WISE M NEY
HAPPY FATHER'S DAYst21 JUNE 2015
FATHER FOUNDATION OF WISDOM, PILLAR OF STRENGTH.
2015: Issue 480, Week: 22nd - 25th JuneA Weekly Update from SMC
(For private circulation only)
Bra
nd
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04
Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
FD Monitor 16
Insurance 17
Mutual Fund 18
SMC RESEARCH TEAM
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tock markets globally remained in a fix over Greece talks impasse and
Federal Open Market Committee outlook on interest rates. In line with Sexpectations, U.S. Federal Reserve said that it would raise interest rates
gradually. After failing to reach a deal with Greece, Euro area will hold an
emergency summit on Monday in Brussels to avert a default by Greece. Bank of
Japan (BOJ) maintained its stimulus and said that it would continue to expand
monetary base at an annual pace of 80 trillion yen. BOJ said that more measures
would be taken in case inflation does not meet up to the expectations. BOJ also said
that it would issue more reports on the economy's health and release details on
policy board members' individual assessments and board meetings to eight a year, in
line with the U.S. Federal Reserve, from 14. Chinese stock markets saw correction
during the week as valuations climbed to five year high and on account of profit
taking from secondary markets for new share offerings.
Back at home, Indian markets gained during the week on the back of better than
expected monsoon rain that implies that food costs won't rise and will allow central
bank to cut interest rates. For the country as a whole, the cumulative rainfall
during this year's monsoon season was 11% above the Long Period Average (LPA) until
17 June 2015. India's exports saw degrowth of 20.19% for the month of May and
Imports fell by 16.52% reflecting weak demand in overseas markets. Going next
week, stocks may remain volatile as traders roll over positions in the futures &
options segment from the near month June 2015 series to July 2015 series.
On the commodities front, with the fall in the dollar index due to unchanged
interest rate, commodities saw marginal upside in the week gone by. COMEX Gold
rose above $US1,200 an ounce, its biggest increase in almost a month, on
unchanged interest rate. Industrial metals paid no attention on downfall in dollar
index and moved down on Greece issue. Development in Greece will be the major
trigger for commodities this week. Euro zone leaders will hold an emergency
summit on Monday to try to avert a default. Gold can move in the range of 26700-
27500 while silver can move in the range of 36000-38000. Meanwhile Gold silver
ratio is moving near 75 levels which can dip lower towards 72 if silver outperforms
gold. In base metals counter, Greece debt problem and China slowdown concerns
may keep prices under pressure. Durable Goods Orders, CPI of Japan etc are only
few data, which may give some impact on the prices.
From The Desk Of Editor
(Saurabh Jain)
SMC Global Securities Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a further public offering of its equity shares and has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (“SEBI”) and the Stock Exchanges. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and on the websites of the Book Running Lead Manager i.e., ICICI Securities Limited at www.icicisecurities.com and the Co- Book Running Lead Manager i.e., Elara Capital (India) Private Limited at www.elaracapital.com . Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please see the section titled “Risk Factors” of the aforementioned offer document.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is in the process of making an application with SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, 2014. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.
NEWS
DOMESTIC NEWSEconomy• The Indian union cabinet approved the launch of 'Housing for All by 2022'
programme, aimed at rehabilitation of slum dwellers and promotion of affordable housing for the economically weaker sections (EWS) through credit-linked subsidy.
• According to the sectoral regulator Telecom Regulatory Authority of India (TRAI), The total telephone subscriber base in the country rose marginally to reach 999.71 million at the end of April, on the back of growth in wireless users. The telephone subscriber base stood at 996.49 million at the end of March.
• The Indian government approved 16 foreign investment proposals, including those of Torrent Pharmaceuticals and Star India Private Limited, amounting to `6,750.86 crore. However, a total of 21 proposals were deferred during the meeting and six others were rejected.
Pharmaceuticals• Cipla Ltd, India's fourth-largest drugmaker by sales, is planning to enter
Latin America and Eastern Europe to tap into growing demand for generic drugs in emerging markets.
• Suven Life Sciences has been granted one patent each by the US, Israel and Macau for a drug used in the treatment of neurodegenerative diseases. Neurodegenerative diseases include Alzheimer's, Schizophrenia and Parkinson's.
• Aurobindo Pharma has received the final approval from the US Food & Drug Administration (US FDA) to manufacture and market extended Phenytoin Sodium Capsules, an anti-epileptic drug for controlling seizures.
• Glenmark Pharmaceuticals has received final nod from the US health regulator for generic oral contraceptive Levonorgestrel/Ethinyl Estradiol tablets and plans to commence shipping of the product immediately.
Capital Goods• BHEL has commissioned NTPC's 800-MW Koldam hydro power project in
Mandi district of Himachal Pradesh. The Koldam project is capable of generating approximately 3,054 GWH annually.
Automobile• Mahindra & Mahindra will launch a new light commercial vehicle named
Jeeto by the end of this month to take on homegrown rival Tata's popular minitruck Ace Zip.
Capital Goods• Alstom plans to hire 200-250 engineers annually in India over the next 3-4
years as it looks to double business to 800 million euro (about `5,700 crore) in the country.
Oil & Gas• Essar Oil is planning to set up another 2,100 retail outlets, taking the total
tally to 5,000 retail outlets. This will make Essar Oil largest private fuel retailer in the country.
• Mangalore Refinery and Petrochemicals Ltd (MRPL), an ONGC company, has commenced commercial production of Polypropylene from its Polypropylene (PP) Plant as part of its Phase-III Refinery expansion and upgradation project on Thursday. The plant has capacity to produce 440,000 tonnes per annum polypropylene.
INTERNATIONAL NEWS• US leading economic index climbed by 0.7 percent in May, matching the
increase seen in April. Economists had expected the index to rise by 0.4 percent.
• US consumer price index climbed by 0.4 percent in May after inching up by 0.1 percent in April. The increase by the index reflected the largest monthly gain since February of 2013, but it was still slightly smaller than 0.5 percent increase expected by economists.
• US initial jobless claims fell to 267,000, a decrease of 12,000 from the previous week's unrevised level of 279,000. Economists had expected jobless claims to dip to 275,000.
• US housing starts tumbled 11.1 percent to an annual rate of 1.036 million in May after surging up 22.1 percent to a revised 1.165 million in April. Economists had expected starts to drop to an annual rate of 1.090 million from the 1.135 million originally reported for the previous month.
• US industrial production fell by 0.2 percent in May following a downwardly revised 0.5 percent decrease in April. Economists had been expecting production to increase by 0.2 percent compared to the 0.3 percent drop originally reported for the previous month.
• UK retail sales including auto fuel rose 0.2 percent in May from April when it climbed 0.9 percent. Although the monthly growth eased from April, this was the second consecutive rise and came in contrast to a 0.1 percent fall forecast by economists.
• Hong Kong's jobless rate remained unchanged at a seasonally adjusted 3.2 percent in the March to May period, while economists expected a rate of 3.3 percent. In the January to March period, the rate held steady at 3.3 percent for an eighth consecutive month.
