®

HAPPY RAM NAVAMI

WISE MONEY2013: Issue 367, Week: 22nd - 25th April

A Weekly Update from SMC(For private circulation only)

Bra

nd

sm

c 1

91

(Saurabh Jain)

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

Fixed Deposit 16

Mutual Fund 17-18

EDITORIAL STAFF

Editor Saurabh Jain

Executive Editor Jagannadham Thunuguntla

+Editorial Team

Dr. R.P. Singh Nitin Murarka

Vandana Bharti Tejas Seth

Sandeep Joon Dinesh Joshi

Vineet Sood Shitij Gandhi

Dhirender Singh Bisht Subhranil Dey

Parminder Chauhan Ajay Lakra

Mudit Goyal

Content Editor Kamla Devi

Graphic Designer Pramod Chhimwal

REGISTERED OFFICES:

11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.

Tel: 91-11-30111000, Fax: 91-11-25754365

MUMBAI OFFICE:

Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road

Malad (West), Mumbai 400064

Tel: 91-22-67341600, Fax: 91-22-28805606

KOLKATA OFFICE:

18,Rabindra Sarani, Poddar Court, Gate No-4, 4th & 5th Floor,

Kolkata-700001

Tel : 91-33-39847000/39801300, Fax No : 91-33-39847004

AHMEDABAD OFFICE :

10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,

C G Road, Ahmedabad-380009, Gujarat

Tel : 91-79-26424801 - 05, 40049801 - 03

CHENNAI OFFICE:

2nd Floor, Mookambika Complex, 4, Lady Desikachari Road,

Mylapore, Chennai-600004

Tel: 91- 44 - 39109100 Fax: 91- 44 - 39109111

SECUNDERABAD OFFICE:

206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,

Secunderabad - 500003

Tel: 91-40-30780298/99, 39109536

DUBAI OFFICE:

312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E.

Tel: 97143963120, Mobile : 971502612483

Fax : 9714 3963122

Email ID : pankaj@smccomex.com

smcdmcc@gmail.com

Printed and Published on behalf of

Mr. Saurabh Jain @ Publication Address

11/6B, Shanti Chamber, Pusa Road, New Delhi-110005

Website: www.smcindiaonline.com

Investor Grievance : smc@smcindiaonline.com

Printed at: KOZMIC STYLE OFFSET

D-137, Okhla Industrial Area, Phase-I, New Delhi - 110020 (India)

Ph.: +91-11- 46251190, Email: Kozmic@consigliori.org

tock markets across the world traded on a positive note in the week gone by, albeit

the mixed set of economic data around the globe. Improvement in Housing starts in SU.S., lower economic growth in China, weakness in German investor confidence

index along with a lower forecast for the global economic growth by the International

Monetary Fund to 3.3% from the earlier estimates of 3.5% kept a bit of skepticism about the

growth and ongoing stimulus among the investor fraternity. The Chinese economic

expansion in the first quarter ending March 2013 came at 7.7%, lower than the estimates of

7.9% indicating that the economy may see lower growth trajectory owing to weak

manufacturing and consumption.

Fed in its Beige Book, report on economic conditions across its 12 districts, reported that

the prices of houses were rising in most of the regions. Reports from the 12 Federal Reserve

districts also suggested that the overall economic activity expanded at a moderate pace

during the reporting period from late February to early April. The report also confirmed

that inflation was held generally in check even as the central bank cranked up the printing

presses to hold the interest rates low.

Gold remained the talk of the street as it declined nearly by 28% from the record high of

September at $1923.70. Concerns that European countries like Cyprus would sell excess

gold in order to compensate for losses along with slower economic growth in China, higher

than the estimates weighed heavily on the sentiments that led to a huge fall in gold prices.

The statements from the President of the European Central Bank, Mario Draghi, stating that

the monetary policy alone cannot solve the deep rooted crisis and the governments must

act for structural reforms also spooked the selling in the bullion.

Back at home, Indian stocks reacted positively to the fall in gold and crude prices as it is

expected to result in a correction in the ballooning current account deficit and fiscal

deficit. The fall in the WPI inflation for the month of March 2013 to 5.95% also raised the

hopes of a reduction in the interest rate by the Reserve Bank of India (RBI) in the ensuing

policy meeting even though, it has already indicated about the limited room for relaxation

in the interest rates. Meanwhile India's exports grew for the third month in a row, rising by

6.97% in March though on annual basis it declined 1.76% to $300.6 billion in 2012-13. In

order to encourage exports, the government has announced a host of steps including

extension of the zero-duty export; Export Promotion Capital Goods (EPCG) scheme beyond

March 2013. Besides, it has also announced incentives for Special Economic Zones (SEZs) to

encourage exports.

On the commodities front, panic selling in gold markets, which stimulated after the

announcement of sell orders for 400 metric tonnes worth about $20 billion of gold by

Cyprus, accelerated last week. The markets witnessed historical selling even though it

improved physical buying. Furthermore a jump in the equity market compelled the

investors to pull out their money from the commodities and park it into the riskier assets,

which have become more attractive right now. Commodities may take a few more days to

stabilize. Some lower level buying cannot be denied after a sharp fall but there is a fear in

the market that this buying would be short lived and the overall trend of commodities is

weak at present. Interest rate decision by the Reserve bank of New Zealand and Bank of

Japan, CPI of Australia and Japan, GDP of UK and US are a few important economic releases

and events which will impact the commodities prices in the days to come.

From The Desk Of Editor

th thDue to Ram Navami, week under consideration is from 15 to 17 April, 2013

4

NOTES:

1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of "Morning Mantra ".

2) S1 & S2 indicate first support & second support respectively & R1 & R2 indicate first resistance and second resistance respectively.

3) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.

TREND SHEET

STOCKS CLOSING TREND DATE RATE S1 R1 S2 R2 CL.

PRICE TREND TREND S/L

CHANGEDCHANGED

SENSEX 18731 DOWN 26.03.13 18705 19300 19500 19730

S&P NIFTY 5688 DOWN 26.03.13 5642 5850 5900 5950

CNX IT 6236 DOWN 17.04.13 6236 6600 6900 7000

CNX BANK 11981 DOWN 21.03.13 11238 12000

ACC 1189 DOWN 17.01.13 1359 1230 1260 1300

BHARTIAIRTEL 286 DOWN 14.02.13 311 300 310 320

BHEL 183 DOWN 01.11.12 227 195 205 210

CIPLA 401 UP 11.04.13 406 385 375 370

DLF 243 DOWN 21.03.13 239 255 260 265

HINDALCO 93 DOWN 07.02.13 113 100 105 110

ICICI BANK 1098 DOWN 28.02.13 1040 1100 1120

INFOSYS 2284 DOWN 17.04.13 2284 2475 2650 2700

ITC 313 UP 04.03.11 172 290 285 280

L&T 1424 DOWN 07.02.13 1496 1450 1480 1500

MARUTI 1494 UP 17.04.13 1494 1400 1375 1350

NTPC 144 DOWN 13.12.12 151 - 150 - 155 160

ONGC 329 UP 17.04.13 329 315 300 295

RELIANCE 774 DOWN 28.02.13 814 840 860 870

TATASTEEL 297 DOWN 07.02.13 390 340 350 360

NEWS

MEETING DATE SYMBOL PURPOSE

22-Apr-13 CAIRN Results/Dividend

22-Apr-13 ULTRACEMCO Results/Dividend

23-Apr-13 HDFCBANK Results/Dividend

23-Apr-13 M&MFIN Results/Dividend

24-Apr-13 AXISBANK Results/Dividend

25-Apr-13 HINDZINC Results/Dividend

25-Apr-13 JINDALSTEL Results/Others

25-Apr-13 IDEA Results

25-Apr-13 IDBI Results/Dividend

25-Apr-13 BIOCON Results/Dividend

26-Apr-13 CASTROL Results

26-Apr-13 HEROMOTOCO Results/Dividend

26-Apr-13 MARUTI Results/Dividend

26-Apr-13 LICHSGFIN Results

26-Apr-13 ICICIBANK Results/Dividend

27-Apr-13 FEDERALBNK Results/Dividend

27-Apr-13 POLARIS Results/Dividend

29-Apr-13 SHREECEM Results/Dividend

29-Apr-13 INGVYSYABK Results/Dividend

29-Apr-13 HEXAWARE Results/Dividend

30-Apr-13 PETRONET Results/Dividend

30-Apr-13 DABUR Results/Dividend

30-Apr-13 CHAMBLFERT Results/Dividend

30-Apr-13 TAJGVK Results/Dividend

30-Apr-13 TVSMOTOR Results/Dividend

FORTHCOMING EVENTS

DOMESTIC NEWS

Economy

·India's Wholesale Price Index (WPI) inflation eases to 5.96 per cent in March, lowest in 3 years. Inflation based on the Wholesale Price Index (WPI) stood at 6.84 per cent in February and was 7.69 per cent in March 2012.

