WORLD INDICES & INDIAN ADRs (US$) 20-Dec-16 Corporate Announcements & Financial Scoreboard Oriental...

1

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 26,308.0 (0.3) 19.7 2.6

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20-Dec-16

*Source: Bloomberg

NET INFLOWS (Rs. Crs.) 19-Dec-16

NET MTD YTD

FII (554.1) (7416.0) 33252.2

MF 484.5 19971.3 30080.4

*YTD From January till date

21 December 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 : [email protected]

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

20-Dec-16

Latest Points % Chg.

NIKKEI 225 * 19522.8 28.3 0.1

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DOWJONES 19974.6 91.6 0.5

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SGX NIFTY FUT* 8118.5 12.5 0.2

INFY 14.9 0.1 0.4

HDFC BANK 60.4 0.4 0.7

ICICI BANK 7.5 (0.0) (0.3)

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* At 08:20 a.m. IST on 21-Dec-16

WORLD INDICES & INDIAN ADRs (US$)

COMMODITIES 19-Dec-16

Latest Points % Chg.

GOLD 1135.6 3.3 0.3

CRUDE OIL (WTI) 53.6 0.3 0.5

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FII ACTIVITIES IN DERIVATIVES 20-Dec-16

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)Index Futures 188.0 10956.9 1.0

Index Options (275.6) 70251.3 0.6

Stock Futures (941.8) 53975.6 (0.2)

Stock Options (73.6) 5696.1 2.6

20-Dec-16

Closing % Chg.

Dollar Index 103.1 (0.19)

Rs. / $ 68.0 0.25

Rs. / EURO 70.6 (0.31)

Rs. / UK Sterling 84.0 (0.43)

EXCHANGE RATE

G.SEC. YIELD 20-Dec-16

Yield (%)

GS CG2025 8.2% 6.48

US 10 Year Gsec 2.56

KEY OVERNIGHT DEVELOPMENTS

Wall street touched record highs and the dollar rose to its highest level in 14

years as markets shrugged off risk aversion and continued the rally that has

elevated Wall Street since Election Day. Asian markets gained at

Wednesday's open, after the Dow hitting a new record close overnight just

shy of the psychological 20,000 level.

MUST KNOW…. Oriental Carbon starts commercial production at Mundra, Gujarat (Rs.789,

0%)

Visa Steel gains, resumes operations at DRI plant (Rs.18, +4%)

Jubilant Life Sciences increases price rise of upto 15% (Rs.596, -4%)

Bajaj Hindusthan to sell power biz to group firm for Rs.1800 cr (Rs.14, 2%)

Mercator vessel bags Rs.120-crore contract (Rs.40, +5%)

Gujarat Industries Power rises on PPA agreement for 25 years (Rs.100, +2%)

Welspun Enterprises to consider buyback of equity shares (Rs.65, +10%)

Wockhardt gains as UK MHRA says Chikalthana unit GMP complied (Rs.684, 0%)

KEI sees Rs.250 cr annual revenue from agreement with Swiss co (Rs.125, +3%)

Withdraw nod for 28 drug applications of Ranbaxy: Sun Pharma (Rs.629, -1%)

New launches to drive earnings growth in FY18 & FY19: Glenmark (Rs.936, -1%)

Phoenix Mills up, to acquire 15% stake in subsidiary company (Rs.365, 0%)

Q3 of FY17 to be better than Q3FY16, says India Cements (Rs.112, +1%)

Granules sheds nearly post USFDA inspection of Vizag unit (Rs.111, -4%)

HPL Electric gets orders over Rs.100 crore; shares up (Rs.101, +1%)

Opto Circuits surges on order win of Rs.91 crore (Rs.11, +20%)

Expect 50% growth in new media segment: Shemaroo (Rs.384, -3%)

Housing fin cos expected to grow at 18-19%: PNB Housing Finance (Rs.856, -1%)

Titagarh Wagons sees govt order of future infantry CVs in a week (Rs.132, +1%)