EX-DATE COMPANY PURPOSE
22-Jun-15 Corporation Bank Dividend - Rs 1.40/- Per Share
22-Jun-15 Punjab National Bank Dividend - Rs 3.30/- Per Share
23-Jun-15 Central Bank of India Dividend - Re 0.50/- Per Share
23-Jun-15 UCO Bank Dividend - Rs 2/- Per Share
23-Jun-15 Indian Bank Dividend - Rs 4.20/- Per Share
24-Jun-15 Asian Paints Dividend - Rs 4.30/- Per Share
24-Jun-15 Can Fin Homes AGM/Dividend Rs 7/- Per Share
25-Jun-15 Oberoi Realty Dividend - Rs 2/- Per Share
25-Jun-15 Ajanta Pharma Dividend - Rs 6/- Per Share
25-Jun-15 Canara Bank AGM/Dividend - Rs 10.50/- Per Share
25-Jun-15 JMT Auto Face Value Split (Sub-Division) - From
Rs 10/- Per Share To Rs 2/- Per Share
26-Jun-15 Kansai Nerolac Paints Dividend-Re 1.40/- Per Share
29-Jun-15 Nucleus Software Exports Dividend - Rs 5/- Per Share
29-Jun-15 Dabur India Dividend - Re 0.75/- Per Share
29-Jun-15 Andhra Bank Dividend - Rs 2/- Per Share
29-Jun-15 Havells India Dividend - Rs 3/- Per Share
30-Jun-15 Century Enka Dividend - Rs. 6/- Per Share
2-Jul-15 Unichem Laboratories Dividend - Rs 2/- Per Share
2-Jul-15 M & M Fin. Serv. Dividend - Rs 4/- Per Share
2-Jul-15 HDFC Bank Dividend - Rs 8/- Per Share
2-Jul-15 Sobha Dividend - Rs 7/- Per Share
Meeting Date Company Purpose
22-Jun-15 City Union Bank Qualified Institutional Placement
23-Jun-15 Infinite ComputerSolutions (India) Buyback
24-Jun-15 Prakash Industries Issue of Securities
FORTHCOMING EVENTS
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) 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 SUPPORT RESISTANCE Closing
Price Trend Trend
Changed Changed
SENSEX 27316 DOWN 30.04.15 27011 27900 28460
S&P NIFTY 8225 DOWN 30.04.15 8181 8500 8620
CNX IT 11243 DOWN 24.04.15 11132 11800 12000
CNX BANK 17880 DOWN 20.03.15 18606 18500 18700
ACC 1425 DOWN 20.03.15 1570 1480 1510
BHARTIAIRTEL 434 UP 13.03.15 400 405 395
BHEL 241 DOWN 06.02.15 264 250 255
CIPLA 607 DOWN 24.04.15 638 630 650
DLF 107 DOWN 24.04.15 131 125 135
HINDALCO 121 DOWN 12.12.14 154 130 135
ICICI BANK 305 DOWN 06.02.15 329 310 320
INFOSYS 995 DOWN 24.04.15 1995 1035 1050
ITC 305 DOWN 04.03.15 344 320 325
L&T* 1716 UP 19.06.15 1716 1640 1610
MARUTI 3937 UP 19.09.13 1480 3700 3600
NTPC 136 DOWN 08.05.15 142 145 150
ONGC 319 DOWN 17.10.14 397 330 335
RELIANCE 997 UP 17.04.15 927 930 920
TATASTEEL 305 DOWN 29.05.15 328 340 350
S/l
4
®
Closing as on 19-06-2015*LT has breached the Resistance of 1680
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
ITMetal
Down SidewaysUp
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
5
®
SMC Trend
Nifty BSE Midcap S&P CNX 500BSE SmallcapSensex Nifty Junior
-585.85 -490.92
-833.95
534.23 503.40362.10 468.10
1238.90
-1000.00
-500.00
0.00
500.00
1000.00
1500.00
Friday Monday Tuesday Wednesday Thursday
FII / FPI Activity MF Activity
10.11
5.91 5.665.01 4.89
-5.95
-1.96
-0.49 -0.31 -0.07
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Reliance Inds.
Hind. Unilever
Tata Motors Sun Pharma.Inds.
Bajaj Auto Vedanta B H E L Coal India Axis Bank NTPC
10.01
5.91 5.61 5.22 5.11
-5.77 -5.65
-2.37 -2.03 -1.86
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Reliance Inds. Hind. Unilever Tata Motors Sun Pharma.Inds.
M & M Vedanta Bank of Baroda
Power Grid Corpn
B H E L Tech Mahindra
2.402.61
3.023.20
2.842.58
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
4.25
1.17
2.59
4.79
1.92
4.22
1.23
0.09
3.84
0.34
0.61
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index Healthcare Index
IT Index Metal Index Oil & Gas Index
Power Index Realty Index
1.621.21 1.30
-2.04
-1.59
-2.15
-7.37
-1.14
-1.99
-8.00
-7.00
-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
Indian Markets were closed on 6th Mar.
Indian Markets were closed on 6th Mar.
Beat the street - Fundamental Analysis
Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline
6
®
Investment Rationale Indian formulation business became the second contributor of the revenue.•Cadila Healthcare is fifth largest Indian
pharmaceutical company in India and is a flagship •It announced 20% Y-o-Y growth of total income company of Ahmedabad based Zydus Cadila and 46% growth on earnings in FY2014-15. Capex Group. It basically deals with pharmaceuticals, of the company reached at `3.8billion and return diagnostics, herbal products, skin care products on net worth increased from 25.6% to 30.1% on and OTC product. Main focus of the management yearly basis while return on equity increased from is on brand building initiatives and strengthening 14.6% to 18.3% on Y-o-Y basis.the brand generics portfolio in the emerging •In the US Generic market, it is 8th largest generic markets of Asia-Pacific, Africa and Middle east to company in terms of prescription and in india ensure sustainable growth both top line and launched 55 new products which includes bottom line. Exemptia.
•Its consumer product division has brands like Valuationsugar free, Nutralite and Everyuth and having Expanded capacities would enable the company to their presence around the world. Its has increase its volumes in the high growth in domestic as manufacturing facilities at Ahmedabad, well global markets. Thus, it is expected that the Ankleshwar and Vadodara in Gujarat, Ponda in stock will see a price target of ̀ 2231 in 8 to 10 months Goa, Raigad in Maharashtra and Solan in Himachal time frame on a Current P/E of 30x and FY16 (E) Pradesh earnings of ̀ 74.37.
•During the FY 14-15, the company launched Exemptia, World's first biosimilar for Adalimumab which is the largest selling therapy worldwide and which is marketed by Zydus Biovation and Zydus Bio-next , because of that growth on financials will reflect in current financial year.
•To strengthen regulatory pipeline, the company filed 38 ANDAs (Abbreviated New Drug Application) during the year with the US FDA, taking the cumulative filing of 260 products. It has received 8 ANDA approvals during the year taking the total of 99 product approvals.
