0

Global geographical conditions and macro

economic data will dictate trend

Domestic and global macroeconomic data, quarterly earnings of India Inc., trend in global markets, investment

by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against

the dollar and crude oil price movement will dictate trend on the bourses in coming times.

Events to be watched IIP for the March 2017 will be announced on 12th May 2017. Consumer price Index will be announce on 12th May 2017. Consumer prices in India increased 3.81 percent year-

on-year in March of 2017, following a 3.65 percent rise in February and below market expectations of 3.98 percent.

WPI for April 2017 will be announced on 15th May 2017. Indian wholesale prices rose 5.70 percent year-on-year in March of 2017, following a 6.55 percent gain in February and below market estimates of a 5.98 percent rise.

US nonfarm payrolls data for April 2017 is scheduled to release on Friday, 5 May 2017

Macro Factors India economy to grow at 7.2% in 2017 and 7.7% in 2018. IMF projects the world economy to grow at a

pace of 3.5 percent in 2017, up from 3.1 percent last year, and 3.6 percent in 2018. Manufacturing conditions in India improved for the fourth straight month in April. The performance of

the sector matching March's reading of 52.5. Slower increases in output, stocks of purchases and employment were offset by stronger growth of new orders and lengthening delivery times.

The Eight core infrastructure industries, comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP), showing healthy 5% increase in production for March 2017. Its production has moved up 4.5% in FY2017 over FY2016.

Ministry of Housing and Urban Poverty Alleviation has sanctioned 1,00,537 more houses for urban poor under Pradhan MantriAwas Yojana (Urban) with an investment of Rs.4,200 cr taking the total investment so far approved to Rs.1,00,466 cr. This is 307% more than the investment approved of Rs.32,713 cr during 2004-14 for affordable housing in urban areas.

The first stage forecast of Southwest monsoon seasonal rainfall was issued by Indian Meteorological Department(IMD). IMD has forecast that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the Long Period Average (LPA) with an error of 5%.

Conclusion The monetary policy committee (MPC) of the Reserve Bank of India (RBI), led by Governor Urjit Patel, kept the

benchmark repo rate unchanged at 6.25% owing to possible higher inflation in the current fiscal. It, however, raised

the reverse repo rate by 25 basis points to 6%. Furthermore, the Indian rupee hit a 20-month high against the US

dollar owing to appreciation of emerging currencies as well as improving fundamentals of India Inc. The Indian stock

markets look good. The Nifty has support at the 9140 level. The expected target is at the 9520 level. In the coming

times, market participants are advised to keep a watch on the earnings results of India Inc and track geopolitical

changes following attacks on Syria by the US as these could have an impact on the market.

.

AXISBANK Entry:Rs.508-510 Target :Rs.540 SL:485

Axis Bank established in 1993 was the first of the new private banks to have begun operations in 1994 after the

Government of India allowed new private banks to be established.Axis Bank Ltd. has been promoted by the

largest and the best Financial Institution of the country, UTI. The Bank was set up with a capital of Rs. 115

crore, with UTI contributing Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing

Rs. 1.5 crore each. Axis Bank is one of the first new generation private sector banks to have begun operations in

1994. The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then

known as Unit Trust of India),Life Insurance Corporation of India (LIC), General Insurance Corporation of

India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental

Insurance Company Ltd. and United India Insurance Company Ltd. The shareholding of Unit Trust of India was

subsequently transferred to SUUTI, an entity established in 2003. In accordance with the Act, the Undertaking

specified as UTI I has been transferred and vested in the Administrator of the Specified Undertaking of the Unit

Trust of India (SUUTI), who manages assured return schemes along with 6.75% US-64 Bonds, 6.60% ARS

Bonds with a Unit Capital of over Rs. 14167.59 crores. The Bank has strengths in both retail and corporate

banking and is committed to adopting the best industry practices internationally in order to achieve excellence.

