1

3-Nov-16

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* At 08:20 a.m. IST on 4-Nov-16

WORLD INDICES & INDIAN ADRs (US$)

4 November 2016

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

Please refer to important disclosures at the end of the report For private Circulation Only.

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 27,984.4 (0.2) 20.7 2.9

NIFTY 8,659.1 (0.2) 21.8 2.9

CNXMIDCAP 15,934.3 (0.1) 35.6 2.0

3-Nov-16

*Source: Bloomberg

COMMODITIES

Latest Points % Chg.

GOLD 1298.9 (3.8) (0.3)

CRUDE OIL (WTI) 44.8 0.1 0.2

CRUDE OIL (Brent) 46.5 0.1 0.2

FII ACTIVITIES IN DERIVATIVES 3-Nov-16

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)Index Futures (416.2) 13573.7 (2.4)

Index Options 1160.0 58051.7 4.3

Stock Futures (338.7) 55747.4 0.2

Stock Options 15.4 4496.6 12.7

NET INFLOWS (Rs. Crs.) 2-Nov-16

NET MTD YTD

FII (613.8) 3636.5 44304.7

MF** 560.3 11947.1 22056.2

*YTD From January till date **As on 27-Oct-16

3-Nov-16

Closing % Chg.

Dollar Index 97.2 0.09

Rs. / $ 66.8 0.05

Rs. / EURO 73.9 (0.05)

Rs. / UK Sterling 82.8 0.91

EXCHANGE RATE

G.SEC. YIELD 3-Nov-16

Yield (%)

GS CG2025 8.2% 6.82

US 10 Year Gsec 1.80

MARKETS TODAY Global markets are not supportive but the crucial decision on goods and service tax (GST) four slab rate structure may keep Indian market in green Friday. The market may remain volatile with global concerns overhang. SGX Nifty indicates a negative opening. The GST council has finalised a four-tier GST tax structure of 5, 12, 18 and 28 percent. Resistance is seen at 8506 levels & support is seen at 8474 levels. Stock watch: Biocon, GSK Pharma, GVK, GMR, Parsvnath, Berger.

KEY OVERNIGHT DEVELOPMENTS The S&P 500 fell for an eighth straight session on Thurs, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's US presidential election. Asian shares slipped on Fri and the dollar nursed losses in a week marked by growing uncertainty about the outcome of the US presidential election. MUST KNOW….

Banks invite offers to acquire 51% stake in Monnet Power: Srcs

Indo Amines up on US Environmental Protection Agency nod (Rs.80, +20%)

Premature price rise not in line with input costs hit us: Marico (Rs.265, -2%)

Shree Pushkar Chemicals starts production of SOP; shares up (Rs.183, +9%)

Still 1-2 quarters away from pick-up in rural demand: Bajaj Corp (Rs.400, 0%)

Strides up on regulatory claim settlement in Mylan-Agila deal (Rs.1124, +7%)

Sangam India bags exports order of Rs.35 cr; shares gain (Rs.307, -2%)

Pincon Spirit shares up after co raises prices of IMFL brands (Rs.76, +4%)

Delta Corp: Updates on winding up petitions filled by debenture holders (Rs.166, -2%)

Retail numbers all-time high, expect trend to continue: Escorts (Rs.372, 0%)

Visaka Industries' textile units starts commercial production (Rs.221, +1%)

Gas leak at GNFC's Dahej plant brought under control (Rs.222, -17%)

Mukta Arts to hive-off cinema biz into subsidiary; shares up (Rs.119, -0.3%)

HCC-LCESPL JV awarded Rs.374 crore contract (Rs.36, -1%)

ABG Shipyard kicks off bid process to sell majority stake: Srcs (Rs.37, +12%)

JSPL again defaults on interest payment (Rs.74, -1%)

Dr Lal PathLabs Q2 profit rises 8-fold, margin expands to 30.4% (Rs.1195, +3%)

Ambuja Cements Q3 profit up 79% to Rs.277 cr on dividend income (Rs.243, +1%)

GST Council fixes 5%, 12%, 18% and 28% tax rates

2

Corporate Announcements & Financial Scoreboard Tube Investments of India Ltd has posted an unaudited profit after tax of Rs.538.00 mn for Q2FY17 vs

Rs.252.20 mn for Q2FY16. Total Income has increased from Rs.10466.40 mn for Q2FY16 to Rs.10799.40 mn

for Q2FY17.