•US business crossed the $500million mark in the sales for the first time and became the largest contributor to the consolidated top line and
Face Value (`) 5.00
52 Week High/Low 1998/986
M.Cap (`Cr.) 36549.16
EPS (`) 56.62
P/E Ratio (times) 31.53
P/B Ratio (times) 8.60
Dividend Yield (%) 0.67
Stock Exchange BSE
` in cr
% OF SHARE HOLDING
P/E Chart
CADILA HEALTHCARE LIMITED CMP: 1789.45 Upside: 25%Target Price: 2231
VALUE PARAMETERS
Actual Estimate
FY Mar-14 FY Mar-15 FY Mar-16
Revenue 7,060.10 8,497.10 10,292.60
EBITDA 1,200.10 1,811.10 2,185.00
Pre-tax Profit 942.20 1,456.00 1,877.10
Net Income 820.70 1,161.00 1,528.90
EPS 40.09 56.71 74.37
BVPS 167.96 207.65 269.02
ROE 25.70 30.20 30.00
GUJARAT STATE FERTILIZERS AND CHEMICALS LIMITED CMP: 69.45 Upside: 31%Target Price: 91
Investment Rationale •Di-ammonium phosphate (DAP) inventory in the •Gujarat State Fertilizers and Chemicals Limited system at 15.3 lakh tonne versus 35.6 lakh tonne as
(GSFC) is engaged in manufacturing and marketing of FY14 end. For FY16, around 15 mn tonne of DAP fertilizers, petrochemicals, chemicals, industrial import is tied up, of which 7-8 mn tonne has gases, plastics, fibers and other products. already come.Fertilisers contribute 60 per cent to the company's •Currently selling DAP at `22870 per tonne, the turnover and industrial products account for the Company has taken Rs 400 per tonne price hike in rest 40 per cent. November 2014. For FY16, the management
•The company expects to maintain its urea volume expects fertilizer prices to remain largely at the in FY16 at 40 lakh tonnes. With the stabilization of same level. Reduction in gas price from April 1, gas prices, spreads for the coming quarter would be 2015 will increase margins to some extent.better in comparison to the last quarter. Valuation
•There is also a new development, which was On the back of improved outlook for both the fertilizer and chemical business, the valuation looks attractive. initiated by the company and which the The company is planning to expand its turnover to ` government of India has accepted in that is it 10,000 crore by 2017-18. Thus, it is expected that the shifted and switched over to 100 percent Neem stock will see a price target of `91 in 8 to 10 months Coated Urea (NCM). So this will automatically help time frame on a target P/E of 7x and FY16 (E) earnings in stopping the diversion of the urea for the of ̀ 13.04.chemical and the industrial use which should also
bring higher margin because the MRP of the NCU is higher by 12 percent. The more it produces the NCM, the more margin would improve.
•The company aims to commission its nylon project at Vadodara by August this year. The new nylon plant would have a capacity of 15,000 tonne per annum and is coming up at a cost of ̀ 125 crore.
•Company's capex for FY16 is `1000 crore. Water soluble fertilizer project and Nylon-6 projects to commission in Q2FY15.
•The management said that the capacity expansion of Caprolactam production at Dahej is at planning stage. To note, the company is planning 1 mn tonne production at capex of ̀ 4000 crore.
Face Value (`) 2.00
52 Week High/Low 124.50/64.65
M.Cap (`Cr.) 2767.58
EPS (`) 10.05
P/E Ratio (times) 6.91
P/B Ratio (times) 0.62
Dividend Yield (%) 3.17
Stock Exchange BSE
VALUE PARAMETERS
% OF SHARE HOLDING
P/E Chart
` in cr
Actual Estimate FY Mar-14 FY Mar-15 FY Mar-16
Revenue 5,412.50 5,324.60 5,808.50
EBITDA 528.80 592.20 860.30
Pre-tax Profit 495.40 574.70 732.90
Net Income 342.20 409.50 519.60
EPS 8.59 10.06 13.04
BVPS 105.16 113.07 128.43
ROE 8.42 9.40 10.20
20.06
14.63
9.0137.84
18.46
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
6.87 8.18 4.27
74.79
5.8
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
Charts by Spider Software India Ltd
7
EQUITY
Above calls are recommended with a time horizon of 1-2 months
Disclaimer : research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.The analyst, not any of its affiliated companies, not any of their members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its
SOURCE: CAPITAL LINE
®
The stock closed at `1030.50 on 19th June 2015. It made a 52-week low at
`791.40 on 11th AUGUST 2014 and a 52-week high at `1109.30 on 04th MARCH
2015. The 200 days Exponential Moving Average (EMA) of the stock on the daily
chart is currently at ̀ 966.16
We can see on that chart that stock is likely to form an “Inverted Head and
Shoulder” pattern on weekly chart, which is bullish in nature. On the other
technical indicators front, RSI and MACD are also suggesting buying at current
levels. So, buy on dips is advisable. Therefore, one can buy in the range of 1010-
1015 levels for the upside target of 1070-1090 levels with SL below 980.
HDFC LTD
The stock closed at ̀ 597.80 on 19thJune 2015. It made a 52-week low at ̀ 338.30
on 09th JULY 2014 and a 52-week high of `650.80 on 19th FEBRUARY 2015. The
200 days Exponential Moving Average (EMA) of the stock on the daily chart is
currently at ̀ 561.48
Short term and medium term bias is positive, since stock gave the breakout of
495 levels in the mid of January, 2015. Then after, stock price moved in the
northward direction and registered all time high of 650.80 levels with huge
buying interest. From past few weeks, the stock is continuously trading in the
stiff range of 550-600 levels with positive bias. So, we anticipate that stock can
give decent upside from current levels to achieve our desire targets. One can
buy in the range of 585-590 levels for the upside target of 640-660 levels with SL
below 565.