8K Miles Software up, to acquire Cornerstone Advisors Group (Rs.670, +5%)

Tata Steel EGM to decide on Nusli Wadia today (Rs.404, -2%)

Airtel to acquire Orascom’s stake in MENA undersea cable firm (Rs.302 -1%)

PFC to offer TV sets for 1,600 villages in Arunachal (Rs.128, 0%)

Cyrus Mistry moves National Company Law Tribunal against Tata Sons

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Corporate Announcements & Financial Scoreboard Oriental Carbon starts commercial production at Mundra, Gujarat (Rs.789, 0%)

Oriental Carbon & Chemicals Ltd has informed BSE that the Company has commissioned / started the

Commercial production, ahead of schedule, on Dec 20, 2016, of the First Phase (5500 Mt pa Capacity) of its

project for expansion of Insoluble Sulphur production capacity at Special Economic Zone (SEZ) at Mundra,

Gujarat.

Visa Steel gains, resumes operations at DRI plant (Rs.18, +4%)

Shares of Visa Steel gained Tues as it has resumed operations at its DRI plant in Odisha. The company has

resumed operations at its DRI plant (Direct Reduced Iron) for production of sponge iron and two sub-

merged arc furnaces of ferro alloy plant for production of ferro chrome after getting necessary clearances

from in State Pollution Control Board, Odisha. With the improvement in raw material availability, the

operational performance at Visa Steel had significantly improved during Q2 of FY2016-17. The production

of ferro chrome has increased from 17,008 MT to 24,274 MT in Q2FY2017, a year-on-year growth of 43%,

as per company release. The generation of captive power plant has seen a y-o-y growth of 55% in Q2FY16

to Q2FY17. The production of blast furnace has increased from 12,577 MT in Q2FY16 to 45,838 MT in

Q2FY17, growth of 264%. Production at DRI plant increased from 38,745 MT in Q2FY16 to 47,410 MT in

Q2FY17, y-o-y growth of 22%. Visa Steel has recently opened a stockyard at Faridabad for improving the

distribution of its special steel products in North India.

Jubilant Life Sciences increases price rise of upto 15% (Rs.596, -4%)

Jubilant Life Sciences Ltd has informed BSE regarding a Press Release dated Dec 20, 2016 titled "Jubilant Life

Sciences announces price increase of up to 15% for Beta Picoline, 3-Cyanopyridine and Vitamin B3 (Niacin &

Niacinamide)".

Bajaj Hindusthan to sell power biz to group firm for Rs.1800 cr (Rs.14, 2%)

Bajaj Hindusthan Sugar Ltd plans to sell its co-generation power business to its group company Lalitpur

Power Generation Company Ltd (LPGCL) for about Rs.1,800 crore. The company's board "considered

approval of sale and transfer of co-generation power business of aggregating capacity of 449 MW located at

14 locations to LPGCL for a lumpsum consideration in cash of about Rs.1,800 crore as a going concern on

slump sale basis in accordance with the business transfer agreement to be entered into with LPGCL." In a

filing to BSE, the company said: "Entire amount of cash consideration is proposed to be utilised by Bajaj

Hindusthan Sugar Ltd towards advance repayment of its existing term debt. The proposed sale and transfer

of co-gen power business will be subject to approval of members, lenders and all other statutory/regulatory

authorities," Bajaj Hindusthan has 14 sugar mills with cane crushing capacity of 1.36 lakh tonnes per day

and alcohol distillation capacity of 800 kilo litres per day. It has posted standalone net loss of Rs.137.71

crore for the second quarter of the current fiscal on high finance cost compared to Rs.282.72 crore loss in

the Jul-Sept period of last fiscal. Besides sugar, Shishir Bajaj-led Bajaj group has interests in power, ethanol,

real estate, personal care products and infrastructure. The group's power venture includes Bajaj Energy Pvt

Ltd, with 450 MW thermal power generation commissioned in 2012 and the Lalitpur Power Generation Co

Ltd with a total of 1980 MW thermal power generation capacity.