Monsanto India Ltd has posted an unaudited net profit of Rs.8.90 mn for Q2FY17 vs net loss of Rs.(263.80)

mn for Q2FY16. Total Income has increased from Rs.399.30 mn for Q2FY16 to Rs.993.70 mn for Q2FY17.

Berger Paints India Ltd has posted an unaudited net profit of Rs.1613.20 mn for Q2FY17 vs Rs.762.70 mn

for Q2FY16. Total Income has increased from Rs.10815.50 mn for Q2FY16 to Rs.11593.80 mn for Q2FY17.

The Group has posted an unaudited consolidated net profit of Rs.1387.80 mn for Q2FY17 vs Rs.893.30 mn

for Q2FY16. Total Income has increased from Rs.11888.20 mn for Q2FY16 to Rs.12897.50 mn for Q2FY17.

Ambuja Cements Ltd has posted an unaudited net profit of Rs.2770.20 mn for Q2FY17 vs Rs.1535.70 mn

for Q2FY16. Total Income is Rs.22546.20 mn for Q2FY17 vs Rs.21849.70 mn for Q2FY16. The Group has

posted an unaudited consolidated net profit after taxes, minority interest and share of profit of associates

of Rs.2161.10 mn for Q2FY17 vs Rs.1539.30 mn for Q2FY16. Total Income is Rs.46784.50 mn for Q2FY17 vs

Rs.21881.30 mn for Q2FY16.

Intellect Design Arena Ltd has posted an unaudited net loss of Rs.(133.557) mn for Q2FY17 vs net profit of

Rs.73.344 mn for Q2FY16. Total Income has decreased from Rs.1453.944 mn for Q2FY16 to Rs.1323.938

mn for Q2FY17.

TTK Prestige Ltd has posted an unaudited net profit of Rs.353.90 mn for Q2FY17 vs Rs.340.40 mn for

Q2FY16. Total Income has increased from Rs.4122.70 mn for Q2FY16 to Rs.4648.90 mn for Q2FY17. The

Group has posted an unaudited consolidated net profit after taxes, minority interest and share of profit of

associates of Rs.389.10 mn for Q2FY17. Total Income is Rs.5027.30 mn for Q2FY17.

Banks invite offers to acquire 51% stake in Monnet Power: Srcs

Banks have invited offers to acquire 51% stake in Monnet Power, reports media. The IDFC Bank-led

consortium, which has Rs.5,000-crore exposure to Monnet Power, has appointed SBICAPS to identify

strategic investors and invite expression of interest (EoI) for the company’s 1,050 megawatt (MW) power

plant in Odisha. The EoI are to be submitted by Nov 30. Lenders estimate the Odisha plant requires

Rs.3,000 crore in capital for completion and invited bids after JSW Energy’s acquisition proposal was

rejected. Media is awaiting response from the company.

Indo Amines up on US Environmental Protection Agency nod (Rs.80, +20%)

Shares of Indo Amines rose as it has got a US Environmental Protection Agency approval for selling its 10

products in the US market. There were pending buy orders of 86,160 shares, with no sellers available. The

company's board meeting will be held on Nov 12, to consider the proposal for approval of un-audited

financial results for the quarter and half year ended Sept 30, 2016. The board will also consider the draft

scheme of amalgamation between its wholly owned subsidiary company, Classic Oil and the company.

Premature price rise not in line with input costs hit us: Marico (Rs.265, -2%)

Speaking to media Saugata Gupta, MD & CEO OF Marico explained the reasons behind the lower-than-

estimated volume growth this quarter. “The issue was related to Parachute. We perhaps took a premature

price increase which was not in line with input costs. Rural consumption was stressed. We are optimistic of

3

a recovery; greenshoots are seen in durables, auto.” A poor Q2 show by Parachute coconut oil (27% of

overall revenues) hit Marico’s results for the second quarter. He said he was comfortable with their

operating margin of 17-18%. Margins will be slightly lower than the first half of the year, going forward, he

said. “We will get out of the deflation effect.” There won’t be price cuts as input costs have bottomed out,

he said, adding that Maico will be price competitive. He will endeavour to make sure pricing is right to drive

volumes, even as focus on long-term innovation on talent continues, he said. Regarding GST slabs, he said

the four-tier slab structure is good. It aligns the current tax structure to most of the products with the

entire industry, he said.