IBULHSGFIN
DERIVATIVES
CHANGE IN NIFTY OPTION OI (IN QTY)
WEEKLY VIEW OF THE MARKET
NIFTY OPTION OI CONCENTRATION (IN QTY)
CHANGE IN BANKNIFTY OPTION OI (IN QTY)BANKNIFTY OPTION OI CONCENTRATION (IN QTY)
®
SUNTV (JUN FUTURE)
Buy: Above `345
Target: `355
Stop loss: `340
DISHTV
Buy JUN 105. PUT 1.65
Sell JUN 100. PUT 0.55
Lot size: 4000
BEP: 103.90
Max. Profit: 15600.00 (3.90*4000)
Max. Loss: 4400.00 (1.10*4000)
OPTIONSTRATEGY
FUTURE
HDFCBANK
Buy JUN 1040. CALL 6.50
Sell JUN 1060. CALL 1.00
Lot size: 250
BEP: 1045.50
Max. Profit: 3625.00 (14.50*250)
Max. Loss: 1375.00 (5.50*250)
MARUTI
Buy JUN 3950. CALL 35.00
Sell JUN 4000. CALL 15.00
Lot size: 125
BEP: 3970.00
Max. Profit: 3750.00 (30.00*125)
Max. Loss: 2500.00 (20.00*125)
DERIVATIVE STRATEGIES
GODREJIND (JUN FUTURE)
Buy: Above `347
Target: `357
Stop loss: `342
SAIL (JUN FUTURE)
Sell: Below `60
Target: `55
Stop loss: `63
BEARISH STRATEGYBULLISH STRATEGY
The Domestic intuitional investors (DII) turned aggressive buyers at 8000 levels. Nifty bounced 300 points from lows of 7940 levels and closed near high
of week. Fresh long buildup observed in Auto, IT, Infra and Energy sectors, whereas metals, banking underperformed. Nifty is trading near the
resistance 8250 levels. Any closing above 8300 levels will initiate a fresh uptrend for target of 8500. For the June series, Nifty Future is trading closed
premium of 22 points. The Implied Volatility (IV) of calls decreased and closed at 14.50% while that for put options closed at 14.56%. Nifty VIX for the
week closed at 16.02% and is expected to remain stable. Among Nifty Call options, the 8300-strike call has the highest open interest of 52 lakh shares.
On put side, 8100-strike put has the highest open interest of over 69 lakh shares in open interest, which is followed by 8100- strike put, which has OI of
58 lakh shares respectively. The PCR OI for the week closed up at 0.94 from 0.79, which indicates aggressive put writing. Derivative data clearly
suggests, the current series is likely to expire in range of 8200-8400 .
In lakhs
In 10000 In 10000
Call Put
0.6
8
3.4
9
5.9
8
20
.90 2
7.7
5
42
.24
51
.34
43
.94
47
.42
29
.76
32
.14
36
.76
38
.15
48
.72
63
.37
41
.33
26
.22
15
.45
9.6
8
8.2
6
4.2
9
5.6
6
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
7700 7800 7900 8000 8100 8200 8300 8400 8500 8800 9000
Call Put
-0.4
5
-0.5
9
-6.2
1
-14
.22
-10
.17 -4
.74
5.4
1
-2.3
3
-4.9
0
-1.7
0
-1.7
6
4.7
0
-18
.09
-1.8
1
25
.65
17
.14
1.6
7
-4.9
9 -1.4
5
-1.4
1
-0.9
9
-1.1
0
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
7700 7800 7900 8000 8100 8200 8300 8400 8500 8800 9000
Call Put
0.8
7 7.2
9
3.8
0
22
.66
10
.92
73
.62
22
.22
56
.16
41
.84
28
.77
22
.60
24
.57
73
.90
13
.54
51
.65
3.0
7
24
.92
1.9
0
14
.70
3.0
6
2.7
3
2.5
7
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
16500 17000 17200 17500 17800 18000 18200 18500 19000 19500 20000
Call Put
-0.0
8
-0.3
9
0.2
2
-3.4
4
2.6
1
17
.06
5.5
7
-2.0
9
-14
.87
-5.2
4
-2.3
4
-9.8
3
16
.81
6.1
4
19
.47
0.2
9
-1.5
4
-0.5
3
-0.0
9
-0.4
1
-0.1
0
0.0
0
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
16500 17000 17200 17500 17800 18000 18200 18500 19000 19500 20000
8
In lakhs
9
DERIVATIVES
®
FII’s ACTIVITY IN DERIVATIVE SEGMENT
SENTIMENT INDICATOR (NIFTY)
18-Jun 17-Jun 16-Jun 15-Jun 12-Jun
Discount/Premium -17.05 -12.50 -0.30 -4.70 -4.20
PCR(OI) 0.94 0.84 0.85 0.85 0.79
PCR(VOL) 1.20 0.99 0.82 0.82 0.74
A/D RATIO(Nifty 50) 2.33 0.92 2.33 0.85 0.79
A/D RATIO(All FO Stock)* 2.73 1.69 2.86 1.16 1.34
Implied Volatality 14.56 15.52 15.58 17.44 16.33
VIX 16.02 16.73 17.17 17.53 17.53
HISTORY. VOL 19.73 19.80 20.34 20.85 21.43
*All Future Stock
SENTIMENT INDICATOR (BANKNIFTY)
18-Jun 17-Jun 16-Jun 15-Jun 12-Jun
Discount/Premium -50.45 -63.40 -25.65 -44.60 -23.35
PCR(OI) 0.76 0.64 0.64 0.62 0.64
PCR(VOL) 0.93 0.69 0.74 0.70 0.76
A/D RATIO(BANKNIFTY) 2.00 0.20 11.00 0.20 3.00
##A/D RATIO 3.20 0.24 20.00 0.24 4.25
Implied Volatality 19.60 20.18 18.87 20.82 15.05
HISTORY. VOL 26.44 26.90 27.70 28.22 29.01
FII’S ACTIVITY IN NIFTY FUTURE
**The highest call open interest acts as resistance and highest put open interest acts as support.# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup # Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
## All BANKING Future Stock
Top 10 short build up
In Cr. In Cr.
Top 10 long build up
0
- 20
0
15
7
32
17
8
12
0
- 14
6
- 56
4
- 21
7
14
5
- 700
- 600
- 500
- 400
- 300
- 200
- 100
0
100
200
300
05-Jun 08-Jun 09-Jun 10-Jun 11-Jun 12-Jun 15-Jun 16-Jun 17-Jun 18-Jun
- 42
9
46
8 80
0 10
85
36
4
47
9
- 28
1
15
0
11
24
29
34
-1000
-500
0
500
1000
1500
2000
2500
3000
3500
05-Jun 08-Jun 09-Jun 10-Jun 11-Jun 12-Jun 15-Jun 16-Jun 17-Jun 18-Jun
LTP % Price Change Open interest %OI Chng
AJANTPHARM 1501.25 3.09% 409750 42.89%
BRITANNIA 2688.95 3.11% 223750 42.40%
OFSS 3758.6 3.78% 99125 22.76%
M&M 1250.8 4.70% 4403250 21.80%
MINDTREE 1320 1.65% 226000 21.34%
PAGEIND 14887.35 7.18% 26625 18.33%
ENGINERSIN 223.45 11.89% 3017000 17.53%
ASIANPAINT 726.25 3.18% 4648750 13.83%
M&MFIN 247.85 3.90% 6230000 8.65%
DHFL 425.85 9.59% 1276000 8.64%
LTP % Price Change Open interest %OI Chng
OIL 467.3 -0.72% 419000 45.23%
POWERGRID 140.85 -2.39% 17356000 17.96%
VEDL 173.55 -5.99% 25446000 12.90%
BPCL 835.2 -0.53% 3469000 12.01%
HEXAWARE 263.3 -3.48% 4621000 9.71%
TATACHEM 411.15 -0.12% 3536500 7.49%
BANKBARODA 138.5 -3.62% 25110000 7.44%
DLF 107.15 -0.74% 25946000 6.88%
PNB 128 -0.62% 23340000 6.18%
UNITECH 7.5 -0.66% 181179000 6.07%
The downside in turmeric futures (July) may get extended & test 6745 levels. The spot prices of the yellow prices are on a downtrend due to poor demand from North India. The sales of the yellow spice are very low due to lack of upcountry export order with stockist . They are expecting upcountry demand to pick up only in August before the onset of festive season. In the current scenario, only 40-45% of the arrivals are getting procured despitevery low price in all the turmeric sale centres in India such as Warangal, Nizamabad and Sangli. Jeera futures (July) is likely to trade in the range of 15700-16400 levels. Factors such as fresh stock liquidation & limited off takes by traders at current levels along with surge in arrivals in local mandies will continue to pressurize the counter. The total daily arrivals is reported to have surged to 7000-8000 thousand bags as against 5-6 thousand bags earlier this month due to higher supplies from Rajasthan mandies. However, on the contrary, the countries such as Bangladesh and Singapore are still strong buyer at current levels. Cardamom futures (July) may witness a consolidation in the range of 790-840 levels. The fundamentals highlights that the exporters buying are slow because of non-availability of exportable grade 7mm and above material. The good quality cardamom from the new crop is expected to begin arriving in the market from end-July or early August. The downtrend in coriander futures (July) may get extended to test 11200 levels, breaching 11600 levels. At the spot markets, stockist liquidation is being seen from higher levels on the account of higher supplies in local mandies coupled with limited demand of exporters.