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Mercator vessel bags Rs.120-crore contract (Rs.40, +5%)

Mercator said one of its vessels has secured a time charter contract of a total value of about Rs.120 crore.

The period of the contract is four years, Mercator said in a filing to BSE. It will commence from the next

month. "One of the company's vessels has secured a time charter contract of total value of about Rs.120

crore," it said in a BSE filing. Mercator, one of the country's diversified conglomerates, has interest in coal,

oil and gas, shipping and dredging. The company owns and operates a variety of shipping fleet ranging from

crude, gas, petroleum product and bulk carriers. The Mercator group has also acquired economic interest in

coal mines in Mozambique and Indonesia with substantial coal resources as part of its backward integration

to strengthen shipping activities and meet the huge energy demand in India. It also provides coal trading

and coal logistics solutions.

Gujarat Industries Power rises on PPA agreement for 25 years (Rs.100, +2%)

Gujarat Industries Power Company shares climbed Tues after signing power purchase agreement for 25

years with Gujarat-based company. "... has signed power purchase agreements (PPA) for a period of twenty

five years with Gujarat Urja Vikas Nigam (GUVNL) for the entire 26 MW (13 x 2 MW) wind farm capacity of

the Rojmal Wind farm," the company said in its filing. Recently, Gujarat Industries also signed power

purchase agreement with same company for 23.1 MW (2.1 MW x 11 WEGs) wind power project at Kuchhdi

site in Porbandar.

Welspun Enterprises to consider buyback of equity shares (Rs.65, +10%)

Welspun Enterprises Ltd has informed BSE that a meeting of the Board of Directors of the Company is

scheduled to be held on Dec 22, 2016, inter alia, to consider the option to buyback the equity shares of the

Company. Further, with reference to the above meeting of the Board of Directors, the trading window for

dealing in the securities of the Company by the Insiders, as defined under the SEBI (Prohibition of Insider

irading) Regulations, 2015 will remain closed from Dec 20, 2016 till Dec 24, 2016 (both days inclusive).

Wockhardt gains as UK MHRA says Chikalthana unit GMP complied (Rs.684, 0%)

Mumbai-based pharma company Wockhardt shares advanced after the UK healthcare regulator said

company's Chikalthana facility complied with good manufacturing practice norms. "UK Medicines and

Healthcare products Regulatory Agency has confirmed that general compliance with the principles and

guidelines of good manufacturing practice of the company's manufacturing unit at L-1, Chikalthana,

Aurangabad," the company said in its filing. In view of this, the approval status of the said unit continues, it

added. In addition, UK MHRA has considered this manufacturing facility suitable for risk based inspection

with reduced inspection frequency of 2 years from the existing inspection frequency of 1 year. In Sept, the

UK health regulator had completed inspection of Chikalthana plant without any critical observations on the

facility. Recently, Wockhardt's other manufacturing facility at Kadaiya in Daman also cleared by the UK

MHRA saying the unit complied with the principles and guidelines of good manufacturing practices. With

this, its three facilities, including Shendra unit in Aurangabad, cleared by the UK MHRA. Meanwhile, in Jul

2016, Wockhardt's two manufacturing plants in Waluj and one in Chikalthana (in Maharashtra) received

establishment inspection report (EIR) from the US Food and Drug Administration, which had been under

USFDA import alert since 2013 due to failure in complaint with good manufacturing practices. The company

had said the receipt of EIR did not materially change the status of import alert for these manufacturing

units for the US market.

4

KEI sees Rs.250 cr annual revenue from agreement with Swiss co (Rs.125, +3%)

KEI Industries has signed an agreement with one of the Switzerland's leading cable producing company,

Brugg Kabel AG to manufacture extra high voltage (EHV) cables which are used for power evacuation from

hydro plants. Anil gupta, Chairman and MD of KEI Industries told media that this agreement will help the

company acquire orders up to 400 kV from various public utilities, private players. He further said that the

new line is expected to contribute Rs.200-250 crore worth revenue annually and margins on EHV cables will

be over 15%.

Withdraw nod for 28 drug applications of Ranbaxy: Sun Pharma (Rs.629, -1%)

Drug major Sun Pharma said one of its subsidiaries has voluntarily requested the US health regulator to

withdraw approval for 28 Abbreviated New Drug Applications belonging to Ranbaxy Laboratories. In a BSE

filing, Sun Pharmaceutical Industries said: "One of the company's wholly-owned subsidiaries has voluntarily

requested the USFDA to withdraw approval for 28 Abbreviated New Drug Applications (ANDAs)". It further

said: "These older drug products belong to erstwhile Ranbaxy Laboratories and are not being marketed in

the US since 2008." In Apr 2014, Sun Pharma had announced the acquisition of the troubled rival Ranbaxy

in an all-stock transaction worth USD 4 bn.

New launches to drive earnings growth in FY18 & FY19: Glenmark (Rs.936, -1%)

Glenmark Pharmaceuticals is betting on new drug launches to drive earnings growth for the drug major.

The company expects Zetia generic, which it launched in the US earlier in the month, to contribute revenue

worth USD 200-250 mn in the next 6 months, Chairman and Managing Director Glenn Saldanha said. The

proceeds from Zetia sales will be used to pare debt, Saldanha said, adding that debt levels by the end of

FY17 will be much below the Mar 2016 levels of Rs.3,100 crore. The company has a strong pipeline of

products which the company, Saldanha said, adding that new launches will drive earnings for the company

in FY18 and FY19. The company has no plans to raise further capital, he said. Glenmark had on Tuesday

announced a USD 300 mn capital expenditure plan spanning three years.

Phoenix Mills up, to acquire 15% stake in subsidiary company (Rs.365, 0%)

Shares of Phoenix Mills advanced Tues as it is going to increase its stake in the subsidiary company. The

company has entered into a share purchase agreement for acquisition of 15.18% stake in its subsidiary

Offbeat Developers held by Vistra ITCL and IIRF Holdings X. The company is also entered into share

purchase agreement to acquire entire equity shareholding of Eder River, representing 4.98% in Offbeat

Developers. On completion of above transactions, the shareholding of the company in Offbeat Developers

will increase from 74.48% to 94.64%. Earlier in this month, the company had acquired 3.75% equity stake

from K2A Hospitality in the subsidiary company Alliance Spaces, to take total shareholding of the company

to 36.76% from 33.01%.

Q3 of FY17 to be better than Q3FY16, says India Cements (Rs.112, +1%)

Trade has found its own way post demonetisation, says N Srinivasan, VC & MD of India Cements. He further

said that he has seen almost no impact on sales due to demonetisation. Speaking to media, he said that

most of the dealers are shifting from cash to cheque payments. However, distributors have not seen any

impact due to demonetisation. Srinivasan said there is no reason to change the outlook that was set earlier.

Hence, Q3FY17 numbers will be better than Q3FY16, he said.

5

Granules sheds nearly post USFDA inspection of Vizag unit (Rs.111, -4%)

Hyderabad-based pharma company Granules India shares fell after the US health regulator completed

inspection of Vizag facility with seven observations. The joint venture company said it would respond to

these observations within the stipulated time period. Granules OmniChem facility, a 50:50 joint venture

company of Granules India and Ajinimoto OmniChem NV, is located at Vizag, Andhra Pradesh. This facility

currently manufactures API intermediates. Granules has been accounting only its share of profit or loss

from this joint venture company as per new accounting standards with effect from Apr 2016.

HPL Electric gets orders over Rs.100 crore; shares up (Rs.101, +1%)

Shares of HPL Electric & Power gained as it has received orders of Rs.100 crore. The company has received

orders of over Rs.100 crore, which includes Rs.70 crore for Bhopal smart city lighting project and Rs.33

crore for energy meters from Southern Power Distribution. Gautam Seth, joint managing director of HPL

Electric said, "The order for Bhopal smart city lighting is a reward for our exceptional technology in the field

of lighting which gave us a cutting edge over others." For Bhopal smart city lighting order, the company has

earlier entered as part of a consortium with Bharti Infratel and Ericsson.

Opto Circuits surges on order win of Rs.91 crore (Rs.11, +20%)

Share price of Opto Circuits India gained Tues on order win worth Rs.91 crore. The company and its

subsidiaries have received an order worth Rs.91 crore from Philips Health Care for various products

manufactured by the Opto Group of companies. Vinod Ramnani, chairman & managing director of Opto

Circuits said "These long term contracts help in strengthening our relationship with Philips Health Care".

The company is a leading manufacturer of healthcare equipment in India. In 2001, the company has

acquired 60% stake in Advanced Micronic Devices. The company has acquired Eurocor GmbH in 2006 and

completed acquisition of US based Criticare Systems, Inc in Apr 2008.

Expect 50% growth in new media segment: Shemaroo (Rs.384, -3%)

Shemaroo is focused to investing in its digital medium segment and expects around 50% growth in new

media, says Hiren Gada, Wholetime Director and CFO. In an interview with media he said that margins in

the new media business has been upwards of consolidated business and Shemaroo plans to increase

revenue from the digital segment. Earlier in the day it was also reported that Copthall has sold its entire

8.73% stake in Shemaroo Entertainment and it has been picked up by New Horizon Opportunities Fund at

Rs.398 per share.

Housing fin cos expected to grow at 18-19%: PNB Housing Finance (Rs.856, -1%)

Speaking to media Sanjaya Gupta, MD of PNB Housing Finance said that he expects the market size in the

housing finance sector to get re-defined next year. He believes that a combination of GST rollout and

demonetisation will re-engineer the market size. There has been no geographic distinction in the payment

behaviour so far after demonetization, he averred. Housing finance companies are expected to grow at 18-

19% in terms of loan growth, he added. Third quarter in terms of disbursements could be flat at Q2 levels.

Admitting that there was a slight hiccup in repayments in Nov 2016 post demonetization, he said that

people have found ways to pay back their loans in Dec 2016.

6

Titagarh Wagons sees govt order of future infantry CVs in a week (Rs.132, +1%)

The defence ministry has announced it will award contracts for the development of future infantry combat

vehicles. The ordinance factory board will go up against 5 private players in the fight for a Rs.60,000 crore

contract. Titagarh Wagons is one of the contenders for this project. Speaking to media, Umesh Chowdhary

VC & MD of Titagarh Wagons said the ministry of defence will select 2 or 3 partners to design the prototype

for this project. The prototype may take 2 to 3 years and it will be funded by the government. Also, the

government order on future infantry combat vehicle (FICV) prototype should arrive in a week or two, he

said. Further, Chowdhary said revenue generation for the project will take time, maybe a year or two.

8K Miles Software up, to acquire Cornerstone Advisors Group (Rs.670, +5%)

Share price of 8K Miles Software Services rose as it is going to acquire Cornerstone Advisors Group, LLC. The

company's US-subsidiary 8K Miles Software Services, Inc has entered into a definitive agreement to acquire

Cornerstone Advisors Group, LLC for USD 10.25 mn inclusive of earn-out payments as a combination of cash

and stock. This acquisition will widen the offerings and client base of the company in US healthcare vertical

and the company will gain from addition of close to 45 active clients in healthcare clients. This said

acquisition is subject to customary closing conditions and is expected to close in quarter ending Mar 31,

2017. Cornerstone Advisors Group provides executive level information technology advisory, consulting,

and implementation services to the healthcare provider industry. Suresh Venkatachari, Chairman & CEO of

8K Miles said, “With the acquisition of Cornerstone we will add more than 50 top healthcare experts,

consultants and practice directors in the US with deep domain knowledge in healthcare information

technology services."

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Information of Bulk Deals – 20th Dec 2016 on BSE

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

Quantity Shares

Trade Price/ W Avg. Price

Aciasia Abjayoni Trading Private Limited B 153,10,177 0.13

Aciasia Anvita Real Estate Private Limited S 329,00,000 0.13

Aciasia Ethan Constructions Private Limited B 100,00,000 0.13

Aryacapm Amar Mukeshbhai Shah S 90,000 22.5

Avl Guiness Securities Limited B 2,64,000 15.25

Avl Thobhani Jignesh Amrtulal (Huf) S 1,44,000 15.32

Bitl Ameya Joshi S 99,999 1.55

Bitl Bharat Kalabhai Kabira S 1,01,686 1.48

Datamatics Amrita Vidur Bhogilal S 5,00,000 102.08

Indgela Madhav Navinchandra Mirani S 2,66,920 63.25

Indgela Manorama Navinchandra Mirani S 5,64,580 63.25

Indgela Shefali Viren Mirani B 6,32,211 63.25

Indgela Sunil Pratapsinh Mirani S 9,00,630 63.25

Indgela Viren Chandrasinh Mirani B 11,06,417 63.25

Kushal Namrata Sandeep Agrawal S 15,00,000 436.8

Loyal Santosh Bhansali Huf S 48,000 26.71

Pressmn Aryan Mining And Trading Corporation Ltd S 2,00,000 41

Pressmn Pradeep Kumar Saraf B 2,01,746 41.01

Pvvinfra Vivid Finance & Holdings Pvt Ltd S 35,000 9.01

Rathibar Hemant Kumar Motihar B 1,03,041 11.75

Rppinfra Nilima Desai S 1,30,000 177.1

Rppinfra Shaileshkumar Balvantrai Desai B 1,29,994 177.1

Shivkrupa Mahendra Sampat Pawar S 30,901 34.01

Sienergy Syed Wajid Ali B 4,30,000 10.47

Sitinet Bioscope Cinemas Private Limited B 141,71,245 36.9

Sitinet Essel Media Ventures Limited S 141,71,245 36.9

Stellar Rajni Aneja B 4,92,000 8

Stellar Vishal Sharma S 4,92,000 8

Tutialka Asian Portfolio Management Pvt Ltd B 2,60,000 12.6

Tutialka Vijay Kumar Aggarwal S 2,60,000 12.6

Information Of Bulk Deals – 20th Dec 2016 On NSE

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

Quantity Shares

Trade Price/ W Avg. Price

Bf Utilities Limited Ifci Ltd. S 323823 418.42

Bosch Limited Robert Bosch Engi & Business Solutions Pvt Ltd B 454000 19822.2

Bosch Limited Robert Bosch Gmbh S 454000 19822.2

Hanung Toys And Textiles MANJU GARG S 138218 4.96

Nandani Creation Limited Prasanben Vershibhai Shah S 56000 42

Nandani Creation Limited Veer Enterprise B 56000 42

8

Nucent Finance Limited Aryan Mining And Trading Corporation Ltd S 200000 41

Nucent Finance Limited Saraf Pradeep Kumar B 202000 41.01

R.P.P. Infra Projects Ltd Desai Shaileshkumar Balvantrai B 130000 178.05

R.P.P. Infra Projects Ltd Nilima Desai S 130000 178.05

Surana Industries Limited Indiastar (Mauritius) Limited S 276962 3.26

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

Housing Development Finance Corp.Ltd.