Shree Pushkar Chemicals starts production of SOP; shares up (Rs.183, +9%)

Shares of Shree Pushkar Chemicals & Fertilisers gained on commencement of commercial production of

sulphate of potash (SOP) plant. The company has started commercial production of its SOP plant and also

commencement of trial runs of its Granular Calcium Chloride plant. The company had announced trial runs

of its (SOP) plant, a soluble potassic fertiliser with a capacity of 10,000 MTA on Aug 2016 and the said plant

has commenced production in end Sept 2016. It has also commenced trial runs of the Granular Calcium

Chloride plant of the capacity of 6500 MTA, a byproduct in the manufacture of SOP and the Commercial

production will commence by end Nov 2016. Granular Calcium Chloride is a hygroscopic material and finds

application as a desiccating agent. It is also extensively used as a deicing agent in the western countries

during snow falls. The product is being manufactured from the Hydrochloric acid generated as a byproduct

in the manufacture of SOP. On Nov 12, the company will consider & approve the unaudited financial results

for half of the financial year and quarter ended Sept 30, 2016.

Still 1-2 quarters away from pick-up in rural demand: Bajaj Corp (Rs.400, 0%)

Personal care products maker Bajaj Corp has attributed slow revenue growth in the Sept quarter to weak

rural markets. There’s weakness is rural markets and while the FMCG industry has been focussing on

harnessing rural growth, demand hasn’t been great, said Sumit Malhotra, Managing Director of Bajaj Corp.

He said that the sector is still one-two quarters away from rural recovery. Malhotra said Nov sales can be

seen as an indicator of demand recovery as non-discretionary festive spend decrease. Going ahead, the

company expects better profit in the coming quarters. Bajaj Corp's profit increased 24% year-on-year to

Rs.58.3 crore in Jul-Sept quarter, driven by other income despite slow revenue and operational growth.

Revenue increased 3.5% to Rs.196.8 crore during the quarter compared with same period last year while

other income jumped 91% to Rs.14.9 crore.

Strides up on regulatory claim settlement in Mylan-Agila deal (Rs.1124, +7%)

Strides Shasun shares gained after the company and Mylan settled all regulatory claims related to Agila

transaction. "Strides and Mylan have agreed on a full and final settlement of all regulatory claims notified

by Mylan to the company and subsidiary Strides Pharma Asia Pte Ltd," the healthcare company said in its

filing. With this final settlement, Mylan's regulatory concerns claims will be satisfied from the Regulatory

Escrow, and Strides will receive approximately USD 30 mn. In addition, both companies have also agreed

on a full and final settlement of the warranty and indemnity claims. In Dec 2013, Strides and its subsidiary

Strides Pharma Asia had completed the sale of Agila Specialties and Agila Specialties Global to Mylan

Laboratories and Mylan Institutional Inc by entering into sale and purchase agreements. At that time, two

escrows of USD 100 mn each were provided in respect of potential claims in relation to certain regulatory

concerns and warrants & indemnities (including tax). The company said general claims escrow continued to

be valid till Dec 2017.

4

Sangam India bags exports order of Rs.35 cr; shares gain (Rs.307, -2%)

Shares of Sangam India surged Thurs as it has bagged an export order of Rs.35 crore for polyster-viscose

fabrics and denim. The company has received this order from Egypt, Saudi Arabia, Latim America and

Afghanistan, which are to be executed in the next four months. R P Soni, Chairman of Sangam India said,

"We have received an encouraging response to our denim and seamless products in the International

market. We are hopeful of a much higher revenue contribution and better operating margin from exports

going forward." As on date, company's pending order book stands at Rs.238.22 crore and of which

Rs.125.60 crore pertain to exports.

Pincon Spirit shares up after co raises prices of IMFL brands (Rs.76, +4%)

Liquor maker Pincon Spirit shares climbed after the company increased prices of various IMFL brands

following revision of excise policy by West Bengal Government. "...Pincon has taken a decision to increase

the maximum retail price of its Indian Made Foreign Liquor (IMFL) brands," the company said in its filing.

The decision was taken after the West Bengal Government, on Oct 28, revised its excise policy, whereby

IMFL industry in West Bengal is on for a affirmative operating indication. It raised prices of its brands like

Pincon No.1 Whisky, Pincon XXX Matured Rum, Pincon Perfect Vodka, Pincon King's Coin

Whisky/Rum/Vodka, Highland Blue Whisky, Ultra Force Jamaican Rum and Ruby Gold Gin.