SPICES
Bullion counter may continue its recent upside momentum as decline in greenback and dovish comments by Fed supported the prices. Investors will closely monitor the solution of Greece debt crises for further direction. Greece debt concerns can increase safe haven demand of bullions. On the domestic bourses, movement of local currency rupee can impact the prices which can move in the range of 63.20-64.20 in near term. Gold can move in the range of 26700-27500 while silver can move in the range of 36000-38000. Meanwhile Gold silver ratio is moving near 75 levels which can dip lower towards 72, if silver outperforms gold. Recently yellow metal was boosted by bullish remarks from the Federal Reserve and on safe-haven demand due to Greece debt worries. While the Fed did not raise U.S. interest rates at this meeting and said the U.S. economy continues to improve, Yellen did signal in her press briefing that the Fed will remain “highly accommodative” even when it does raise interest rates likely later this year. Increasing worries about Greece defaulting on its debt obligations to the European Union and International Monetary Fund have supported the prices. Precious metals have benefited strongly in the recent years from record low U.S. rates, which have cut the opportunity cost of holding non-yielding assets while keeping the dollar in check. Euro zone leaders will hold an emergency summit on Monday to try to avert a default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal.
BULLIONS
10
In base metal counter, Greece debt problem and China slowdown concerns can keep prices under pressure. Copper may move in the range of 355-380 levels. China home prices in May in the Asian nation dropped in fewer cities for the third straight month, indicating buyers are responding to lower interest rates and the relaxation of curbs on purchases. About half of China's demand for copper, used in pipes and wiring, is linked to real estate. Copper benchmark cash-to-three-months part of the LME forward curve valued at $31-per tonne contango which is the widest front-spread contango since October 2013. According to data released by the National Bureau of Statistics of China. In May, China produced 0.65 million tons of refined copper, a 6% YoY (year-over-year) increase. Nickel may move in the range of 790-850 levels in MCX. Aluminum may move in the range of 105-111 levels in MCX. The price of aluminum, which has been depressed owing to a glut in the market, is set to pick up thanks to a pick-up in demand. Zinc can move in the range of 128-138 and lead can move in the range of 110-120 levels in MCX. International Lead and Zinc Study Group (ILZSG) indicate that global refined zinc market was in surplus of 181,000 tonnes during the initial four-month period of the current year. The total reported zinc inventories at LME declined by 223,000 tonnes during this period. Meantime, inventories at Shanghai Futures Exchange increased by 74,000 tonnes. The stocks reported by producers reported a jump of 48,000 tonnes during January to April this year.
®
BASE METALS
Crude oil may continue to trade on sideways path as rig count data, US summer driving demand and EIA inventory position to give further direction to the prices. Crude oil can move in the range of $57-$63 in NYMEX and 3650-4000 in MCX. Rampant supply growth from the U.S. drilling boom sent the market into a tailspin, which accelerated in the fall after leaders from the Organization of the Petroleum Exporting Countries said they wouldn't curtail their own production to support $100-a-barrel prices. As the market has stabilized this spring, traders have often looked away from supply-and-demand factors to dictate their moves. Total U.S. crude oil imports for the week ending June 12 spiked more than 6 percent, with Middle East producers contributing to the rise, federal data show. The U.S. Energy Information Administration published data for the week ending June 12, showing total crude oil imports averaged 7.1 million barrels per day, up by 440,000 bpd from the previous week. Natural gas prices to remain on volatile path as weather conditions in US to give further direction to the prices. Overall it can move in the range of 165-186 in MCX. Forecasts for a hot June have some expecting strong demand for gas-fired power to run air conditioners. A tropical storm that hit Texas has some worried that rains, wind and flooding could threaten wells and processing plants in the region. The storm is more likely to keep the market oversupplied, as it drops rain on large parts of the country and reduces the need for air conditioning in the coming days.
ENERGY COMPLEXSoybean futures (Aug) may consolidate in the range of 3500-3650 levels, with a downside bias. Soybean crushing has been reduced due to continuous disparity and high price of domestic market. The export of soybean meal is at a historical low. Also the domestic demand for oil meals has reduced adding to the woes of the industry. Moreover, the capacity utilization is at the lowest and many plants are closed down due to disparity in crushing. On the international market, U.S. soybeans is edging down from a five-week high , which it has touched in the previous session, but forecasts for potential unfavourable weather across key growing regions is curbing losses. The rains have already delayed planting, data from the U.S. Department of Agriculture shows, with 87% of the U.S. soybean crop planted by mid-June, behind the five-year average of 90%. CPO futures (June) will possibly extend its downtrend towards 445 levels, tracking bearish sentiments prevailing on the international markets. Malaysian palm oil futures have fallen to their lowest in nearly three weeks as the ringgit advanced and competing soyoil markets overseas weighed on the sentiment. The Malaysian ringgit rose 1.3 percent to trade at 3.7090 per U.S. dollar on its strongest in two weeks, turning away some overseas buyers from the ringgit-priced palm feedstock. In days to come, market participants may keep a close watch on the export figures. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's June 1-20 palm oil exports on June 22. Mustard futures (July) is expected to drop towards 4000 levels. In the current scenario, the demand for mustard oil is average due to heavy inflow of cheap palm oil from overseas.