Dhole Rajendra R 17000 (-) 2,000 2516320 Disposal 15000 (-) 19/12/2016

Infosys Ltd. Vinay Gupta 8000 (-) 5,600 5628000 Disposal 2400 (-) 15/12/2016

Kotak Mahindra Bank Ltd. Hemant Shah 15970 (-) 970 756600 Disposal 15000 (-) 18/11/2016

Kotak Mahindra Bank Ltd. Hemant Shah 15000 (-) 9,000 6751917 Disposal 6000 (-) 28/11/2016

Kotak Mahindra Bank Ltd. Vinod Chauhan 63160 (-) 3,500 2568030.05 Disposal 59660 (-) 06/12/2016

Reliance Industries Ltd. Naresh Kumar Narang 9750 (-) 750 796600 Disposal 9000 (-) 15/12/2016

Reliance Industries Ltd. Naresh Kumar Narang 9000 (-) 250 265000 Disposal 8750 (-) 16/12/2016

Orient Abrasives Ltd.-$ Chetan N Shah 134628 (0.11) 1,011 Acquisition (0.11) 15/12/2016

Indsil Hydro Power And Manganese Ltd.-$

V Natarajan 6130 (0.03) 100 5624.70 Disposal 6030 (0.03) 19/12/2016

Arman Financial Services Ltd. Jayendra Patel 288011 (5.03) 511 90452 Acquisition 288522 (5.04) 20/12/2016

Rap Media Ltd. Sunita Surendra Gupta 21490 (0.36) 21,489 247123.50 Disposal 1 (-) 19/12/2016

Indusind Bank Ltd. Anita Varghese 5500 (-) 2,000 2171440 Disposal 3500 (-) 08/12/2016

Indusind Bank Ltd. Jyothi Shenava 13840 (-) 1,000 1083850 Disposal 12840 (-) 15/12/2016

Sonata Software Ltd. Mohan Muthuraj 44000 (0.04) 176 28100 Disposal 43824 (0.04) 06/10/2016

Sonata Software Ltd. Mohan Muthuraj 43824 (0.04) 5,500 981745 Disposal 38324 (0.03) 15/12/2016

Sonata Software Ltd. Mohan Muthuraj 38324 (0.03) 2,500 479250 Disposal 35824 (0.03) 19/12/2016

Hcl Technologies Ltd. Anup Dutta 75000 (-) 1,000 811000 Disposal 74000 (-) 29/11/2016


Hcl Technologies Ltd. Anup Dutta 72842 (-) 700 560000 Disposal 72142 (-) 09/12/2016








10

Iifl Holdings Limited Arindam Chanda 32500 (-) 3,517 934475 Disposal 28983 (-) 14/12/2016

Iifl Holdings Limited Dhiraj Padiyath 23882 (-) 400 106000 Disposal 23482 (-) 13/12/2016

Yes Bank Ltd. Manish Arora 18685 (-) 2,000 2426253.75 Disposal 16685 (-) 08/12/2016

Tech Mahindra Ltd. Prakash Parashram Devan 38632 (0.00) 1,000 482500 Disposal 37632 (-) 13/12/2016

Nitin Fire Protection Industries Ltd.

Rahul Nitin Sanghavi Karta (Rahul Nitin Sanghavi Huf)

12094860 (4.14) 60,697 1612559 Invoke 12034163 (4.12) 19/12/2016

Adani Ports And Special Economic Zone Ltd.

Afro Asia Trade And Investments Ltd 16670739 (0.80) 10,00,000 277163908 Acquisition 17670739 (0.85) 19/12/2016

Eclerx Services Ltd. Anjan Malik 10229666 (25.02) 2,54,965 509930000 Disposal 9974701 (25.11) 19/12/2016

Eclerx Services Ltd. Priyadarshan Mundhra 10223816 (25.01) 2,54,819 509638000 Disposal 9968997 (25.10) 19/12/2016

Eclerx Services Ltd. Vijay Kumar Mundhra 43049 (0.11) 1,072 2144000 Disposal 41977 (0.11) 19/12/2016

Eclerx Services Ltd. Makesh K Muthu 67999 (0.17) 1,787 3574000 Disposal 66212 (0.17) 19/12/2016