Delta Corp: Updates on winding up petitions filled by debenture holders (Rs.166, -2%)

Delta Corp Ltd has informed BSE that Winding up petitions filed by certain holders of compulsorily

convertible debentures (now converted into shares) have been admitted against Daman Hospitality Private

Limited ("DHPL"), a subsidiary of the Company. DHPL is in the process of filing an appeal against this order,

and based on legal advice, DHPL believes that it has a good case to succeed on appeal against the order.

Advertisement of the order has been stayed until Dec 08, 2016 to enable an appeal.

Retail numbers all-time high, expect trend to continue: Escorts (Rs.372, 0%)

Escorts saw multiyear high tractor sales in Oct. Speaking to media, Bharat Madan, Group Financial

Controller of Escorts said that retail numbers at all-time high of over 13,000 units. However, expect same

trend to continue for the whole quarter, he added. Escorts raises volume growth guidance to 18-20% from

12-15% by end of FY17, said Madan. He said that the total tractor sales in FY17 likely to be 62,000 versus

51,000 units in FY16.

Visaka Industries' textile units starts commercial production (Rs.221, +1%)

With reference to the earlier letter dated Feb 05, 2016, Visaka Industries Ltd has now informed BSE that

expansion of production capacity has been undertaken at the Company's Textile Unit situated at Chirvah

Village, Mouda Taluqa, Nagpur District is completed. The new Unit 5 has been commissioned and started

commercial production since Nov 01, 2016.

Gas leak at GNFC's Dahej plant brought under control (Rs.222, -17%)

Gujarat Narmada Valley Fertilizers Company (GNFC) stock was down after a potential gas leak at its Dahej

plant lead to its shutdown. Senior management from company has confirmed to media that it was a gas

leak which has been brought under control. The management couldn’t confirm the casualties. The

company has constituted a committee to identify the cause of the break. The Dahej plant was

5

commissioned two years ago and it had broken even last year. Losses have been reducing in the last two-

three quarters. The Dahej plant contributes around 60% to the overall revenue.

Mukta Arts to hive-off cinema biz into subsidiary; shares up (Rs.119, -0.3%)

Shares of Mukta Arts advanced as it is going to consider hiving off its cinemas business. The meeting of the

board of directors of the company will be held on Nov 10 to consider and approve unaudited quarterly

financial results of the company for the quarter ended Sept 30, 2016. The board will also consider hiving off

its cinemas business to a wholly owned subsidiary of the company.

HCC-LCESPL JV awarded Rs.374 crore contract (Rs.36, -1%)

Hindustan Construction Company Ltd has informed BSE regarding a Press Release dated Nov 03, 2016 titled

"HCC-LCESPL JV awarded Rs.374 crore contract".

ABG Shipyard kicks off bid process to sell majority stake: Srcs (Rs.37, +12%)

Lenders and promoters have kick-started the bid process to sell majority stake in the debt-laden ABG

Shipyard, reports media quoting sources. Lenders have also approached Reliance Defence to evaluate ABG

Shipyard buyout. Also in news is Shapoorji Pallonji which is said to be in talks for a possible buyout of the

shipyard. Among other suitors Russian ship-building majors and PE funds are also likely to throw their hats

in the ring. The lenders have appointed an investment bank to conduct the bid process to sell the company.

Lenders own 49% stake in ABG Shipyard post equity conversion. ABG Shipyard’s debt stood at Rs.16,000

crore as on Mar 31, 2016.

JSPL again defaults on interest payment (Rs.74, -1%)

JSPL said in a regulatory filing. Like this story, share it with mns of investors on M3 JSPL again defaults on

interest payment. "The company has not made payment of Rs.15.43 crore towards the interests due on

NCDs, the due date for payment of which was Oct 31, 2016," JSPL said in a regulatory filing. Jindal Steel and

Power said it has failed to pay Rs.15.43 crore interest on non convertible debentures (NCDs), which was

due on Oct 31. "The company has not made payment of Rs.15.43 crore towards the interests due on NCDs,

the due date for payment of which was Oct 31, 2016," JSPL said in a regulatory filing. Last month, the firm

had said it has defaulted on payment of interest on NCDs, due on Sept 30, 2016 on account of cash flow

mismatches. In the last few months, the Naveen Jindal led company has divested some of its assets to pare

debt. JSPL has a net debt of around Rs.46,000 crore. In Oct, the company said it will sell its 24 MW wind

power plant in Satara, Maharashtra to a subsidiary of India infrastructure Fund II for an undisclosed

amount. Similarly, in May this year, the firm inked an agreement with JSW Energy, a firm led by Naveen's

brother Sajjan Jindal, to sell its 1,000 MW power plant, at Raigarh, Chhattisgarh. According to the deal, JSW

will pay at least Rs.4,000 crore, excluding net current assets, and an additional Rs.2,500 crore if JSPL's

power plant secures a long term power purchase agreement. Likewise, in Mar, JSPL announced that its

subsidiary Jindal Power has entered into a definitive agreement to divest 4.12% stake in Indian Energy

Exchange for an undisclosed amount by month-end.

Dr Lal PathLabs Q2 profit rises 8-fold, margin expands to 30.4% (Rs.1195, +3%)

Diagnostic chain Dr Lal PathLabs has reported more than 8-fold increase in consolidated profit at Rs.52.5

crore for Jul-Sept quarter compared with Rs.6.2 crore in same period last year. It was partly driven by low

base in year-ago period. The company had reported one-time loss of Rs.16.6 crore in Q2FY16. Hence,

adjusted profit increased 40%. Revenue during the quarter jumped 21.6% to Rs.262.2 crore as patient

6

volumes increased substantially on account of outbreak of Dengue and Chikungunya in Delhi / NCR region.

About 70% of company's business comes from North India. Jul-Sept quarter is generally the best period for

diagnostic companies. On sequential basis, profit grew by 31.8% and revenue rose by 17.8% in the quarter

ended Sept 2016. In Q2FY17, EBITDA (earnings before interest, tax, depreciation and amortisation) more

than doubled to Rs.79.8 crore from Rs.36.3 crore and margin expanded by 1,360 basis points to 30.4% on

yearly basis.

Ambuja Cements Q3 profit up 79% to Rs.277 cr on dividend income (Rs.243, +1%)

Ambuja Cements disappointed with its quarterly earnings on Thurs. Profit increased 79.2% year-on-year to

Rs.277 crore, mainly on account of dividend income of Rs.103 crore from ACC (post amalgamation of

Holcim lndia with the company). Revenue during the quarter declined 3.8% to Rs.2,031.4 crore from

Rs.2,110.9 crore in same period last year, impacted by lower sales volume. Sales realisation improved by

2.8% but cement sales volume fell by 6.6% year-on-year to 4.5 mn tonnes due to heavy monsoon in core

markets and subdued demand, Ambuja Cements said in its filing. During the quarter, other income

increased more than 3-fold to Rs.223.2 crore on yearly basis, which included dividend income. EBITDA

(earnings before interest, tax, depreciation and amortisation) fell 2.3% year-on-year to Rs.303 crore and

margin expanded only by 20 basis points to 14.9% against estimates of Rs.375 crore and 17.9%,

respectively. EBITDA per tonne too was lower than estimates, stood at Rs.616 for the quarter against

Rs.611 in same period last year and estimates of Rs.795. Consolidation net sales, operating EBITDA and

profit (which included results of ACC) for the quarter ended Sept 2016 stood at Rs.4,477 crore, Rs.580 crore

and 216 crore, respectively. Post monsoon construction activities are likely to pick up, Ambuja Cements

says, adding the medium to long term outlook for cement demand remains positive considering good

monsoon this year and government's focus on housing and infrastructure development. The company will

continue to focus on improving operational efficiencies.

GST Council fixes 5%, 12%, 18% and 28% tax rates

The Goods & Services Tax (GST) Council has finalized a four-rate tax structure -- 5, 12, 18 and 28 percent,

Finance Minister Arun Jaitley announced at a press conference. The FM said that the government has kept

about 50% of products in the consumer basket, such as food grains, as "zero-rated". Jaitley further said

that cost empowerment issue will be taken up tomorrow. White goods category, which is presently taxed

at 30-31%, will be under the 28% category. These, however, will come with riders. While the cars will be

under 28% category, luxury cars will be taxed much higher. Taxation on gold will be decided upon the

revenue flexibility, Jaitley said. FM further said that it is required to pay Rs.50,000 crore as compensation in

the first year of GST. The council will decide on flexibility of the compensation pool after 5 years, Jaitley

said. Cess, on the other hand, will be reviewed every year. The secretaries will meet soon to decide upon

item wise rate slabs.