Axis Bank entered a deal in November 2010 to buy the investment banking and equities units of Enam

Securities for $456 million. Axis Securities, the equities arm of Axis Bank, will merge with the investment

banking business of Enam Securities.As per the deal, Enam will demerge its investment banking, institutional

equities, retail equities and distribution of financial products, and non-banking finance businesses and merge

them with Axis Securities.

GSFC Entry:Rs.128-129 Target :Rs.141 SL:118

Gujarat State Fertilisers & Chemicals (GSFC) incorporated in 1962, is engaged in manufacturing of fertilizers

and industrial products. It was earlier known as Gujarat State Fertilizer Company (GSFC) which was joint

sector enterprise set up by the Government of Gujarat. Earlier the equity structure consisted of 49% of State

Government and the rest of public and financial institutions. Currently, the State Government has reduced its

equity participation to 38.4%. The motive behind formation of this organisation was to support farmers. The

company's manufacturing units is located at Kosamba, Sikka and Nandesari. It has marketing network spread

across India in states like Andhra Pradesh, Chhatisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh,

Maharashtra, Punjab, Rajasthan, Daman and Uttar Pradesh. GSFC has set up several companies such as Gujarat

Narmada Valley Fertilizers Company, Gujarat Industries Power Company, Gujarat Green Revolution Company,

GSFC Investment and Leasing Company, GSFC-Polymer Unit and GSFC - Fiber Unit.

Products-GSFC has created more than 24 brands of fertilizers, petrochemicals, chemicals, industrial gases,

plastics, fibers and other products. Industrial Products- Under this it manufactures Anhydrous Ammonia, Argon

Gas, Caprolactam, Melamine, Methyl Ethyl Ketoxime, Nylon-6, Oleum and Sulphuric Acid. Agro products- In

this segment the company manufactures a range of fertiliser, bio-fuels and seeds. Biotech products- The

Company manufactures range of biotech products under various brands such as Sardargib, Sardar Eco Green,

Sardarvam, Sardartrap and Sardarlures, Sardarneem, Sardaramin and Sardaramin Granules.

Stocks recommended for short term

(Target & Stoploss based on Technical Research)

CRISIL Entry:Rs.1965-1970 Target :Rs.2090 SL:1896

Credit Rating Information Services of India popularly known as CRISIL was incorporated in 1987. It operates

as ratings, research, risk and policy advisory company. During 1990-91 the company provided technical

assistance and training to Rating Agency Malaysia Berhard and MAALOT, the Israeli Securities Rating

Company. In 1996-97 Standard & Poors acquired 9.68% equity stakes in the company. The company entered

into joint venture with National Stock Exchange to provide variety of Indices index related services and

products to NSE. This joint venture entered into consultancy and licence agreement with Standard & Poors'.

CRISIL is now a Standard & Poors company that is engaged in investment research outsourcing, fund services,

risk management and infrastructure advisory services. On September 2010, Crisil signed an agreement with

Chicago-headquartered KPO (knowledge process outsourcing) Pipal Research for a consideration of $12.75

million. This strengthen CRISIL's KPO arm, Irevna, as it will be well positioned in the high-end analytical

offshoring space. CRISIL in a bid to assesses the ability of the institute to impart quality education has launched

its education grading initiative - 'CRISIL Business School Grading' in January 2011. This enables the institute to

benchmark itself with other business schools across the country.

BAJAJELEC Entry:Rs.351-352 Target :Rs.385 SL:335

Bajaj Electricals (BEL) incorporated in 1938 is engaged in business appliances, fans, lighting, luminaries and

engineering and projects. BEL is a part of the Rs. 20000 crore Bajaj Group. In India company has 19 branch

offices spread across in Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Cochin, Delhi,

Guwahati, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Mumbai, Nagpur, Noida, Patna, Pune and Raipur.