Capital Goods

·Crompton Greaves has been awarded a major contract for $60 million for the turnkey construction of four high voltage GIS substations by the electrical transmission project office of the ministry of electricity in Iraq.

Realty/ Construction

·Valecha Engineering has recently bagged the project worth `316.87

crore for construction of Rafti Main Canal and its distribution system including all earth work and pucca works between KM 114.00 to 125.682 at Uttar Pradesh.

·Sadbhav Engineering has been declared successful bidder for the project of earthwork for deepening and widening of parallel lower Ganga canal as per final stage theoretical lined sections (8900 cusec capacity) - in respect of which bid was invited by The Chief Engineer Ram Ganga, Irrigation Department, Government of Uttar Pradesh, Kanpur for contract value of ̀ 132.95 crore.

Mining & Minerals

·Coal India (CIL) has so far entered into fuel supply pacts with 60 power plants even as the deadline set by the Prime Minister's Office for signing of the FSAs expired in January.

Oil & Gas

·Oil India Ltd (OIL) has commissioned its 54 mega watt wind turbine plant at Dangri in Jaisalmer district of Rajasthan, there by strengthening its footprint in renewable energy.

Pharmaceuticals

·Ranbaxy Laboratories and Daiichi Sankyo Company announced synergy in Brazil to expand the business of both companies in the country. As part of this synergy, Ranbaxy will support Daiichi Sankyo's Brazilian subsidiary, Daiichi Sankyo Brasil Farmaceutica (Daiichi Sankyo Brazil), to enter the branded generics market, in addition to its established business of providing innovative products.

Hotels

·Speciality Restaurants has opened a "Mezzuna" restaurant located at Boat Club Road in Pune. Accordingly, as of the date, the total number of restaurants including franchise restaurants and confectionaries of the company are 85 and 14 respectively.

INTERNATIONAL NEWS

·US retail sales fell by 0.4 percent in March after surging up by a revised 1.0 percent in February. Economists had expected retail sales to come in unchanged compared to the 1.1 percent increase originally reported for the previous month.

·US industrial production rose by 0.4 percent in March following an upwardly revised 1.1 percent increase in February. Economists had expected production to edge up by 0.2 percent. The increase in production in March was largely due to a 5.3 percent jump in utilities output, which came on the heels of a 2.5 percent increase in February.

·US housing starts jumped 7.0 percent to an annual rate of 1.036 million in March from the revised February estimate of 968,000. Economists had expected housing starts to climb to an annual rate of 930,000 from the 917,000 originally reported for the previous month.

·US consumer price index edged down by 0.2 percent in March after rising by 0.7 percent in February. Economists had expected prices to come in unchanged compared to the previous month.

·Japan's consumer confidence index, excluding one-person households, increased to 44.8 in March from 44.2 in February. In January, the reading was 43.2. The index increased for the third month in a row.

·Eurozone's construction production decreased at a slower pace in February. Construction production decreased 0.8 percent month-on-month in February, slower than the 2.1 percent decrease seen in January.

®

5

BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)

SECTORAL INDICES (% Change)

SMC Trend

SMC Trend

FMCGHealthcare

FTSE 100CAC 40

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

ITMetal

Down SidewaysUp

SMC Trend

Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

®

1.70

1.02 1.05

0.77

2.13

1.69

0.00

0.50

1.00

1.50

2.00

2.50

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

-1.18

-12.90

2.27

5.90

2.37

6.87

1.500.91

2.71 2.70 2.86

-15.00

-10.00

-5.00

0.00

5.00

10.00

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index

Healthcare Index

IT Index Metal Index

Oil & Gas Index

Power Index

Realty Index

-2.88

-0.31

-2.60

-1.23

-0.54

-2.40

-1.15

-2.68

-4.68-5.00

-4.50

-4.00

-3.50

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

Nasdaq Comp.

Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.

FTSE 100 CAC 40

7.80

6.84 6.65 6.606.10

-3.45

-2.18-1.42 -1.13 -0.90

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

St Bk of India

ITC M & M O N G C Maruti Suzuki

TCS Wipro Tata Motors

Coal India Cipla

8.93

7.85

7.21 6.99 6.90

-3.64-3.20

-1.78 -1.55 -1.44

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Axis Bank St Bk of India

B P C L M & M ITC TCS HCL Technologies

DLF Cairn India Tata Motors

93.20

-337.50

639.00

-94.70

47.80

-103.20

-400.00

-200.00

0.00

200.00

400.00

600.00

800.00

Friday Monday Tuesday

FII Activity MF Activity

Above calls are recommended with a time horizon of 1 year.

Beat the street - Fundamental Analysis

6®

Face Value (`) 5.00

52 Week High/Low 704.90/515.65

M.Cap (` Cr.) 7885.47

EPS (`) 29.12

P/E Ratio (times) 21.70

P/B Ratio (times) 8.25

Stock Exchange BSE

VALUE PARAMETERS

% OF SHARE HOLDING

HAVELLS INDIA LIMITED CMP: 631.95 Upside: 22%Target Price: 770

Investment Rationale Alwar, and Neemrana, and six others across

Europe, Latin America and Africa.·The company is looking at the capex of `100 – 120

crore during FY14. The company will invest the sum ·The company is eyeing global tie-ups with luxury

towards increasing capacities by at least 20 per hotel chains and commercial establishments such

cent across four of its units; they are the switchgear as museums and auto-showrooms to carry out

facility at Baddi (Himachal Pradesh), cables and lighting solutions. Similar tie-ups are being

wires unit in Alwar (Rajasthan), the lighting and explored in India. The company already has tie-

fixture facility at Neemrana (Rajasthan) and a fans ups in India with the National Museum in Delhi and

unit in Haridwar (Uttarakhand). RN Tagore museum in Kolkata. It also has a global

tie-up with automobile major Renault and ·· The company is already carrying out a `130-crore Madamme Tussauds.expansion – to double production capacity to 10

Valuationlakh units – at its switchgear facility in Baddi. It is

expected to be operational by June 2013. The management expects that the company surplus

scenario is likely to continue for the next three years ·The recent launched economy range of and also will keep its growth story in the coming switchgear 'Reo' has seen good response and the quarters also. Based on two average P/Ex of 18.72, management expects to achieve sales of Rs 150 we expect the stock to see a price target of Rs.770 on crore in FY14 and `300 crore in the next 3 years. its estimated FY14E EPS of 41.12.The management expects to maintain current

margin levels in switchgear.

·The management has guided for 0-2% revenue

growth in Europe while in America it expects to

achieve revenue growth of 8-10% during FY14. The

management has given margin guidance of 6.5-7%.

·In Sylvania, subsidiary of company for the

international business, presently net debt is at

Euro 77 mn which is expected to come down to

Euro 67 mn by December 2013.

·Havells has 14 manufacturing units in India

located at Haridwar, Baddi, Noida, Faridabad,

` in cr

Particular Mar 2012 Mar 2013E Mar 2014E

Revenue 6518.20 7272.76 8083.07

EBITDA 697.03 717.74 843.47

EBIT 602.18 628.58 751.76

Pre-Tax Profit 475.73 557.75 655.77

Net Profit 369.92 467.50 503.26

EPS 29.65 35.38 41.12

BVPS 76.59 108.71 139.99

ROE 45.97 35.25 32.70

P/BV Chart

Face Value (`) 10.00

52 Week High/Low 288.00 / 150.10

M.Cap (` Cr.) 12736.97

EPS (`) 38.90

P/E Ratio (times) 5.95

P/B Ratio (times) 0.98

Stock Exchange BSE

` in cr

Particular Mar 2012 Mar 2013E Mar 2014E

Net Total Income 9,241.27 9,978.17 11,485.83

EBIT 5,253.75 5,020.31 5,944.22

Pre-Tax Profit 2,712.75 3,014.90 3,805.01

Net Profit 1,787.13 2,062.70 2,603.80

EPS 34.07 36.50 45.79

BVPS 265.79 273.23 307.93

ROE 13.05 14.41 16.18

VALUE PARAMETERS

% OF SHARE HOLDING

Investment Rationale ·It has opened its second overseas branch at the Dubai International Financial Centre (DIFC). Union Bank ·The business of the bank accelerated by 19% YoY to set up its first overseas branch in Hong Kong in 2008 `429352 crore at end December 2012. Advances and five representative offices in Abu Dhabi, Beijing, surged 22% to `189997 crore while deposits grew Shanghai, Sydney and London thereafter. The Bank 17% to ̀ 239355 crore.plans to further expand overseas with branches in ·Gross NPA as well as Net NPA declined on a sequential Antwerp (Belgium) and Sydney (Australia) and a basis by 1% to `6383.6 crore and 11% to `3168.51 subsidiary in London (UK) on the anvil, the bank said crore at end December 2012. The %GNPA declined in a statement.30 bps QoQ to 3.36%, while %NNPA declined 36 bps

ValuationQoQ to 1.7% at end December 2012.The bank has witnessed an improvement in the asset ·The Bank has restructured ̀ 1205 crore of advances in quality on a sequential basis with the stressed assets the quarter ended December 2012. The net book easing to 7.5% of the advances at end December outstanding restructured assets increased to `10696 2012 compared to 7.8% at end September 2012 and crore at end December 2012 from `10009.4 crore at 8.0% at end June 2012. It has also witnessed a steady end September 2012. About `2359 crore of business growth over the years and the growth is restructured assets have slipped in to NPA category.expected to continue going forward with new branch ·The provision coverage ratio improved sharply to addition and expansion into new geographies. We 66.21% at the end of December 2012, compared to expect the stock to see a price target of `311 in one 61.45% at the end of September 2012.year time frame on a two year average P/B of 1.01x ·The Capital Adequacy ratio stood at 10.78% with and FY14 (E) book value per share of ̀ 307.93.

the Tier I capital of 7.4% at the end of December 2012 compared to 11.39% with the Tier I capital of 8.17% at the end of September 2012.