7

Information of Bulk Deals – 3rd Nov 2016 on BSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Bglobal Decent Fin Ser (P) Ltd S 1,40,000 7.49

Bindalexpo Thobhani Amrutlal Gordhanbhai (Huf) B 48,000 16.15

Blfl Aashit J Jhaveri Huf B 50,000 28.75

Blfl Kajalben Priyankbhai Prajapati B 36,150 28.85

Blfl Nikunj Ambalal Patel Huf S 36,150 28.85

Chromatic Anupam Narain Gupta B 7,50,000 3.35

Chromatic Rajender Kumar Jain S 5,00,000 3.35

Cosboard Rajesh Joseph S 25,000 52.48

Cub Hdfc Mutual Fund B 52,48,000 149.2

Cub Ruane Cunnif & Co. Inc. A/C Acacia Partners Lp S 49,43,077 149.2

Diksat Sajankumar Rameshwarlal Bajaj B 93,000 42.84

Jauspol Chetan Rasiklal Shah B 30,675 54.09

Junction Ajay Mittal B 16,000 25.8

Junction Nidhi Biyani B 40,000 25.9

Junction Rashmi Somani B 24,000 25.9

Mlkfood The Royal Bk Of Sctlnd Plc Trstee Of Juptr India Fn B 44,511 252.92

Ofstech Vck Share And Stock Broking Services Ltd S 66,000 16.29

Prismmedi Bhavna Chandresh Parekh S 16,000 40.1

Prismmedi Gurudev Arbitrators Private Limited S 10,000 40.05

Prismmedi Mansi Chandresh Parekh S 16,000 40.1

Prismmedi Narendra Kumar Surana S 10,000 40

Prismmedi Novarathanmal Praveenkumar B 50,000 40.1

Prismmedi Prakashchand Mukeshkumar B 80,001 40.07

Prismmedi Premlatha P S 70,000 40.09

Prismmedi Rajan Sushma B 10,000 40.1

Prismmedi Suraj Enterprise Pvt Ltd S 30,000 40.1

Prismmedi Vivek Chandresh Parekh S 16,000 40.1

Redington Idfc Mutual Fund S 47,50,000 99.25

Sal Thar Commercial Finance Private Limited B 1,00,000 23

Suprdom Rameshbhai Vallabhbhai Patel S 92,526 4.15

Suprdom Shaila Kishan Lal Gupta B 32,803 4.25

Sybly Doyen Commercial Private Limited S 3,00,000 7.51

Transfd Mukesh Savjibhai Rathod S 19,450 33.65

Transfd Niraj Rajnikant Shah S 29,000 33.8

Transfd Rohit Saraf S 20,000 33.65

Unjhafor Prasanna Mn K S 24,345 13.92

8

Information Of Bulk Deals – 3rd Nov 2016 On NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Ashima Limited Asset Reconstruction Company (India) Limited S 850000 15.36

Ceat Limited Bnp Paribas Arbitrage B 224274 1228.6

OCL Iron And Steel Limite Garima Buildprop Pvt. Ltd. S 1972997 8.3

OCL Iron And Steel Limite Swarnim Tradecom Private Limited B 1000000 8.5

Redington (India) Limited Idfc Premier Equity Fund S 2750000 99.26

Sunil Hitech Engr Ltd Gatsby Merchandise Private Limited B 175000 427.99

Surana Industries Limited Indiastar (Mauritius) Limited S 311000 5.19

9

Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015

Company Name Name of Acquirer / Seller Securities Held pre Transaction

Securities Acquired / Disposed Number Value Transaction Type

Securities held post Transaction

Period

HDFC Ltd. Manjunath B 20366 (-) 500 702500 Disposal 19866 (-) 01/11/2016

HDFC Ltd. Manjunath B 19866 (-) 500 707500 Disposal 19366 (-) 01/11/2016

HDFC Ltd. Basu Biswajit 5694 (-) 2,000 2846380 Disposal 3694 (-) 01/11/2016

HDFC Ltd. Mohit Manohar Rathi 12950 (-) 1,000 1425130 Disposal 11950 (-) 01/11/2016

HDFC Ltd. Jayakar Gauravi Tejas 67450 (-) 1,500 2103000 Disposal 65950 (-) 01/11/2016

HDFC Ltd. Ojale Supriya V 14325 (-) 1,500 2125695 Disposal 12825 (-) 01/11/2016

HDFC Ltd. Krishnan Ramachandran 65220 (-) 2,000 2810000 Disposal 63220 (-) 02/11/2016

HDFC Ltd. Jagadeesan N 17075 (-) 1,000 1418560 Disposal 16075 (-) 01/11/2016

HDFC Ltd. Jagadeesan N 16075 (-) 850 1211250 Disposal 15225 (-) 01/11/2016

HDFC Ltd. Chintankumar Pradipkumar Dave 1342 (-) 600 850212 Disposal 742 (-) 01/11/2016

HDFC Ltd. Jain Subodh 11065 (-) 1,500 2107500 Disposal 9565 (-) 02/11/2016

HDFC Ltd. Murali K V 35275 (-) 1,000 1424000 Disposal 34275 (-) 01/11/2016

HDFC Ltd. Niraj Bimalkumar Sethia 1000 (-) 500 701305 Disposal 500 (-) 01/11/2016

HDFC Ltd. E A Srikanth Raju 6195 (-) 1,000 1403000 Disposal 5195 (-) 01/11/2016

HDFC Ltd. Jagadeesan N 16075 (-) 850 1211250 Disposal 15225 (-) 01/11/2016

HDFC Ltd. Chintankumar Pradipkumar Dave 1342 (-) 600 850212 Disposal 742 (-) 01/11/2016

Hdfc Bank Ltd P V Venkiteswaran 1755 (-) 1,700 2125000 Disposal 55 (-) 28/10/2016

Hdfc Bank Ltd Ayush Rohatgi 8219 (-) 1,650 2062500 Disposal 6569 (-) 01/11/2016

Hdfc Bank Ltd Santosh Pandey 15003 (-) 9,517 11896250 Disposal 5486 (-) 02/11/2016

Hdfc Bank Ltd Madhava Das Parath 21550 (-) 1,200 1500000 Disposal 20350 (-) 01/11/2016

Hdfc Bank Ltd Dhiren Desai 24300 (-) 1,000 1250000 Disposal 23300 (-) 28/10/2016

Hdfc Bank Ltd Deepak Mohanty 3000 (-) 1,000 1250000 Disposal 2000 (-) 02/11/2016

Hdfc Bank Ltd Goretti Soares 23140 (-) 1,000 1250000 Disposal 22140 (-) 01/11/2016

Hdfc Bank Ltd Hemant Naik 8000 (-) 3,000 3750000 Disposal 5000 (-) 28/10/2016

Hdfc Bank Ltd Rohit Maroo 8000 (-) 1,000 1250000 Disposal 7000 (-) 01/11/2016

Hdfc Bank Ltd Punnoose Oonithan 12600 (-) 1,000 1250000 Disposal 11600 (-) 01/11/2016

Hdfc Bank Ltd Gurmeet Singh Marok 14070 (-) 4,000 5000000 Disposal 10070 (-) 01/11/2016

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Hdfc Bank Ltd Ashish Parthasarthy 294231 (-) 3,000 3750000 Disposal 291231 (-) 01/11/2016

Hdfc Bank Ltd Ayaskant Sarangi 108800 (-) 5,000 6250000 Disposal 103800 (-) 02/11/2016

Hdfc Bank Ltd Bindumadhav Tikekar 213851 (-) 2,000 2500000 Disposal 211851 (-) 01/11/2016

Hdfc Bank Ltd Pankaj Gupta 6200 (-) 4,200 5250000 Disposal 2000 (-) 01/11/2016

Hdfc Bank Ltd R Rajagopalan 31050 (-) 6,500 8125000 Disposal 24550 (-) 01/11/2016

Hdfc Bank Ltd N E Venkitakrishnan 9920 (-) 3,000 3750000 Disposal 6920 (-) 01/11/2016

Hdfc Bank Ltd Jatankumar Shah 2500 (-) 700 875000 Disposal 1800 (-) 01/11/2016

Hdfc Bank Ltd Ruchi Shah 3200 (-) 1,000 1250000 Disposal 2200 (-) 28/10/2016

Envair Electrodyne Ltd. Shripad Mirashi 1827000 (60.10) 250 Acquisition (60.11) 03/11/2016

Kotak Mahindra Bank Ltd. Sovit Nanda 32951 (-) 2,000 1639062.80 Disposal 30951 (-) 28/10/2016

Kotak Mahindra Bank Ltd. Deepak Sharma 29000 (-) 10,000 8125000 Disposal 19000 (-) 28/10/2016