Company's depots are located at Daman, Dehradun, Faridabad, Goa, Parwanoo, Ranchi and Zirakhpur. In India,

Bajaj Electricals has network of 600 distributors, 3000 authorised dealers, over 2,50,000 retail outlets and over

230 service franchises. Company also operates 2.8 MW Wind Farm situated at Village Vankusawade in

Maharashtra. In 2003, Bajaj Electricals entered into a licensing and sourcing agreement with UK-based home

appliance company Morphy Richards. This agreement makes the Bajaj Eletricals a global supplier of select

domestic home appliances. In 2010 Bajaj Electricals Partnered with Vector Consulting Group to revamp its

Supply Chain

Products

Appliances- Under this company manufactures products such as water heaters, mixers, micro ovens, room air

coolers, irons, room heaters, gas stoves and electric kettles. Company manufactures a wide range of electric

fans. Lighting- Under this company manufactures lamps, torches, tubes and wide range of luminaries.

Engineering and Projects- The company has been awarded with majors lighting projects from NTPC, Reliance

Infocom, Sports Authority of Andhra Pradesh, Tamil Nadu State Electricity Board / Power Grid Corporation,

Jaipur Vidyut Vitran Nigam to name few. In order to expand its product portfolio the company has tie up with

Nardi Elettrodomestici SpA of Italy for Gas Appliances, Securition of Switzerland for fire alarms and Security

Products and Delta Controls of Canada for BMS and HVAC.

SHAH INVESTOR’S HOME LTD FIXED DEPOSITS OF THE MONTH

COMPANY RATING

Min. Deposit INTEREST RATE (%)

Amount * Months 12

Months 24

Months 36

Months

DEWAN HOUSING FINANCE CORP. LTD* *

CARE (AAA) & BWR (FAAA)

10000*1000

7.80 (14MONTHS)

7.90-(40MONHTS)

48 TO 120 MO-8.00

7.75 7.80 7.85

SHRIRAM UNNATI CRISIL"FAA" & ICRA "MAA"

5000*1000-C 10000 – Q

48-8.15 & 60M 8.25

7.75 7.85

8.00

HDFC PREMIUM DEPOSITS**

FAAA

M-40000 Q-20000 H-20000 A-20000

15 MONTHS-7.50

22 MONTHS-

7.55

30 MONTHS-

7.50

44 MONTHS-

7.55

HUDCO LTD** FITCH”TAAA” CARE-“AA+”

10000 7.00 7.00 7.00

HDFC DEPOSITS**

FAAA 20000*1000

12M

7.40

24M 7.40

36 M 7.40

MAHINDRA FINANCE LTD**

CRISIL "FAA+"

Cum 10000*1000

18M-7.50

7.50-C 7.50 -C 7.55 –C

H.Y- 25,000 QTR- 50,000

7.30-Q 7.35-H

7.30-Q 7.35-H

7.35-Q 7.40-H

BAJAJ FINANCE LTD** CRISIL-“FAAA”

100000

7.80 8.00 8.05

PNB HOUSING FINANCE** CRISIL-“FAAA”

20000 15 MONTH-7.50 22 MONTH-7.55

7.40

7.40 7.40

LIC HOUS.FIN.LTD **

>50K < 50K =0.10%

CRISIL-

“FAAA” 10000

7.30 7.50 7.50

GRUH FINANCE LTD**

FAAA by

CRISIL, MAAA

by ICRA

1000*1000

7.25 7.50 7.50

K.T.D.F.C**

10000*1000 8.50 8.50 8.50

CENT BANK HONE FINANCE LTD** (Subsidiary of Central Bank Of India) ONLY RENEWAL

CRISIL BY “FA/STABLE”

10000*1000 12M-36M

8.00 39M-84M

8.05 39M-84M

8.05

** 0.25% Extra for Senior Citizen *** 0.60% Extra for Senior Citizen Call Mukesh Shah/Rajesh Bandre on 93-77-66-4942 or 079 300 25 325(Ext: 8107) for more details. For Free Home

Visit to opt a FD of Rs.50000 or more in any company. Call today to schedule an appointment. .