Eclerx Services Ltd. Rohitash Gupta 57723 (0.14) 1,778 3556000 Disposal 55945 (0.14) 19/12/2016

Eclerx Services Ltd. Hoshi Pervez Mistry 29778 (0.07) 821 1642000 Disposal 28957 (0.07) 19/12/2016

Eclerx Services Ltd. Neville Dinyar Bharucha 23176 (0.06) 587 1174000 Disposal 22589 (0.06) 19/12/2016

Eclerx Services Ltd. Suraj Nagesh Gujaran 20539 (0.05) 536 1072000 Disposal 20003 (0.05) 19/12/2016

Eclerx Services Ltd. Parijat Madanpal Singh 16000 (0.04) 402 804000 Disposal 15598 (0.04) 19/12/2016

Eclerx Services Ltd. Pradeep Kapoor 15040 (0.04) 477 954000 Disposal 14563 (0.04) 19/12/2016

Eclerx Services Ltd. Nitin Ramdas Kamat 5823 (0.01) 146 292000 Disposal 5677 (0.01) 19/12/2016



Eclerx Services Ltd. Nitin Kamat 5333 (0.01) 132 264000 Disposal 5201 (0.01) 19/12/2016

Persistent Systems Ltd. Suresh Purushottam Deshpande 5692166 (7.11) 79,999 48101444.91 Disposal 5612167 (7.02) 15/12/2016

Persistent Systems Ltd. Rajendra Jodhpurkar 7060 (0.01) 750 448899.7 Disposal 6310 (0.01) 13/12/2016

Surana Solar Limited Narender Surana 4760082 (9.67) 14,584 337362 Disposal 4745498 (9.64) 19/12/2016

Surana Solar Limited Vinita Surana 116638 (0.24) 50,925 1188553 Disposal 65713 (0.13) 19/12/2016

Inventure Growth & Securities Lt Pioneer Securities Pvt Ltd (0.56) 4,41,470 Acquisition (1.09)

Inventure Growth & Securities Lt Pioneer Securities Pvt Ltd (0.56) 4,75,190 Acquisition (1.13)

Prakash Constrowell Ltd. Aruna P Laddha 11259351 (9.76) 23,64,613 31257141.48 Disposal 8894738 (7.88) 19/12/2016

Monte Carlo Fashions Ltd Vanaik Spinning Mills Ltd (-) 17,455 6869480.22 Acquisition 17455 (0.08) 19/12/2016

Alkem Laboratories Ltd Mritunjay Kumar Singh 5801060 (4.85) 2,000 3223140 Acquisition 5803060 (4.85) 16/12/2016

Alkem Laboratories Ltd Mritunjay Kumar Singh 5803060 (4.85) 3,000 4836180 Acquisition 5806060 (4.86) 16/12/2016

Alkem Laboratories Ltd Meghna Singh 1202150 (1.01) 2,000 3217460 Acquisition 1204150 (1.01) 16/12/2016

Digjam Ltd Ipro Capital Ltd 6000000 (6.85) 40,000 501224 Disposal 5960000 (6.80) 19/12/2016

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Larsen & Toubro Infotech Ltd Ajay Shekar Poojary 4499 (-) 4,400 2917202 Disposal 99 (-) 14/12/2016

Rbl Bank Ltd Sarvanjeet Singh 30289 (0.01) 3,289 1151357 Disposal 27000 (0.01) 16/12/2016

Rbl Bank Ltd Sandeep Kumar Pandey 10830 (-) 3,000 1048500 Disposal 7830 (-) 15/12/2016

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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 ([email protected])

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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needs of individual clients. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or

construed to be neither advice/offer for the purpose of purchase or sale of any securities mentioned herein. Past performance is not a guide for

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13

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accuracy, completeness, adequacy and reliability of such information / opinions / views. None of the directors, employees, affiliates or

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This Report is not intended to be a complete statement or summary of the securities, market or developments referred to in this document.

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