OIL AND OILSEEDS
OTHER COMMODITIES
Sugar futures (Oct) is likely to make a fresh yearly low & can test 2120 levels as it has been hammered by ample supply this season. The sweetener prices on the Vashi market is facing selling pressure from mills as they are selling their old stocks at a discount. Moreover, the stockists are keeping away from building up new inventory on fear of more correction in the days to come due to excessive inventory. Currently, the Vashi market currently carries 110-115 truckloads of stocks. On the international market, the Raw sugar futures are near 6-1/2-year low on large stocks, favorable cane harvest weather in Brazil, higher-than-expected output in India and Thailand, and fund selling. Reports are that only one to two days have been lost to rains so the next UNICA (Brazil cane industry) report should show a crush number (in the first half of June) of around 41 million tonnes of cane and an increase in sugar content. Chana futures (July) may extend its downtrend towards 4100 levels. The food supplies department of Delhi government has started a drive to seize the hoarded pulses to ensure that pulses are available to residents at affordable rates and to prevent hoarding by wholesalers and retailers under the Essential Commodities Act, 1955. Moreover, the government may import lentils on a large scale' to boost domestic supply and also asked states to take action against hoarders. The bullish trend may continue to prevail in mentha oil futures (July) as the counter may move higher towards 1160 levels. This season the total production is anticipated to be in the range of 35000-37000 tonnes, which is likely to be lower as compared to 50,000 tonnes last year.
11
TECHNICAL RECOMMENDATIONS
COMMODITY
GOLD MCX (AUGUST) contract closed at ̀ 27156 on 18th June '15. The contract made its high of 27910
on 18th May '15 and a low of `26542 on 14th April '15. The 18-day Exponential Moving Average of the
commodity is currently at ̀ 27035. On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.9564. One can sell at
`27300 with the stop loss of ̀ 27450 for a target of ̀ 26800.
`
CRUDE OIL MCX (JULY) contract closed at 3892 on 18th June '15. The contract made its high of 4139
on 06th June '15 and a low of `3464 on 9th April '15. The 18-day Exponential Moving Average of the
Commodity is currently at ̀ 3876.80.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.0218. One can sell at
`3900 with the stop loss of ̀ 3980 for a target of ̀ 3750.
` `
ALUMINIUM MCX (JUNE) contract closed at 106.75 on 18th June '15. The contract made its high of
`126.7 on 6th May '15 and a low of ̀ 106 on 19th June'15. The 18-day Exponential Moving Average of the
Commodity is currently at ̀ 109.95.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 30.7663. One can buy at
`106 with the stop loss of Rs 104.50 for a target of ̀ 109.
`
®
GOLD MCX (AUGUST)
CRUDE OIL MCX (JULY)
ALUMINIUM MCX (JUNE)
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 Daily report- commodities (Morning Mantra).
2) 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.
EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN AUG 3568.00 11.06.15 Down 3719.00 - 3850.00 3950.00
NCDEX JEERA JULY 16295.00 11.06.15 Down 16935.00 - 17000.00 17500.00
NCDEX CHANA JULY 4381.00 18.06.15 SIDEWAYS
NCDEX RM SEEDS JULY 4121.00 16.04.15 UP 3659.00 4000.00 - 3950.00
MCX MENTHA OIL JULY 1128.50 12.03.15 UP 821.20 1000.00 - 950.00
MCX CARDAMOM JULY 806.50 09.04.15 SIDEWAYS
MCX SILVER JULY 36892.00 11.12.14 UP 38668.00 36000.00 35000.00
MCX GOLD AUG 27156.00 18.06.15 UP 27156.00 26400.00 25800.00
MCX COPPER JUNE 366.85 04.06.15 Down 381.35 - 380.00 390.00
MCX LEAD JUNE 114.40 21.05.15 Down 125.20 - 120.00 123.00
MCX ZINC JUNE 131.15 04.06.15 Down 137.15 - 137.00 140.00
MCX NICKEL JUNE 809.70 21.05.15 Down 827.90 - 860.00 890.00
MCX ALUMINUM JUNE 106.75 04.06.15 Down 110.70 - 111.00 114.00
MCX CRUDE OIL JULY 3892.00 29.04.15 UP 3755.00 3700.00 3650.00
MCX NATURAL GAS JULY 180.30 14.05.15 SIDEWAYS
TREND SHEET
Closing as on 18.06.15
COMMODITY
NEWS DIGEST
With fall in the dollar index due to unchanged interest rate, commodities saw marginal upside in
the week gone by. Fed left its benchmark interest rate unchanged at near zero, while describing
US economic growth as "moderate" after the winter slowdown. The FOMC trimmed its economic
growth forecast for 2015 to just 1.8-2.0%, down from March's 2.3-2.7% outlook, to account for the
unexpected contraction in the first quarter of the year. The dollar hit a one-month low, staying on
the defensive after the head of the Federal Reserve disappointed some who had hoped for a
clearer signal on when the central bank will lift interest rates. Gold prices turned higher on
unchanged interest rate. Silver followed the bullish trend of gold. Industrial metals paid no
attention on downfall in dollar index and moved down on Greece issue. LME copper edged off a
three-month low touched, with worries over a possible Greek exit from the euro zone and an
expected seasonal summer slowdown dragging on prices. Zinc hit a two and a half month low after
inventories rose again, raising questions over forecasts for shortages later this year. Nickel prices
also moved down on possibilities that the Shanghai exchange would approve more global nickel
brands for delivery, easing a supply bottleneck. In energy counter, some buying was witnessed in
crude and natural gas. US petroleum supply report showed lower crude supplies but a rise in
petrol stocks. Commercial oil stocks in the US fell by 2.7 million barrels in the week ending June
12, marking the seventh straight weekly decline, according to data from the US Department of
Energy. On Thursday, this counter witnessed profit booking.
Guar prices saw further pressure due to weak demand and monsoon arrival. India has exported
29088 tonnes of Guar Products (Gum, Splits & Meal) in the month of May 2015, which are lower
export figures as compared to last year. The Cabinet Committee on Economic Affairs has
increased the MSP of Urad, Moong and Tur to Rs 4625, Rs 4850 and Rs 4625 per quintal respectively,
it include Rs 200 bonus. Despite the hike in MSP, chana prices corrected on pre monsoon shower. As
major pulses growing belts have received good rainfall in recent week, sowing activity for pulses
got momentum. Sowing of pulses commences in many states of India like Rajasthan, Maharashtra,
Gujarat, Haryana, Tamil Naidu, Andhra Pradesh, Telangana and Karnataka. Most of the spices
traded weak.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 18.06.15 DIFFERENCEQTY. QTY.
BARLEY MT 16137 16217 80
CASTOR SEED MT 302064 281602 -20462
CHANA MT 133166 138567 5401
CORIANDER MT 24194 29047 4853
COTTON (29MM) BALES 45934 300 -45634
GUARGUM MT 5628 7376 1748
GUARSEED MT 9097 16018 6921
JEERA MT 19858 20022 164
MAIZE MT 11362 14367 3005
RAPE MUSTARD SEED MT 61388 62713 1325
SUGAR MT 9861 10131 270
TURMERIC MT 12870 13616 746
WHEAT MT 45811 47878 2067
11.06.15 COMMODITY UNIT 17.06.15 DIFFERENCE
QTY. QTY.