·The CASA ratio of the bank improved on a sequential basis to 31.5% at end December 2012 from 30.7% at end September 2012.

·The NIM for the quarter ended December 2012 stood at 2.95% and for the nine months ending Dec'12, it stood at 2.99%.

·The bank has added 84 new branches and 115 ATMs during the quarter ended December 2012. The branch network and ATMs network stood at 3395 branches and 4300 ATMs at end December 2012.

P/E Chart

UNION BANK OF INDIA LIMITED CMP: 231.35 Upside: 34%Target Price: 311

Source: Company Website Reuters Capitaline

Charts by Spider Software India Ltd

7

EQUITY

The stock closed at ̀ 86.20 on 17th April 2013. It made a 52-week low at ̀ 73.75 on

20th June 2012 and 52-week high of `102.45 on 13th September 2012. The 200

days Exponential Moving Average (EMA) of the stock on the weekly chart is

currently at ̀ 69.18.

It could be seen on the chart the stock has formed a Head and shoulder pattern,

which is a bearish pattern. But due to strong hold of buyers it negated the

formation and reversed sharply on weekly basis indicating strong desire to

remain on a positive note. One can Buy in the range of 84-86 levels with closing

below stop loss of 80 levels for the target of 95-98 levels.

Above calls are recommended with a time horizon of 1-2 months

The stock closed at ̀ 46.50 on 17th April 2013. It made a 52-week low at ̀ 36.60

on 04th June 2012 and 52-week high of ̀ 52.80 on 13thDecember 2012. The 200

days Exponential Moving Average (EMA) of the stock on the weekly chart is

currently at ̀ 47.12.

After making whipsaws again it managed to breach its 200 EMA on weekly basis

with the volumes indicating fresh buying into it. Also the oscillators were trading

in oversold zone which gave a rebound so that it may continue its northward

journey. One can Buy in the range of 44-46 levels with closing below stop loss of

40 levels for the target of 52-54 levels.

The stock closed at ̀ 99.15 on 17th April 2013. It made a 52-week low at ̀ 84.90

on 04st March 2013 and 52-week high of ̀ 180.80 on 08th May2012. The 200 days

Exponential Moving Average (EMA) of the stock on the weekly chart is currently

at ̀ 120.65.

On the charts, it is clear that it is forming lower highs to form a sort of ascending

triangle on daily charts. Right now it has not breached its previous resistance but

looking at the increase in volumes it is anticipated that it may give a sharp spike

in the near term. One can Buy in the range of 97-99 levels with closing below

stop loss of 92 levels for the target of 110-113 levels.

APOLLO TYRE

HSIL

DCB

®

DERIVATIVES

BASIS GAP IN NIFTY

BHEL (APR FUTURE)

Buy: Above 188

Target:

Stop loss: 185

`

`195

`

TATAGLOBAL (APR FUTURE)

Buy: Above 140

Target: `145

Stop loss: `138

`

TCS

Buy APR.1440 PUT 18.00

Sell APR.1400 PUT 11.00

Lot size: 250

BEP: 1433.00

Max. Profit: 8250.00 (33.00*250)

Max. Loss: 1750.00 (7.00*250)`

OPTIONSTRATEGY

FUTURESTRATEGY

IFCI

Buy APR. 30 CALL 0.40

Lot size: 8000

BEP: 30.40

Max. Profit: Unlimited

Max. Loss: 3200.00 (0.40*8000)`

NMDC (APR FUTURE)

Sell: Below 121

Target: 117

Stop loss: 123

`

`

`

The Index traded upward throughout the week. Overall market cost-of-carry for May contracts increased on the back of short covering. The scenario in the

market currently remains positive and range bound. Nifty April futures closed with 2 points discount. Hereafter, the range of 5600-5850 will remain crucial in

the near term. Breach below the 5700 mark could see the Index declining sharply to 5600 levels. Put-call ratio of open interest increased last week and closed

at 1.10 indicating put writing. The PCR OI for the week traded up trending indicating put writing and calls liquidation. Options open interest concentration

shifted to the 5600 strike put option with open interest of above 1 crore shares. The 5900 call-option strikes have maximum IO of more than 70 lakh shares. The

implied volatility (IV) of call options closed at 14.80%. While the average IV of put options was 14.10%. The Nifty VIX for the week closed at 15.40. Short term

indicators are indicating resistance around 5850 levels. It is likely to hover in the range of 5700-5900 levels for the week and expire in this range.

WEEKLY VIEW OF THE MARKET

NIFTY TOTAL OPEN INTEREST (in share)

FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS

(Derivative segment) `(Cr)

FIIs ACTIVITY IN F&O IN LAST WEEK

(Derivative segment)

HINDALCOBuy APR. 95 CALL 1.10Buy APR. 92.5 PUT 1.25

Lot size: 2000Upside BEP: 97.35Downside BEP: 90.15Max. Profit: UnlimitedMax. Loss: 4700.00 (2.35*2000)`

BULLISH STRATEGY VOLATILITY STRATEGY BEARISH STRATEGY

DERIVATIVE STRATEGIES

®

167.01

-516.81

-14.04

1706.67

95.07

2163.38

-859.72

106.38

1948.11

647.98

-1500.00

-1000.00

-500.00

0.00

500.00

1000.00

1500.00

2000.00

2500.00

04-Apr 05-Apr 08-Apr 09-Apr 10-Apr 11-Apr 12-Apr 15-Apr 16-Apr 17-Apr

55900246950

516500 635750

1801700

3641850

8364100

7319900

7899500

5220150

1689700

1231100

2883050

4898350

6490050

7741750

10205750

6159850

1080200683000

555750 366050

0

2000000

4000000

6000000

8000000

10000000

12000000

5100 5200 5300 5400 5500 5600 5700 5800 5900 6000 6100

Call Put

-5

0

5

10

15

20

03-Apr 04-Apr 05-Apr 08-Apr 09-Apr 10-Apr 11-Apr 12-Apr 15-Apr 16-Apr 17-Apr

BUY75.9%

SELL24.1%

8

9

BHARTIARTL 7099000 6704000 -5.56 1.05 1.57 0.52 42.88 40.33 -2.55

DLF 12884000 13638000 5.85 0.82 0.73 -0.09 43.79 48.85 5.06

HINDALCO 32938000 30750000 -6.64 0.61 0.59 -0.02 36.79 35.62 -1.17

HINDUNILVR 6184500 6490000 4.94 1.05 1.02 -0.03 26.65 23.79 -2.86

ICICIBANK 8748000 8900500 1.74 0.72 0.92 0.20 33.37 28.34 -5.03

IDEA 13136000 12200000 -7.13 0.68 0.86 0.18 39.72 38.73 -0.99

INFY 4598625 3605250 -21.60 0.61 0.48 -0.13 37.23 23.01 -14.22

ITC 18677000 19989000 7.02 0.72 0.96 0.24 25.08 21.77 -3.31

JPASSOCIAT 57280000 49436000 -13.69 0.89 1.15 0.26 46.48 47.98 1.50

NTPC 12816000 12018000 -6.23 0.26 0.23 -0.03 22.28 23.83 1.55

ONGC 8314000 9228000 10.99 0.54 1.11 0.57 31.13 29.61 -1.52

RANBAXY 3188000 3208000 0.63 0.75 0.81 0.06 30.20 29.39 -0.81

RCOM 36860000 39092000 6.06 0.84 0.99 0.15 80.94 78.94 -2.00

RELIANCE 8645000 8518500 -1.46 0.69 0.62 -0.07 32.86 24.75 -8.11

NIFTY 20238250 19008900 -6.07 0.87 1.10 0.23 15.60 14.80 -0.80

SAIL 15964000 14804000 -7.27 0.37 0.45 0.08 33.22 43.79 10.57

SBIN 4843125 4952250 2.25 0.68 1.15 0.47 23.71 25.81 2.10

TATASTEEL 18048000 19375000 7.35 0.43 0.39 -0.04 35.35 38.35 3.00

UNITECH 50390000 51310000 1.83 0.40 0.58 0.18 58.81 70.44 11.63

IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS

OPEN INTEREST PCR RATIO IMPLIED VOLATILITY

SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE

DERIVATIVES

Put Call Ratio Analysis : The Put-Call open interest ratio of Nifty has increased to

1.10 from 0.87. At the end of the week, the maximum stocks had a positive of

change in put call open interest ratio.

Implied Volatility Analysis : The Implied Volatility (IV) for Nifty futures this week

has decreased to 14.80% from 15.60%. The IV of the stock futures has changed

this week ranging from -14.22% to 11.63%.

Open Interest Analysis : The open interest for the index at the end of this week

has decreased by 6.07% as compared to the previous week. All future stocks saw

changes in their open interest ranging from -21.60% to 10.99%. INFY has the

maximum decrease in open interest as compared to other stocks.

Statistical Analysis·

Open 5529.00 High 5733.45

Low 5503.15 Close 5694.20

NIFTY & IV CHART NIFTY ANALYSIS

®

14

15

16

17

18

5400

5500

5600

5700

5800

12-Apr 15-Apr 16-Apr 17-Apr

Nifty Close IV

10

Bear carnage in the bullion counter may continue further with the crucial damage done on technical charts, which shows further selling pressure. Going forward the signs of the U.S. economic recovery is gaining momentum and the spurred speculation that the Federal Reserve may pare stimulus is keeping the bullion counter under selling pressure. Internationally, investors have dumped gold and flocked to the equity markets in the recent weeks as Cyprus plans to sell gold reserves to raise around 400 million Euros ($525 million). This has raised concerns that the other indebted euro zone countries could follow suit. It seems nowadays that the fundamental case for holding gold as an alternative currency and hedge against inflation is losing its appeal. Gold may face a further slip towards $1270 in COMEX and towards 24000-24500 in MCX. White metal, silver can also melt towards 39000-40000 in the near term. On the domestic bourses, some strength in the local currency will add selling pressure. Gold-silver ratio can head further higher towards 62 thus indicating that silver melted faster than gold. The investors will also be watching the ongoing tensions in the Korean Peninsula, which can lead to the safe haven demand in Gold. 10-year Treasury bond yields are just over 1.7 percent and have been falling steadily for more than a month, hardly a vote for growth, inflation and a tapering off of quantitative easing. Gold is far more volatile, with emotions and short term supply and demand driving sharp swings in prices. India imported 200 tonnes of gold in January to March 2013, down 23.67 percent from the same period of last year due to rise in the import duty.

BULLIONS

ENERGY COMPLEX

The burgeoning inventories and the contagion effect of a meltdown in bullions is taking a toll in the crude oil counter as well, which is expected to remain on weaker side in the near term. The International Monetary Fund recently trimmed projections for the global economic growth for this year and next to take into account sharp government spending cuts in the United States and the latest struggles of recession stricken Europe. Meanwhile, the OPEC members will discuss holding an emergency meeting if the oil prices stay below $100 a barrel. Crude oil prices can trade in the range of 4600-4900 in MCX and $84-90 in NYMEX. According to the EIA, U.S. gasoline and distillates demand declined last week while daily crude output rose to 7.2 million barrels, the highest since July 1992. Natural gas price can continue its upside momentum on weather concerns but profit booking at higher levels cannot be denied. Overall it can trade in the range of 220-232 in MCX. The weather forecasts pointed to below-normal temperatures settling in for portions of the heavily populated Midwest region of the U.S. Reports that the Commodity Weather Group LLC in Bethesda, Maryland, predicted colder than normal temperatures in the central U.S. through late April sent the price rising earlier. Typically this time of the year, stockpiles begin to climb as milder spring temperatures curb the demand for natural gas, even though prices may rise by later spring, when homes and businesses crank up the air conditioning units. NYMEX gas prices have shot up almost 30% since mid-February, thanks to the below normal temperatures gripping much of the eastern half of the U.S.

CPO futures (May) is likely to witness some bearish price movement, facing resistance near 460 levels & taking negative cues from Malaysian market. On BMD, the counter is at 4-month low on persistent dampened investor sentiment and hurt commodities across the board. In days to come, market participants would keep an eye on the export numbers as stocks of the edible oil could ease further on higher shipments and weak production. Cargo surveyor Intertek Testing Services will release Malaysia's April 1-20 export data on Saturday while another surveyor, Societe Generale de Surveillance, is expected to do the same on Monday. Mustard futures (May) will possibly remain stable taking support above 3480 levels. The crushing have improved with the rise in arrivals the cash markets and he stockiest are expecting fresh demand in the mustard oil in a week or two with upcoming auspicious wedding dates. The resumption of uptrend in soybean futures may remain capped owing to profit booking from higher levels. The forward month contract (May) is expected to face resistance near 4200 levels. The current scenario of rising price accompanied by a decreasing volume is indicating that the price movement upward is weak and lacks conviction. On the international platform, U.S Soybean futures (May) is seen steady with an upside bias taking support at 1380 levels. Soybean export premiums at the U.S. Gulf Coast are firm supported by tight old-crop supplies and moderate demand for new-crop shipments.

OIL AND OILSEEDS

Base metals complex may tad lower on the China growth concerns and a surge in the LME inventories. China, particularly, is no longer quite the engine of growth and demand it once was. The Chinese economic growth fell unexpectedly to 7.7 percent in the first quarter. The Chinese industrial production has particularly been crimped, growing at an 8.9 percent clip in the month but missing the estimates of 10 percent growth, in part due to falling demand from Europe and elsewhere. Red metal copper has slumped below the key level of 390 and thus a further fall towards 350 can be seen. Codelco expects to increase the copper output to a record this year, boosted by its newly acquired slice of the coveted Los Bronces deposit and the launch of production at its Ministro Hales mine. Copper exchange stocks of copper are now back at levels last seen in 2003 with another huge tranche of the metal sitting in Shanghai's bonded warehouse zone. Lead can trade in the range of 104-110. Lead premium to secure spot lead deliveries in Europe have dropped by close to 30 percent as the panic buying seen late last year has subsided, with refiners finally able to raise production due to a cheaper and more plentiful scrap supply. Nickel prices can trade in the range of 800-860 in MCX. Nickel stockpiles of nickel tracked by the LME reached the highest level since 2010 last month. Aluminum prices may move in the range of 98-104 levels while Zinc prices can hover in the range of 96-103 in MCX.

BASE METALS

Pepper futures (May) is expected to remain below its strong resistance of 36100 levels. The counter is lacking any optimism due to the lack of availability of the forward month contracts on the national bourse. In the spot market, arrivals continued to remain moderate in Kerala while it was more in Karnataka. The harvesting in Karnataka and Tamil Nadu states will get over by mid May. However in Vietnam, the market is active due to the recent arrivals of the crop. As regard other competitors, there are reports that Indonesia's production is likely to be higher while the Brazil crop is expected to be better. Cardamom futures (May) is likely to plunge further towards 725-710 levels. In the recent days, the growers/stockists have started releasing their stocks of cardamom as they have witnessed a massive fall in the crop and that this has created a surge in the arrivals. At the spot market, the individual auction average is hovering between Rs.667-695/kg over a month now. Turmeric futures (May) will probably witness a consolidation in the range of 6500-7000 levels. The downside may remain capped supported by demand for yellow spice from local exporters, who have received enough orders from the Northern region. Chilli futures (June) is likely to extend its bearish trend, and now it is seen heading to 6200 levels. Factors such as lower seasonal demand due to rising mercury along with inferior quality of crop arriving at the spot market may pressurize the counter. Growers are opting to store the good quality by preserving the produce in cold storage.

SPICES

OTHER COMMODITIES

Wheat futures (May) is likely to trade higher towards 1780-1790 levels. Despite the ongoing peak harvesting season, there is soaring demand for the new grain from exporters, stockists and millers. According to the FAO report, wheat exports from India are likely to touch a record high of 7.5 million tonnes in the current marketing year ending June 2013, taking advantage of the tight supplies in Russian Federation, EU & Australia. Sugar futures (May) will possibly consolidate in the range of 2900-3015 levels. Ample supply at the spot market is outweighing the seasonal demand of summer. Adding to it, it is seen that the importers have an opportunity to import raw sugar from Thailand and Brazil as the price of sugar in the international markets are cheaper as compared to the domestic markets. The Indian indicative raw sugar CIF prices from Thailand quoted @ $508.44/ton (including 10% import duty) and the Indian domestic refined sugar FOB prices quoted @ $592.29/ton Kolhapur based. Mentha oil futures (May) is expected to continue its multi-week downtrend towards 940-920 levels pressurized by higher arrivals at the spot markets. The counter is in a state of backwardation, where the futures price is lower than the spot price. In Rampur, mentha oil (68 GLC) was quoted at Rs 1,062 per kg, in Chandausi at Rs 1,070 per kg, in Sambhal at Rs 1,075 a kg and in Barabanki at Rs 1,045 a kg. In the current scenario, the crop is in a good condition but it will be clear after wheat harvesting is completed.

®

Closing as on 17.04.13

11

NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.2) S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance. 3) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the commodity. At the moment, the stop loss will be far as we are seeing the graphs on weekly

basis and taking a long-term view and not a short-term view.4) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of Daily report- commodities.

TECHNICAL RECOMMENDATIONS

EXCHANGE CONTRACT CLOSING DATE TREND

CHANGED

SOYABEAN (MAY) 3898.50 07.03.13 UP 3421.50 3700.00 - 3600.00 - 3500.00

JEERA (MAY) 13180.00 11.04.13 UP 13795.00 12000.00 - 11500.00 - 11000.00

PEPPER(MAY) 35225.00 27.03.13 SIDEWAYS - - - - - -

RED CHILLI (JUNE) 6362.00 17.04.13 DOWN 6362.00 - 7200.00 - 7600.00 8000.00

RM SEEDS (MAY) 3538.00 11.04.13 UP 3586.00 3200.00 - 3100.00 - 3000.00

MENTHA OIL (MAY) 935.30 21.03.13 DOWN 1141.30 - 1060.00 - 1100.00 1150.00

CARDAMOM (MAY) 763.20 28.02.13 DOWN 965.00 - 860.00 - 900.00 930.00

SILVER (MAY) 43631.00 20.12.12 DOWN 57351.00 - 46000.00 - 49000.00 49500.00

GOLD (JUNE ) 25679.00 14.02.13 DOWN 30463.00 - 27200.00 - 28000.00 28300.00

COPPER (APRIL) 381.40 20.12.12 DOWN 432.95 - 406.00 - 415.00 420.00

LEAD (APRIL) 108.70 21.03.13 DOWN 118.45 - 112.00 - 115.00 118.00

ZINC (APRIL) 100.10 21.03.13 DOWN 105.65 - 105.00 - 107.00 109.00

NICKEL(APRIL) 833.60 21.02.13 DOWN 920.30 - 900.00 - 910.00 920.00

ALUMINUM(APRIL) 101.60 21.02.13 DOWN 112.95 - 106.00 - 109.00 112.00

CRUDE OIL (MAY) 4737.00 17.04.13 DOWN 4737.00 - 5000.00 - 5100.00 5200.00

NATURAL GAS (APRIL) 228.00 28.02.13 UP 191.10 216.00 - 210.00 - 204.00

TREND RATE TREND S1 R1 S2 R2 CLOSING

PRICE CHANGED STOP/LOSS*

TREND SHEET

COMMODITY

CPO MCX (APRIL) contract closed at ̀ 461.00 on 17th April '13. The contract made its high of ̀ 471.60 on

10th April '13 and a low of `454.70 on 20th March '13. The 18-day Exponential Moving Average of the

commodity is currently at ̀ 462. On the daily chart, the commodity has Relative Strength Index (14-day) value of 47.80. One can Sell in

the range 464-466 with the stop loss of ̀ 469 for a target of ̀ 455.

TURMERIC NCDEX (MAY) contract closed at `6764.00 on 17th April '13. The contract made its high of

`7374.00 on 16th April '13 and a low of ̀ 6440.00 on 1st April '13.The 18-day Exponential Moving Average

of the Commodity is currently at ̀ 6859.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 48.68.One can Sell in

the range 6850-6950 with the stop loss of ̀ 7100 for target of ̀ 6500.

NATURAL GAS MCX (MAY) contract closed at `230.40 on 17th April '13.The contract made its high of

`237.80 on 6th April '13 and a low of ̀ 215.40 on 26th March '13.The 18-day Exponential Moving Average

of the Commodity is currently at ̀ 226.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 57. One can Sell in the

range 232-235 with the stop loss of ̀ 239 for a target of ̀ 222.

®

CPO MCX (APRIL)

TURMERIC NCDEX (MAY)

NATURAL GAS MCX (APRIL)

12

COMMODITY

NEWS DIGEST

Massive selling was witnessed in commodities last week as investors preferred to invest in riskier

assets. Last week will be remembered for the historical fall in the bullion counter. Gold saw a sharp

correction as its appeal for hedging against inflation eroded. Return of confidence in the economy

and a better performance of the equity market compelled the investors to pull out their money

from the bullion counter and park it in riskier assets. S&P 500 has more than doubled from its 12-

year low in 2009. In COMEX, gold futures slumped by 17% this year, the worst start since 1981. Silver

followed the footsteps of gold and saw a sharp correction. A massive fall in the ETF gold holding

also contributed to this razor sharp fall. Though, the recent sharp correction stimulated physical

buying in the Indian and Chinese markets. Both base metals and energy complex witnessed a selling

pressure too. Worse than expected GDP number of China gave a jolt to base metals and energy

prices. Copper breached the mark of 380 in MCX on the concern that the demand from China, the

biggest user, will be weak as the International Monetary Fund has cut its forecast. The economic

uncertainties and expectations for a surplus in the second half led to a weaker restocking than

usual; only aluminum traded sideways with an upside bias. Brent crude fell below $100 a barrel for

the first time since July on signs that the economic growth will slow, curbing demand. West Texas

Intermediate crude fluctuated near the lowest level in almost four months as the U.S. fuel use

declined and the production climbed to a two-decade high.

Like metals and energy, most of the agro commodities also closed the week on a negative note. The

expiry of the April contract also added volatility in the agro commodities on NCDEX. Wheat

advanced for the third week on the concern that the persistent dryness and freezing temperatures

will further damage drought-hit crops in some of the biggest growing regions in the U.S., the

world's largest exporter. Correction also occurred in chilli futures owing to the continued

unresponsive demand from retailers and stockists as against adequate stocks. Higher arrivals

pulled down the prices of coriander. Sugar prices continued its downside movement owing to a

weak demand and ample of sugar supply from sugar mills together with weak sentiments in the

international markets. Oil seeds complex depicted weak sentiments on weak domestic demand in

the spot markets due to higher soy meal prices. The upside in CBOT was limited due to worse than

expected Chinese GDP figure of 7.7%, and bird flu concerns.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 10.04.13 16.04.13 DIFFERENCE

QTY.

BARLEY MT 577.00 1793.00 1216.00

CASTOR SEED MT 123546.00 125024.00 1478.00

CHANA MT 6714.00 11383.00 4669.00

CHILLI MT 8803.00 9750.00 947.00

COTTONSEED OILCAKE MT 149368.00 149860.00 492.00

MAIZE MT 2949.00 2074.00 -875.00

RAPE MUSTARD SEED MT 7013.00 17313.00 10300.00

SOYA BEAN SEEDS MT 10402.00 10372.00 -30.00

SUGAR S KOL MT 1411.00 0.00 -1411.00

SUGAR M MT 18418.00 18536.00 118.00

WHEAT MT 3494.00 3494.00 0.00

COMMODITY UNIT 11.04.13 17.04.13 DIFFERENCE

QTY. QTY.

CARDAMOM MT 52.40 59.40 7.00

COTTON BALES 142300.00 156200.00 13900.00

GOLD KGS 466.00 439.00 -27.00

GOLD MINI KGS 327.60 174.10 -153.50

GOLD GUINEA KGS 283.71 275.97 -7.74

MENTHA OIL KGS 692161.45 665183.75 -26977.70

MILD STEEL MT 4809.56 4165.95 -643.61

SILVER (30 KG Bar) KGS 73590.95 47536.42 -26054.52

·The IMF cut its 2013 forecast for global growth to

3.3%, down from its January projection of 3.5%. It

also trimmed its 2014 forecast to 4.0% from 4.1%.

·Global steel consumption in 2013 is expected to

rise at a slightly slower pace than previously

forecast.

·Chicago Board Options Exchange (CBOE) Gold ETF

Volatility Index, gaining more than 60% last week

on as prices slumped to two year lows.

·London Metal Exchange (LME) trading volume

growth slowed to a near standstill in the first

quarter of this year.

·India's gold imports have fallen nearly 24% in the

first quarter.

·Govt. cuts silver base import price to $ 890/kg Vs

$ 920/kg.

·Govt. cuts gold base import price to $ 499/10

gms.

·The Cotton Advisory Board (CAB) increased the

cotton production outlook to 340 lakh bales (lb)

for this cotton year (October to September)

against 330 lb estimated in January.