Lupin Ltd. Satyajit Atwe 1860 (-) 1,860 2696666.50 Disposal (-) 17/10/2016

Itc Ltd. V. Christopher 19000 (-) 19,000 4580542 Disposal (-) 01/11/2016

Itc Ltd. Anil Kumar Garg 61500 (-) 5,000 1205234 Disposal 56500 (-) 01/11/2016

Itc Ltd. Ranjit Kaul 127931 (-) 58,000 14007580 Disposal 69931 (-) 01/11/2016

Itc Ltd. Amit Shah 29602 (-) 17,900 4326377 Disposal 11702 (-) 01/11/2016

Bharat Bijlee Ltd Anand J Danani 26852 (0.48) 660 553824 Disposal 26192 (0.46) 01/11/2016

Bharat Bijlee Ltd Anand J Danani 26192 (0.46) 940 790524 Disposal 25252 (0.45) 01/11/2016

Bharat Bijlee Ltd. Anand J Danani 25252 (0.45) 1,200 1044649 Disposal 24052 (0.43) 02/11/2016

Bharat Bijlee Ltd. Anand J Danani 24052 (0.43) 609 530818 Disposal 23443 (0.41) 02/11/2016

Nava Bharat Ventures Ltd. D Rama Krishna 9950 (-) 4,000 598000 Disposal 5950 (-) 01/11/2016

Ge T&D India Ltd Ge Energy Europe B V 28382 (-) 28,377 9452948 Disposal 5 (-) 02/11/2016

Khandwala Securities Ltd. Piggero Investments Pvt Ltd 64740 (0.54) 2,500 46275 Acquisition 68490 (0.57) 30/10/2016

Khandwala Securities Ltd. Piggero Investments Pvt Ltd (-) 250 4627.50 Acquisition (-) 30/10/2016

Khandwala Securities Ltd. Piggero Investments Pvt Ltd (-) 1,000 17701.50 Acquisition (-) 01/11/2016

Khandwala Securities Ltd. Piggero Investments Pvt Ltd 68490 (0.57) 50 928 Acquisition (-) 02/11/2016

Khandwala Securities Ltd. Piggero Investments Pvt Ltd (-) 50 928 Acquisition 68590 (0.57) 02/11/2016

Cera Sanitaryware Ltd. Abbey Y Rodrigues 900 (-) 400 1055695 Disposal 500 (-) 01/11/2016

Ramkrishna Forgings Ltd. Chaitanya Jalan (-) 2,100 720857.57 Acquisition 2100 (0.01) 30/10/2016

Sunil Hitech Engineers Ltd. Sudhamati Ratnakar Gutte 597999 (3.16) 1,88,556 83724521 Disposal 409443 (2.17) 30/10/2016

M&M Financial Services Ltd. Rama Bijapurkar 50000 (-) 16,169 5711658.70 Disposal 33831 (-) 02/11/2016

Malu Paper Mills Ltd. Narayan Malu 304340 (1.78) 5,000 166150 Acquisition 309340 (1.81) 01/11/2016

Malu Paper Mills Ltd. Narayan Malu 309340 (1.81) 5,000 182850 Disposal 304340 (1.78) 01/11/2016

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Malu Paper Mills Ltd. Gajendra Malu 313356 (1.84) 5,000 177197 Acquisition 318356 (1.86) 01/11/2016

Malu Paper Mills Ltd. Gajendra Malu 318356 (1.86) 5,000 181850 Disposal 313356 (1.84) 01/11/2016

Tech Mahindra Ltd. Amit Sood 12000 (-) 2,500 1100732 Disposal 9500 (-) 28/10/2016

Amd Industries Ltd. Ashok Gupta 3583963 (18.69) 19,332 929817.6 Disposal 3558631 (18.57) 25/10/2016

Adani Ports And Special Eco Zone Universal Trade & Investments Ltd 28268021 (1.36) 7,80,000 238395421 Acquisition 29048021 (1.40) 01/11/2016

Adani Ports And Special Eco Zone Universal Trade & Investments Ltd 29048021 (1.40) 10,00,000 301817073 Acquisition 30048021 (1.45) 02/11/2016

Jsw Energy Ltd Narmeda Fintrade Pvt Ltd 908 (-) 39,592 2613461.82 Acquisition 40500 (-) 01/11/2016

Persistent Systems Ltd. Suresh Purushottam Deshpande 6711006 (8.39) 782 518358.26 Disposal 6710224 (8.39) 28/10/2016

Persistent Systems Ltd. Suresh Purushottam Deshpande 6710224 (8.39) 26,760 17764160.63 Disposal 6683464 (8.35) 02/11/2016

12

Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).

** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Nishita Shah (nishita.sshah@sushilfinance.com)

Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435.

Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

“Research Analyst – SEBI Registration No. INH000000867”

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13

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