CARDAMOM MT 11.80 9.80 -2.00
COTTON BALES 93000.00 149651.00 56651.00
GOLD KGS 29.00 29.00 0.00
GOLD MINI KGS 10.20 10.20 0.00
GOLD GUINEA KGS 19.92 19.93 0.01
MENTHA OIL KGS 2851351.15 2997244.70 145893.55
SILVER (30 KG Bar) KGS 13251.39 13192.35 -59.04
11.06.15
•Commodity exchanges' total turnover rose 16.63% to
`11.11 lakh crore in the first two months of the current
fiscal year. - FMC
•Bank of China will become the first Asian firm in history
to join a group of Western institutions that help set the
price of gold in the London market.
•ECB bought 10.649 billion euros of public sector assets
in the 14th week of its quantitative easing programme,
•Iraqi oil exports are averaging 3.2 million barrels a day,
according to the latest June data.
•According to ILZS Group “The global demand for
refined zinc metal witnessed rise of 1.8% to touch
4.423 million tons during January to April this year”.
•US Industrial output slipped 0.2% last month after
declining 0.5% in April.
•Import of vegetable oils during May 2015 witnessed a
record tonnage of 1,371,662 tons since import started
in 1994 compared to 1,033,550 tons in May 2014. - SEA
of India
•India's spices exports in the 2014/15 fiscal year ended
on March 31 rose 9.4% from a year ago to 893,920
tonnes. - Spices Board of India
•India's south west monsoon rains have been 11% above
normal so far.
•Trading on the proposed Ghana Commodity Exchange
(GCX), which is aimed at providing ready market for
grains and cereal producers is set to commence in June
2016.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
1.95
1.501.23
1.03 1.01
-7.50
-6.95
-5.52
-3.58
-3.15
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
SILVER HEDGE 5 KGS
MAIZE RABI GOLD HEDGE COTTON SEED O.C (AKL)
GOLD NEW GUAR SEED 2 MT
GUAR GUM CHANA CORIANDER JEERA
10.76
0.97 0.84
-4.07 -3.91 -3.78 -3.69
-3.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
MENTHA OIL GOLD SILVER MINI LEAD NICKEL MINI ZINC COPPER MINI ALUMINIUM MINI
COMMODITY
COMMODITY EXCHANGE CONTRACT 18.06.15 CHANGE%
ALUMINIUM LME 3 MONTHS 1739.00 1701.00 -2.19
COPPER LME 3 MONTHS 5912.00 5755.00 -2.66
LEAD LME 3 MONTHS 1862.00 1807.00 -2.95
NICKEL LME 3 MONTHS 13125.00 12720.00 -3.09
ZINC LME 3 MONTHS 2123.00 2067.00 -2.64
GOLD COMEX AUG 1179.20 1202.00 1.93
SILVER COMEX JULY 15.83 16.15 2.07
LIGHT CRUDE OIL NYMEX JUNE 59.96 60.45 0.82
NATURAL GAS NYMEX JUNE 2.75 2.78 0.98
12.06.15
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
11.06.15
ALUMINIUM 3667250 3624075 -43175
COPPER 308025 318100 10075
NICKEL 467010 459762 -7248
LEAD 154975 176250 21275
ZINC 450450 472150 21700
18.06.15
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 12.06.15 18.06.15 CHANGE(%)
Soya CBOT JULY Cent per Bushel 940.00 977.75 4.02
Maize CBOT JULY Cent per Bushel 353.00 358.00 1.42
CPO BMD SEPT MYR per MT 2276.00 2237.00 -1.71
Sugar LIFFE JULY 10 cents per MT 347.20 345.40 -0.52
13
®
SPOT PRICES (% change)
Commodity Variety MSP for 2014-15season season previous year
Paddy Common 1360 1410 50
Grade A 1400 1450 50
Jowar Hybrid 1530 1570 40
Maldandi 1550 1590 40
Bajra --- 1250 1275 25
Maize --- 1310 1325 15
Ragi --- 1550 1650 100
Tur (Arhar) --- 4350 4625 (includes 275
Rs.200/-Bonus)
Moong --- 4600 4850(includes 250
Rs.200/-Bonus)
Urad --- 4350 4625 (includes 275
Rs.200/-Bonus)
Groundnut --- 4000 4030 30
-in-shell
Soyabean Black 2500 ---- ---
Yellow 2560 2600 40
Sunflower --- 3750 3800 50
Seed
Sesamum --- 4600 4700 100
Nigerseed --- 3600 3650 50
Cotton Medium Staple 3750 3800 50
Long 4050 4100 50
Staple
MSP for 2015-16 Increase over
MINIMUM SUPPORT PRICE……. Kharif crops 2015-16
The Cabinet Committee on Economic Affairs(CCEA),, chaired by the Prime Minister Shri Narendra Modi, has approved the Minimum Support Prices (MSPs) for Kharif Crops of 2015-16 Season. This increase has been made on the basis of recommendations given by Commission for Agricultural Costs and Prices (CACP), the government's nodal agency to recommend the minimum price for farm commodities.
CACP takes into account the cost of production, overall demand-supply, domestic and international prices, inter-crop price parity, terms of trade between agricultural and non-agricultural sectors, the likely effect of the Price Policy on the rest of economy, besides ensuring rational utilization of production resources like land and water, while recommending MSPs. The prices would be effective from 1.10.2015 and would increase investment and production through assured remunerative prices to farmers.
Paddy is a major Kharif crop, the sowing of which starts with the onset of monsoon in June. Paddy MSP of Grade 'A' variety has been raised by `50 to `1,450 a quintal and common grade has been raised by ̀ 50 to ̀ 1,410 a quintal for 2015-16 crop years.
In view of a large surplus of cereals in contrast to huge deficit of pulses, the Cabinet made an exception and decided to give a bonus of ̀ 200/- per quintal for pulses over and above the recommendations of the CACP.
The MSP has been increased by ̀ 275 per quintal (including bonus of ̀ 200 ) to ̀ 4,625 for tur' and 'urad' while Moong MSP was raised by ̀ 250 to ̀ 4,850 a quintal(including bonus of ̀ 200 ).
-6.86
-6.37
-4.78
-3.90
-3.43
-3.00
-2.27
-2.03
-1.95
-0.85
-0.72
-0.35
-0.19
-0.14
0.90
0.93
1.07
1.33
1.58
1.62
2.85
5.37
-8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00
GUAR SEED (JODHPUR)
GUAR GUM (JODHPUR)
SUGAR (KOLKATA)
SOYABEAN (INDORE)
CHANA (DELHI )
TURMERIC (NIZAMABAD)
MASOOR (INDORE)
JEERA (UNJHA)
CORIANDER (KOTA)
BARLEY (JAIPUR)
CHILLI (GUNTUR)
REFINED SOYA OIL (INDORE)
CRUDE PALM OIL (KANDLA)
COTTON (KADI)
MUSTARD (JAIPUR)
GUR (MUZAFFARNGR.)
COTTON SEED OIL CAKE (AKOLA)
WHEAT (DELHI)
SILVER 5 KG (DELHI)
PEPPER MALABAR GAR (KOCHI)
RAW JUTE (KOLKATA)
MENTHA OIL (BARANBAKI)
Conclusion
Due to deficient rainfall of 12 percent during Kharif during 2014-15 and unseasonal rain and hailstorm in the Rabi season the total foodgrain production in the country has declined by 5.3 percent in 2014-15. The higher MSP policy will have a favorable impact on the welfare of the agricultural community by meeting the ultimate goal of improving the agricultural production and farm income.
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 64.31 64.45 63.78 63.86
EUR/INR 72.07 72.89 71.91 72.79
GBP/INR 99.88 101.73 99.46 101.59
JPY/INR 52.10 52.25 51.80 52.10
(Source: Reliable Software, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)
News Flows of last week
16th June U.S. building permits near eight-year high; starts pull back16th June Japan May exports rise 2.4 percent year on year17th June Japan export slowdown could weigh on second-quarter GDP
growth17th June U.S. mortgage applications fell as rates hit highest level since
October 2014: MBA18th June China nationwide home prices rose in May for first time in 13
months, outlook cloudy18th June Philly Fed factory activity expand at fast pace in June19th June Bank of Japan's keeps policy steady, maintained upbeat view of
economy
EUR/INR (JUNE) contract closed at 72.79 on 18th June'15. The contract made its
high of ̀ 72.89 on 18th June'15 and a low of ̀ 71.91 on 15th June'15 (Weekly Basis).
The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 71.97.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 61.10.
One can sell below 71.50 for a target of 70.50 with the stop loss of 72.10.
JPY/INR (JUNE) contract closed at 52.10 on 18th June'15. The contract made its
high of 52.25 on 18th June'15 and a low of `51.93 on 17th June'15 (Weekly Basis).
The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 51.97.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 49.29.
One can sell below 51.60 for a target of 50.60 with the stop loss of 52.15.
Market Stance
Indian rupee started the week with negative impression and slid towards 21
month low as against dollar on the back of sustained dollar demand from banks
and importers amid foreign capital outflows. However, in later part of the
week rupee was seen recovering from its lows and witnessed sharp gains after
dovish comments by the U.S Fed that kept the greenback under pressure as
against global currencies. There were high expectations that the Fed would
give a clear signal on hike in interest rate in the September policy meet. But,
the Fed refrained from giving any clear signs. In overseas market also dollar
held steady near a one-month low against a basket of major currencies on
Friday, after tame US inflation data added to uncertainty over when the
Federal Reserve will begin raising interest rates.
EUR/INR
USD/INR (JUNE) contract closed at ̀ 63.86 on 18th June'15. The contract made its
high of ̀ 64.45 on 16thJune'15 and a low of ̀ 63.78 on 18th June'15 (Weekly Basis).
The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 64.15.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of
46.44. One can sell below 63.60 for the target of 63.00 with the stop loss of 63.95.
GBP/INR JUNE) contract closed at 101.59 on 18th June'15. The contract made its
high of 101.73 on 18th June'15 and a low of ̀ 99.46 on 15th June'15 (Weekly Basis).
The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 99.59
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 69.61.
One can buy around 100.00 for a target of 101.00 with the stop loss of 99.40
`
USD/INRTechnical Recommendation
GBP/INR JPY/INR
Economic gauge for the next week
Date Currency Event PREVIOUS
23rd June EUR Markit Services PMI 53.8
23rd June EUR Markit PMI Composite 53.6
23rd June USD Durable Goods Orders -0.5
23rd June USD Housing Price Index (MoM) 0.3
23rd June USD Markit Manufacturing PMI 54
23rd June USD New Home Sales (MoM) 0.517
23rd June USD New Home Sales Change (MoM) 6.8
24th June USD Personal Consumption Expenditures Prices (QoQ) -2
24th June USD Gross Domestic Product Annualized -0.7
24th June USD Gross Domestic Product Price Index -0.1
25th June USD Continuing Jobless Claims 2.265
25th June USD Initial Jobless Claims 267
25th June USD Markit PMI Composite 56
25th June USD Markit Services PMI 56.2
14
®
15
®
IPOIPO
Issue Composition
Total Issue for Sale 12,500,000
QIB 9,375,000
NIB 1,875,000
Retail 1,250,000
In shares
Business Overview
Incorporated in 1997, Manpasand Beverages Ltd is a Gujrat based fruit drink manufacturing company primary focus on mango fruit, which is the leading flavor for juice drinks in India. Company's mango based fruit drink, 'Mango Sip', is their flagship brand, which is focused towards customers based in semi urban and rural markets. Manpasand Beverages has a wide distribution network that as on March 31, 2015, includes 73 consignee agents and 654 distributors spread across 24 states in India to whom they sell directly. They also sell directly to Indian Railway Catering and Tourism Organization (“IRCTC”) approved vendors.
Strengths
Strong brand identity of flagship brand “Mango Sip” especially in the underpenetrated semi urban and rural markets: The Company's flagship brand “Mango Sip”, has a strong brand identity especially in price conscious semi urban and rural markets.
Understanding consumer preferences, and product development and roll out capabilities: The company's ability to understand consumer preferences and focus on initiatives to develop product attributes that are most valued by consumers is one of its key strengths.
Wide distribution network with strong presence in certain semi urban and rural markets, and marketing capabilities: The extensive sales and distribution network allows the company to reach a wide range of consumers and ensures effective penetration of its products and marketing campaigns.
Strong financial position and profitability: The Company has a strong financial position and profitability track record.
Experienced Promoter and management team: The experience and leadership of its Promoter is a key factor in its growth and development. The company believes that management team's experience and ability to deliver strong and rapid growth are of vital importance to its business.
Strategy
Strengthen product and brand portfolio, with a focus on “Fruits up”: The Company intends to capitalize on the gradual shift in consumer preferences in favour of fruit juices, including fruit drinks, and an expanding semi urban and rural market, by continuing to offer a wide variety of fruit drink products.
Strengthening its presence across India: The Company intends to strengthen its distribution network in its existing markets and also wants expand to cover all 29 states of India, with a continued focus on semi urban and rural markets.
Sustain focus on semi urban and rural markets: With its range of affordable fruit drinks, under the
“Mango Sip', “Fruits Up” and “Manpasand ORS” brands and carbonated fruit drinks under the “Fruits Up”
brand, and its distribution network, it intends to consolidate and grow in semi urban and rural markets
with an appropriate value proposition including price, quality, taste and packaging.
Expand its manufacturing capacity: The Company intends to use a portion of the Net Proceeds, to set up a
new manufacturing facility in Saha Industrial Estate, Haryana to further augment its manufacturing
capacity and also to strengthen its sales network in North India.
Risks
Dependent heavily on single product
Negative net cash flows from operating and investing activities
License for Vadodara 1 Facility has expired
Tough Competition
Valuation
Considering the P/E valuation on the upper end of the price band of ