped up due to full operation at new DI pipe plant (25kt in 3QFY23) *RM cost/tonne:* Rs38,224/tonne; +19% yoy and -7% qoq due to correction in coking coal cost. *EBITDA:* Rs 387mn; -43% yoy; -5% qoq; EBITDA margins of 5% vs 10% yoy; 5% qoq; margins declined due to poor Pig iron volumes and maintenance cost, partly offset by reduction in coking coal cost. *Adj. PAT:* Rs95mn; -74% yoy; -34% qoq further hit by increase in finance cost *Order book:* 7-8months *Expansion projects:* New DI pipe plant phase 1 is running at full utilisation *Our view:* We believe that 3QFY23 was very poor performance due to operational issues at blast furnace which is now repaired. We expect that financials will surely improve in Q4fy23 due to highest offtake in both DI and PI. We remain positive on the prospects due to complete rampup of volumes and strong outlook for DI pipe. However, the stock is now linked to swap ratio due to its pending merger with Tata steel.

ICICI Prudential Life Insurance Company Ltd

ICICI Prudential Life Insurance Company Ltd. -S | *CMP* Rs. 484 | *M Cap* Rs. 69626 Cr | *52 W H/L* 649/430 (Nirmal Bang Retail Research) Result is above expectations* Premiums earned came at Rs. 9465 Cr vs YoY Rs. 9074 Cr, QoQ Rs. 9582 Cr APE came at Rs. 1822 Cr vs expectation of Rs. 1836 Cr, YoY Rs. 1929 Cr, QoQ Rs. 1999 Cr Value of New Business came at Rs. 618 Cr vs expectation of Rs. 561 Cr, YoY Rs. 515 Cr, QoQ Rs. 621 Cr Value of New Business Margin (%) came at 33.9% vs expectation of 30.6%, YoY 26.7%, QoQ 31.1% Margin improved on the back of an increase in mix of high margin Protection business PAT came at Rs. 221 Cr vs YoY Rs. 311 Cr, QoQ Rs. 199 Cr AUM came at Rs. 251884 Cr vs YoY Rs. 237560 Cr, QoQ Rs. 244279 Cr 13th month persistency came at 86.1% vs QoQ 85.9% 61st month persistency came at 64.2% vs QoQ 61.2% Market share came at 14.6% vs QoQ 15.7% & YoY 12.7% Quarter EPS is Rs. 1.5 Stock is trading at P/E of 54.5x FY24E EPS & 2.1x trailing M Cap/EV