Diabetic Health Insurance Do you Know 66 Million People In India Are

Suffering From DIABETES ?

Eligibility

We offer coverage from the age of 18 years to 65 years for individuals with Type 2 Diabetes Mellitus, Impaired Fasting Glucose (IFG), Impaired Glucose Tolerance (IGT) and/or Hypertension.

Your premium at renewal may change due to a change in your age or changes in the applicable tax rate.

The policy will be issued for 1 year. The plan has 2 variants – Gold (cost of wellness test included) & Silver (cost of wellness test excluded), both available with/ without the co payment option of 20%

Plan Benefits

Comprehensive health coverage Day 1 coverage for all hospitalization arising out of Diabetes and Hypertension (with no waiting period) Inpatient hospitalization coverage with no sub limits, including coverage for pre and post hospitalization. Sum insured options ranging from 2 lacs to 10 lacs.

Cashless Service

You need to obtain a per-authorization for all planned admissions at least 48 hours prior to actual admission or regularize any ‘emergency’ admission within 24 hours post the admission. The details of the process and the documentation requirements are given in the guide-book sent along with the policy

Sum Insured Enhancement

Sum Insured can be enhanced only at the time of renewal subject to no

claim have been lodged/ paid under the policy. If the insured increases

the sum insured one grid up, no fresh medicals shall be required. In

cases where the sum insured increase is more than one grid up, the

case shall be subject to medicals. In case of increase in the sum insured

waiting period will apply afresh in relation to the amount by which the

sum insured has been enhanced. However, the quantum of increase

shall be at the discretion of the company.

Portability

If you are insured with some other company’s health insurance and you

want to shift to us on renewal, you can. Our portability policy is customer

friendly and aims to achieve the transfer of most of the accrued benefits

and makes due allowances for waiting periods etc.

Tax Benefits

With Energy Plan, you can presently avail tax benefits for the premium

amount under Section 80D of the Income Tax Act. (Tax benefits are

subject to changes in Tax Laws)

Housing and Urban Development Corporation Ltd : Good

Issue

IPO Note : Mini Ratna status, Retail discount and reasonable

offer price

: Ranking***

Issue details

Price band (Rs) Rs.56-60

IPO Opening Date 08/04/17

IPO Closing Date 11/04/17

Issue Size Rs. 1201 Cr.

Recommendation

Total revenue grew at a CAGR of 4.79% from

Rs.2778.64 Cr for the FY 2012 to Rs.3350.08 Cr for FY

2016 and Net Profit grew at a CAGR of 6.83% in the

same period. For the first nine months ended on 31.12.16

it has posted net profit of Rs. 496.86 crore on a turnover of

Rs.2677.99 crore. Based on 31.3.16 performance, the

asking price is at a P/E of 14 plus. This being an offer for

sale (secondary offer) the equity capital of the company

remains same at Rs. 2001.90 crore. It has no listed peer

to compare with. Company is set to play vital role in

Pradhan Mantri Awas Yojna (PMAY) under Housing for

All (HFA) by 2022 and thus has bright prospects going

forward. It will have synergy with National Housing Bank

for doing the needful in this segment. With Pan India

presence, company is set to explore growth potentials.

Being PSU offer and bright prospects for the segment

in coming years, invest for long term.

Highlights

Housing and Urban Development Corporation

Ltd (HUDCO) is a wholly-owned Government

company with more than 46 years experience in

providing loans for housing and urban infrastructure

projects in India

HUDCO enjoying “Mini Ratna” status among

PSUs

Retail investors and eligible employees will get

Rs. 2 discount on the final offer price

Company is set to play vital role in Pradhan

Mantri Awas Yojna (PMAY) under Housing for All

(HFA) by 2022

As at December 31, 2016, gross NPAs were

6.80% and net NPAs were 1.51%.

Company Introduction

Housing & Urban Development Corp Ltd, popularly

known as “HUDCO” that recently celebrated its 47th

anniversary on 25th April 2017 and enjoying “Mini Ratna”

status among PSUs. This wholly owned GoI Company is

engaged in urban and rural housing as well as

infrastructure project financing and has a track record of

profit generation and dividend distribution since inception.

It enjoys AAA rating for its debt plans from rating

agencies like CARE, ICRA and IND Ra to have low cost

debts.. Its housing finance loan is classified as social

housing, residential real estate and retail finance (branded

as Hudco Niwas). Under social housing Hudco is

financing economically weaker sections/ lower income

groups of the society.

For urban infrastructure finance, Hudco distributes loans

relating to water supply, roads and transport (including

railways and ports), power, SEZs, gas pipelines, oil

terminals, telecom network, market complex, shopping

centres, hotels, office buildings, sewerage, drainage, solid

waste management etc.

Company provide loans for implementing agencies

comprising state government bodies, co-operative

societies, corporate employers, and community sectors;

and building technology and rent to own schemes. It also

provides finance for infrastructure projects in the sectors

www.hudco.org

Financial Summary (Rs. In Crore)

Particulars nine month

ended Dec.

2016

FY2016 FY2015 FY2014

Total Income 2677.99 3350.08 3427.85 3002.88

Net Profit 496.86 809.61 768.32 733.97

EPS (Rs) 2.48* 4.04 3.83 3.66

*EPS not annualized

Source: RHP and ACE Equity

RANKING METHODOLOGY

WEAK *

AVERAGE **

GOOD ***

VERY GOOD ****

EXCELLENT ****

of water supply, sewerage, drainage, solid waste

management, roads and transport, and electricity in the

urban areas; and social infrastructure component, such as

play/primary schools, working women hostels, health

centers, play grounds, police stations, courts, jails,

crematorium, etc. In addition, the company offers

consultancy services, including URP services,

environmental engineering, and government programs

consultancy services; and disaster mitigation services.

Further it provides home loans for individual.

Company Promoters:

Company's Promoter is the President of India, acting

through the Ministries.

The object of the issue Carry out the disinvestment of 200,190,000 Equity

Shares by the Selling Shareholder constituting 10% of the

Company’s pre-Offer paid up Equity Share capital

Company

To achieve the benefits of listing the Equity Shares

on the Stock Exchanges.

IPO Issue Proceed

With this maiden IPO GoI is diluting 10.19 per cent by

way of offer for sale of 204058747 equity share of Rs. 10

each in a price band of Rs. 56-60 per share to mobilize Rs.

1142.73 - 1224.35 crore (on the basis of lower and upper

price bands). Issue opens for subscription on 08.05.2017

and will close on 11.05.2017. Minimum application is to

be made for 200 shares and in multiples thereon,

thereafter. Retail investors and eligible employees will get

Rs. 2 discount on the final offer price. Post issue, shares

will be listed on BSE and NSE. This being an offer for

sale (secondary offer) the equity capital of the company

remains same at Rs. 2001.90 crore. Its entire paid up

equity has been issued at par since inception till July 2004.

DISCLAIMER The information provided by or in this newsletter is generally from the press reports, electronic media, research websites and other

media. The information also includes information from interviews conducted, analysis, views expressed by our research team.

Investors should not rely solely on the information contained in this publication and must make their own investment decisions

based on their specific investment objectives and financial position and using such independent advisors as they believe necessary.

The material and the information provided by this newsletter are not, and should not be construed as an advice to buy or sell any of

the securities named in this newsletter. SIHL may or may not hold positions in any of the securities named in this newsletter as a part

of its business. Past performance is not necessarily an indication of future performance. SIHL does not assure for accuracy or

correctness of information of reports in the newsletter.

SIHL CONSULTANCY LIMITED

SIHL House

Opp Ambawadi Jain Temple

Nehrunagar Cross Road

Ahm,edabad 380015

Contact Details : 41072222 ext : 8107

Mobile Phone : 9377664942

Email id : distribution@sihl.in

Website : www.sihl.in