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

®

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)

3.202.79

1.75

0.11

-11.96

-10.91

-7.82

-6.34-5.98

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

WHEAT NEW STEEL LONG

POTATO CHANA SILVER NEW GOLD 100 GMS HYD

CORIANDER CASTOR SEED NEW

CRUDE OIL

1.35 1.300.81

-12.26 -12.04

-8.88

-5.77 -5.75

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

ALUMINIUM ALUMINI POTATO CARDAMOM SILVER 1 000 GOLD CRUDE OIL COPPER

Wheat Exports……Taking Advantage of Global Shortage and Domestic Stockpile

13

SPOT PRICES (% change)

COMMODITY

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

11.04.13 17.04.13

ALUMINIUM 5202900 5199000 -3900

COPPER 587925 611925 24000

NICKEL 167700 168594 894

LEAD 260250 259675 -575

ZINC 1133650 1127175 -6475

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 12.04.13 17.04.13 CHANGE (%)

Soya CBOT MAY Cent per Bushel 1413.00 1422.25 0.65

Maize CBOT MAY Cent per Bushel 658.50 660.50 0.30

CPO BMD JUNE MYR per MT 2345.00 2271.00 -3.16

Sugar LIFFE MAY 10 cents per MT 501.90 506.90 1.00

COMMODITY EXCHANGE CONTRACT 12.04.13 17.04.13 CHANGE%

ALUMINIUM LME 3 MONTHS 1854.00 1895.00 2.21

COPPER LME 3 MONTHS 7407.00 7080.00 -4.41

LEAD LME 3 MONTHS 2049.00 2011.00 -1.85

NICKEL LME 3 MONTHS 15850.00 15425.00 -2.68

ZINC LME 3 MONTHS 1875.00 1877.00 0.11

GOLD COMEX JUNE 1501.40 1382.70 -7.91

SILVER COMEX MAY 2633.10 2330.70 -11.48

LIGHT CRUDE OIL NYMEX MAY 91.29 86.68 -5.05

NATURAL GAS NYMEX MAY 4.22 4.21 -0.19

PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)

·According to the latest report released by the Food and Agriculture Organisation, India's wheat exports are likely to touch a record high of 7.5 million tonnes in the current marketing year ending June 2013 on account of record production and larger carryover stocks.

·India is the world's second biggest wheat grower. it has produced an all-time high of 93.9 mt wheat in the 2011-12 seasons.

·In 2011-12 marketing year (July-June), the shipments from the country remained lower as wheat export was allowed via private trade only, after lifting the ban on the same in September 2011.

·According to the FAO report, wheat plantings in India are at around the last year's good level and another bumper crop is in prospect although the forecast is slightly below the 2012 record (93.90 million tonnes) because of limited rainfall in some important producing areas.

·According to the norm, the minimum quantity of grains available with the government should be 4 million tonnes (mt) of wheat and 12.2 mt of rice on April 1 every year. But as on April 1 this year, the Food Corporation of India (FCI) was holding 24.2 mt of wheat and 35.5 mt of rice.

·The government anticipates that by July1, the stock holding of grains will touch 93 mt including wheat stocks at 60 mt.

·The Indian Government has estimated an all time high of 440.06 Lakh MTs wheat procurement for Rabi Marketing Season (RMS) 2013-14. Wheat procurement during RMS 2012-13 was 381.48 Lakh MTs.

·The export of surplus food grains will ease the storage problems.

·To reduce the stocks built up due to record harvest, India is encouraging the export of government-held stocks. It has already allowed the state-run firms to export 4.5 million tonnes of wheat.

·Recently, it permitted the private traders to ship an additional 5 million tonnes of the grain.

·FAO said that at the global level, the total wheat trade is expected to decline by 5 per cent to 140 million tonnes in 2012-13, as against 147 million tonnes in the previous year.

·Many other exporting nations are expected to face tight supplies, an FAO report said.

·A shortfall in the output due to drought in the US, Russia, EU, Ukraine and Australia will lead to reduced exports from these countries. It has triggered global interest in the Indian wheat this year.

·The expected sharp retreat in the global wheat imports in 2012-13 reflects reduced purchases by several countries, namely, Afghanistan, Algeria, Egypt, Kenya, Saudi Arabia, Thailand, Turkey and Uzbekistan.

·India has been selling wheat in key markets such as the Middle East, Africa and Southeast Asia.

·Ukraine, one of the top 10 global wheat exporters, has banned exports from November 15 2012.

®

-13.70

-11.45

-6.46

-4.16

-2.67

-2.45

-1.78

-1.68

-1.67

-1.46

-1.36

-1.33

-1.02

-0.60

-0.32

0.00

0.40

0.91

0.98

2.10

3.66

-16.00 -14.00 -12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00

SILVER (DELHI)

GOLD KG (MUMBAI)

CORIANDER (KOTA)

SOYABEAN (INDORE)

RUBBER (KOCHI)

GUR (MUZAFFARNGR.)

MUSTARD (JAIPUR)

RAW JUTE (KOLKATA)

MASOOR (INDORE)

JEERA (UNJHA)

CRUDE PALM OIL (KANDLA)

CARDAMOM (VANDANMEDU)

PEPPER MALABAR GAR (KOCHI)

REFINED SOYA OIL (INDORE)

CHILLI (GUNTUR)

MILD STEEL INGOTS (GHAZIABAD)

MENTHA OIL (CHANDAUSI)

BARLEY (JAIPUR)

WHEAT (DELHI)

CHANA (DELHI)

TURMERIC (NIZAMABAD)

Production/Export Estimate Of Wheat (In Mt)

Country

Production

Export

2011-12

2012-13

(proj.)

2011-12 2012-13

(proj.)

Russia

56

37.72 21.63 10.70

Ukraine

22.32

15.76 5.44 7.00

Kazak 22.73 9.84 11.84 6.50

Australia 29.5 22.0 24.69 17.50

India 87 94.88 0. 89 6.50

Total 217.55 180.2 64.49 48.2

Decline -17.17% -25.25%

Source: USDA

14

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 54.29 54.79 53.76 54.20

EUR/INR 71.22 71.67 70.52 70.65

GBP/INR 83.54 84.11 82.34 82.59

JPY/INR 54.47 56.87 54.43 55.29

(Source: Thomson Reuters, Open: Friday (Prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)

News Flows of last week

15th Apr: Homebuilder sentiment waned for the third month in a row in April

16th Apr: U.S Consumer prices fell in March for the first time in four months

17th Apr: Bank of England stayed split over whether to restart asset purchases

17th Apr: British unemployment rose in February

17th Apr: If inflation keeps falling, buy more bonds: Fed's Bullard

17th Apr: Fed says economy growing at moderate pace

USD/INR (APRIL) contract closed at ̀ 54.25 on 17th April'13. The contract made its high of ̀ 54.94 on 15th April'13 and a low of ̀ 53.78 on 17th April'13 (Weekly Basis).The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 54.50.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 37.85. One can Sell around 54.25 for a target of 53.25 with the stop loss of 54.75.

EUR/INR (APRIL) contract closed at `71.23 on 17th April. The contract made its high of ̀ 71.80 on 15th April'13 and a low of ̀ 70.90 on 17th April'13 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 71.01.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 41.87. One can Sell around 71.00 for a target of 70.00 with the stop loss of 71.50.

GBP/INR JPY/INR

JPY/INR (APRIL) contract closed at `55.58 on 17th April'13. The contract made its

high of ̀ 56.49 on 16th April'13 and a low of ̀ 54.74 on 17th April'13 (Weekly Basis).The

14-day Exponential Moving Average of the JPY/INR is currently at ̀ 56.03.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 36.21.

One can Sell around 56.60 for a target of ̀ 55.50 with the stop loss of ̀ 57.10.

GBP/INR (APRIL) contract closed at `82.71 on 17th April'13. The contract made its

high of `83.81 on 15th April'13 and a low of `82.50 on 17th April'13 (Weekly Basis).

The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 83.13.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 41.36.

One can Sell around 82.75 for a target of ̀ 81.75 with the stop loss of ̀ 83.25.

USD/INR EUR/INR

Market Stance

The Indian rupee rose to its highest level in three weeks on Tuesday as a broad

selloff in global commodities raised hopes the pressure on the country's record

current account deficit will ease and give the central bank more room to cut

rates. The rupee rose 0.9 percent on the day, in its biggest single-day gain since

Jan. 30 when it had risen by a similar percentage. India's headline inflation

slowed to its lowest rate in three years in March, data on Monday showed, closely

following the retail inflation data released last week which edged down towards

single-digits. Sharp gains were also seen in the domestic share market on hopes

the central bank will cut rates next month on a continued slump in global

commodity prices. The fall in global crude and gold prices will reduce pressure

on the country's record current account deficit, which has been a key factor

weighing on the rupee, and provide more room to the central bank to lower

rates. The next key support for rupee to be met around 53.70 levels.

Economic gauge for the next week

Date Currency Event PREVIOUS

24th Apr USD USD Durable Goods Orders (MoM) 5.70%

25th Apr GBP GBP Gross Domestic Product (QoQ) -0.30%

25th Apr GBP GBP Gross Domestic Product (YoY) 0.20%

25th Apr JPY JPY National Consumer Price Index Ex Food, Energy (YoY) -0.90%

25th Apr JPY JPY National Consumer Price Index Ex-Fresh Food (YoY) -0.30%

25th Apr JPY JPY National Consumer Price Index (YoY) -0.70%

26th Apr JPY JPY Bank of Japan Rate Decision 0.10%

26th Apr JPY JPY Bank of Japan Monetary Policy Statement

26th Apr JPY JPY Bank of Japan Governor Kuroda Holds

Post-Meeting Press Conference

26th Apr USD USD Gross Domestic Product (Annualized) 0.40%

26th Apr USD USD Gross Domestic Product Price Index 1.00%

Technical Recommendation

®

IPO

14

IPO

15

INDIAN IPO NEWS

IPOs fail to live up to their price; power, realty fare badly Two out of three of the 290-odd companies that went public over the past six years now trade at least 15% lower than their adjusted offer price,

or the price offered at the time of the IPO adjusted for stock splits, rights or bonus issues. The reasons vary from slowdown in the economy to

policy logjam, to huge debt pileup. Most of the laggards - who launched their IPOs at a time when the economy was growing at over 8.5% -

belong to the power and real estate sectors.

Companies garner ̀ 6,000 crore through IPOs in 2012-13Indian companies mopped-up over `6,000 crore during fiscal 2012-13 through initial public offerings (IPOs), a marginal rise of four per cent

from the past year. A total of ten companies collectively managed to garner ̀ 6,059 crore through their IPOs during the fiscal year ended March

31, 2013, shows an analysis of the data available with the stock exchanges. This marks a slight increase of four per cent from the total funds

raised through IPOs during the previous fiscal, 2011-12, when 33 companies had together mopped-up `5,808 crore. In 2010-11, a total of

`33,183 crore worth capital was raised by 52 firms through their IPOs.

CRISIL assigns grade 5/5 to Just Dial IPOCRISIL has assigned grade 5/5 to the proposed IPO of Just Dial. This grade indicates that the fundamentals of the IPO are strong relative to other

listed equity securities in India. Just Dial launched the first phone-based search engine in India. The assigned grade takes into account Just Dial's

huge local search database (9.0 mn had products and service providers), the largest in India, and a business model which has been difficult to

replicate. Its search volume has grown multi-fold courtesy quick service, relevant search results, updated database and technology, leading to a

strong brand image. It has successfully grown its paid campaigns by more than four times over FY09-12 to 171,000 in end-FY12 (195,100 in 9MFY13)

and enjoys 100% advance payments from its clients, who are mostly micro, small and medium enterprises (MSMEs).

Wonderla Holidays files IPO papersWonderla Holidays has filed a DRHP with the SEBI for an IPO of 1,45,00,000 equity shares of face value of `10 each for cash at a price to be

decided through a 100 percent book-building process. The issue would constitute 25.66 percent of the fully diluted post-issue paid-up equity

share capital of the company. The equity shares offered in the issue are proposed to be listed on the BSE and the NSE. The book running lead

managers to the issue are Edelweiss Financial Services Ltd and ICICI Securities Ltd. The company currently owns and operates two amusement

parks under the brand name Wonderla at Kochi and Bangalore. It also owns and operates a resort beside the amusement park in Bangalore

under the brand name Wonderla Resort.The company is in the process of setting up its third amusement park in Hyderabad, and the issue

proceeds will primarily be utilised towards this purpose.

V-Mart Retail Trading 304.42 123.00 20-Feb-13 210.00 216.00 169.50 -19.29

Bharti Infra. Telecom 31768.61 4533.60 28-Dec-12 220.00 200.00 168.20 -23.55

PC Jeweller Jewellary 1794.58 609.30 27-Dec-12 135.00 135.50 100.20 -25.78

CARE Rating Agency 2144.68 540.00 26-Dec-12 750.00 949.00 751.20 0.16

Tara Jewels Jewellary 405.57 179.50 6-Dec-12 230.00 242.00 165.00 -28.26

VKS Projects EPS 198.90 55.00 18-Jul-12 55.00 55.80 11.05 -79.91

Speciality Restaruants Restaurants 845.05 181.96 30-May-12 150.00 153.00 179.95 19.97

T B Z Jewellary 1428.07 210.00 9-May-12 120.00 115.00 214.20 78.50

MT Educare Miscellaneous 349.82 99.00 12-Apr-12 80.00 86.05 88.45 10.56

NBCC Construction 1651.80 124.97 12-Apr-12 106.00 100.00 137.65 29.86

Olympic card. Media 89.38 24.75 28-Mar-12 30.00 29.95 54.80 82.67

Multi Comm. Exc. Exchange 4378.35 663.31 9-Mar-12 1032.00 1387.00 858.50 -16.81

Indo Thai Sec. Finance 11.00 29.60 2-Nov-11 74.00 75.00 11.00 -85.14

Vaswani Inds. Steel 10.23 49.00 24-Oct-11 49.00 33.45 3.75 -92.35

M and B Switch. Capital Goods 421.00 93.00 20-Oct-11 186.00 180.00 21.05 -88.68

Flexituff Intl. Packaging 504.76 104.63 19-Oct-11 155.00 155.00 219.65 41.71

Prakash Constro. Construction 63.73 60.00 4-Oct-11 138.00 145.00 5.07 -96.33

PG Electro. Consu. Durables 144.00 120.65 26-Sep-11 210.00 200.00 87.75 -58.21

IPO TRACKER

Company Sector M.Cap(In Cr.) Issue Size(in Cr.) List Date Issue Price List Price Last Price %Gain/Loss(from Issue price)

*

®

*Closing as on 17.04.13

16®

MUTUAL FUND

17

NEWS

®

MFs witness record ̀ 1.85 lakh crore inflow in Fy13

The net inflow of ̀ 1.85 lakh crore between April 2012 and February 2013 is the highest-ever figure for this period of any financial year and follows a net outflow of over

`70,000 crore in the previous two fiscals put together, as per the latest data available with the market regulator SEBI. The figures for the month of March 2013 are yet

to be made public by SEBI. The inflows of ̀ 1.85 lakh crore during the 11 months of fiscal 2012-13 also exceed the total funds attracted by the mutual funds during an

entire financial year so far. The record amount for a full financial year so far was seen in 2007-08 when fund houses recorded a net inflow of ̀ 1.54 lakh crore.

Divestment plan: Govt appoints Goldman to set up PSU ETF

Global investment banker Goldman Sachs is believed to have been chosen for setting up the PSU Exchange Traded Fund (ETF) to help the government achieve its

disinvestment target. According to sources, the Cabinet is likely to soon consider the proposal of the Disinvestment Department to set up an ETF for the PSUs. The

government is planning is raise ̀ 40,000 crore by way of PSU stake sale in the current fiscal and has lined up a host of companies, including Indian Oil, Engineers India

and Coal India for divesting minority stake. The ETF, which is expected to reduce the volatility in the shares of the state-owned companies, would comprise 2-3 per

cent of the shares of listed PSUs. The Empowered Group of Ministers (EGoM) on disinvestment would decide on the structure of the ETF and also the methodology for

inclusion and exclusion of scrips from the fund, sources said. The returns of PSU ETF would be benchmarked against the CPSE Index Fund. The Fund will be listed on the

stock exchanges and will have shares of all PSUs except banks, they added. The DoD has already appointed legal advisers for the PSU ETF.

HDFC MF introduces FMP 405D April 2013 (1)

HDFC Mutual Fund introduces New Fund Offer (NFO) of HDFC FMP 405D April 2013 (1), a close ended income scheme. The NFO opens for subscription on April 17,

2013 and closes on April 23, 2013. The minimum subscription amount is ̀ 5,000. The investment objective of the Scheme is to seek to generate income through

investments in Debt / Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).

ICICI Prudential MF introduces Multiple Yield Fund - Series 3 - Plan B

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Multiple Yield Fund - Series 3 - Plan B, a close ended income scheme. The NFO

opens for subscription on March 16, 2013 and closes on April 30 , 2013. The investment objective of the Scheme is to seek to generate returns by investing in a portfolio

of fixed income securities/ debt instruments. The secondary objective of the Scheme is to generate long term capital appreciation by investing a portion of the

Scheme's assets in equity and equity related instruments. However, there can be no assurance that the investment objective of the Scheme will be realized.

Motilal Oswal launches MOSt Focused 25, an open-ended fund

Motilal Oswal AMC announces the launch of new open ended equity scheme - Motilal Oswal MOSt Focused 25 Fund. The New Fund Offer (NFO) will open for

subscription on April 22, 2013 and close on May 6, 2013. The investment objective of the scheme is to achieve long term capital appreciation by investing in up to

25 companies with long term sustainable competitive advantage and growth potential.

UTI MF introduces FMP-Yearly Series Apr 2013

UTI Mutual Fund has launched the New Fund Offer (NFO) of UTI-FMP-Yearly Series Apr 2013, a close ended income scheme. The NFO opens for subscription on April 16,

2013 and closes on April 26, 2013.No entry load or exit load will be applicable for the scheme. The minimum subscription amount is ̀ 10000 & in multiples of ̀ 10 under

all options. The investment objective of the scheme is to generate returns by investing in portfolio of fixed income securities maturing on or before the date of

maturity of the scheme. However the scheme does not guarantee / indicate any return. There is no assurance that the funds objective will be achieved.

BNP Paribas MF introduces Capital Protection Oriented Fund - Series I

BNP Paribas Mutual Fund has launched the New Fund Offer (NFO) of BNP Paribas Capital Protection Oriented Fund - Series I, a close ended income scheme. The

NFO opens for subscription on April 16, 2013 and closes on April 30, 2013. No entry load or exit load will be applicable for the scheme. The minimum subscription

amount is ̀ 5,000. The investment objective of the Scheme is to seek capital protection by investing in fixed income securities maturing on or before the maturity

of the scheme and seeking capital appreciation by investing in premium of exchange traded options. However, there is no assurance that the objective of the

Fund will be realized and the fund does not assure or guarantee any returns.

Reliance MF introduces Dual Advantage Fixed Tenure Fund III - Plan B

Reliance Mutual Fund launched the New Fund Offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund III - Plan B, a close ended income scheme. The NFO opens

for subscription on April 16, 2013 and closes on April 30, 2013. No entry load or exit load will be applicable for the scheme. The investment objective of the

scheme seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of

the Scheme along with capital appreciation through equity exposure.

NFOs WATCH

Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount

16-Apr-2013 30-Apr-2013 Close-Ended Dividend `5000/-ICICI Prudential Multiple Yield Fund - Series 3 - Plan B - Direct Plan (D)

Rajat Chandak / Rahul Goswami

To seek to generate income by investing in a portfolio of fixed income securities/ debt instruments. The secondary objective of the Scheme is to generate long term capital appreciation by investing a portion of the Scheme\'s assets in equity and equity related instruments.

18

MUTUAL FUND Performance Charts

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

Axis Equity Fund - Growth 12.28 05-Jan-2010 531.80 -0.41 7.81 18.76 5.45 6.46 1.64 0.86 0.18 73.86 7.12 3.54 15.49

Sundaram Media & Entert Opp. F- Reg-G 12.99 16-Jun-2008 36.20 -9.76 1.32 17.69 -6.21 5.55 2.90 1.11 0.24 14.14 75.01 9.49 1.36

SBI Magnum Bluechip Fund - Growth 16.11 14-Feb-2006 856.35 -5.24 4.07 17.50 4.56 6.87 1.58 0.82 0.16 77.09 8.85 N.A 14.06

Birla Sun Life India GenNext F-Growth 30.04 05-Aug-2005 128.25 -5.39 3.19 17.39 12.09 15.35 1.60 0.72 0.19 50.12 39.98 2.93 6.97

Axis Midcap Fund - Growth 12.35 18-Feb-2011 194.12 -10.51 2.75 16.51 N.A 10.26 2.03 0.88 0.18 12.97 68.96 5.51 12.57

Religare Equity Fund - Growth 13.68 04-Oct-2007 16.06 -2.63 2.93 16.23 4.81 5.82 1.30 0.58 0.14 66.88 8.56 N.A 24.56

ICICI Prudential Service Industries F-G 19.03 30-Nov-2005 151.67 -4.23 7.39 15.54 4.32 9.11 1.72 0.81 0.17 55.60 30.08 1.69 12.63

EQUITY (Diversified)

BALANCED

INCOME FUND

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 17/04/2013Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

ULTRA SHORT TERM

SHORT TERM FUND

Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns

Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

SBI Magnum Balanced Fund - Growth 54.46 09-Oct-1995 374.07 -6.10 3.33 13.85 3.59 15.48 1.15 0.12 27.76 31.34 4.83 36.07

ICICI Prudential Balanced - Growth 54.21 03-Nov-1999 447.50 -5.44 3.00 10.43 9.40 13.38 1.20 0.05 44.91 16.17 1.08 37.85

Kotak Balance 18.43 25-Nov-1999 114.23 -2.49 2.84 10.40 5.83 15.36 1.24 0.05 57.88 7.89 0.48 33.74

Tata Balanced Fund - Plan A - Growth 94.53 08-Oct-1995 508.47 -5.36 -0.06 9.55 7.18 15.69 1.40 0.04 46.42 21.85 3.31 28.43

Principal Balanced Fund - Growth 32.53 14-Jan-2000 15.52 -6.12 1.31 9.27 2.64 9.30 1.32 0.03 39.79 20.87 2.39 36.95

Birla Sun Life 95 - Growth 335.15 10-Feb-1995 575.99 -5.17 1.92 9.21 5.95 21.29 1.36 0.03 53.18 11.51 0.33 34.98

Reliance RSF - Balanced - Growth 23.99 08-Jun-2005 547.51 -7.88 -1.61 9.00 4.81 11.77 1.49 0.02 47.73 11.27 4.85 36.15

Returns (%) RiskAverage Yield till

Scheme Name NAV Launch AUM Since Std. SharpeMaturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

SBI Magnum Income Fund - Growth 29.40 25-Nov-1998 3018.90 27.20 22.20 13.10 12.50 13.50 9.40 7.70 14.50 0.40 1456.00 8.90

IDFC SSIF - Invt. Plan - Plan F - Growth 12.90 16-Jul-2010 1238.40 21.70 19.80 14.10 13.60 13.30 N.A 9.80 14.50 0.40 1175.00 9.00

IDFC D B F- Plan A - Growth 24.00 25-Jun-2002 3993.70 21.10 18.80 13.40 13.40 13.00 9.90 8.40 14.20 0.40 1172.00 9.00

IDFC SSIF - Invt Plan - Reg - Growth 28.70 14-Jul-2000 1238.40 21.60 19.30 13.40 13.40 12.90 9.00 8.60 14.20 0.40 1175.00 9.00

ICICI Prudential Income Opp. F-Growth 16.40 18-Aug-2008 2345.60 33.80 31.60 14.40 10.60 12.30 8.40 11.10 14.50 0.30 3022.00 9.00

Birla Sun Life Income Plus - DAP 13.60 06-Mar-2009 2901.30 46.00 37.40 16.70 13.40 12.20 8.60 7.80 14.50 0.30 N.A 8.90

Birla Sun Life Income Plus - Growth 54.00 21-Oct-1995 2901.30 45.90 37.40 16.70 13.30 12.20 8.60 10.10 14.50 0.30 N.A 8.90

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

ICICI Prudential Blended-Plan B-Option I-G 17.70 31-May-2005 948.70 25.10 23.60 14.10 11.60 10.20 8.60 7.50 6.50 0.40 N.A 8.50

Sundaram Select Debt-STAP-Reg-Appreciation 20.20 04-Sep-2002 20.80 14.30 13.70 13.80 11.00 11.30 9.90 6.90 4.90 0.80 807 9.10

Escorts Short Term Debt Fund-Growth 17.80 29-Dec-2005 12.50 9.70 9.50 9.70 10.80 11.10 9.80 8.20 2.80 1.10 179 N.A

UTI Short Term Income Fund-Ret-G 20.60 23-Jun-2003 2280.00 15.30 15.40 12.50 10.40 11.10 9.20 7.60 6.20 0.60 610 N.A

Birla Sun Life Short Term Opp. F-G 18.80 24-Apr-2003 401.50 12.70 11.40 14.10 10.20 11.70 9.40 6.50 5.30 0.80 N.A 11.30

Taurus Short Term Income Fund-G 2039.90 23-Aug-2001 373.40 8.20 8.60 10.50 9.80 10.20 9.30 6.30 1.20 2.40 47 N.A

Templeton India STIP - Growth 2376.20 31-Jan-2002 5744.80 18.00 16.40 13.90 9.70 10.50 8.60 8.00 4.80 0.70 949 10.70

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

Indiabulls Ultra Short Term F- Growth 1131.30 06-Jan-2012 615.60 9.20 9.00 11.90 9.40 9.90 N.A 10.10 1.90 1.40 123.00 9.80

Templeton India Low Duration F- G 12.80 26-Jul-2010 2803.70 10.00 9.90 11.90 9.30 9.90 N.A 9.40 2.30 1.20 175.00 10.50

JM Money Manager F- Reg - Growth 16.40 27-Sep-2006 207.60 9.30 9.10 9.40 9.20 9.80 9.10 7.80 0.70 3.30 40.00 9.60

Kotak Floater - LT - Growth 18.80 13-Aug-2004 4289.60 9.10 7.70 11.10 9.10 9.60 8.60 7.50 1.80 1.30 193.00 9.30

Baroda Pioneer Treasury Adv. F-Reg-G 1336.40 24-Jun-2009 1148.30 9.60 10.10 12.00 9.00 9.60 8.80 7.90 1.80 1.30 190.00 N.A

DWS Cash Opp. F- Reg - Growth 15.70 22-Jun-2007 375.70 10.10 9.00 11.40 9.00 9.70 8.40 8.10 2.20 1.10 150.00 10.00

IDBI Ultra Short Term Fund - Growth 1259.40 03-Sep-2010 788.20 10.50 9.60 10.90 9.00 9.40 N.A 9.20 1.30 1.60 179.00 9.40

Annualised

®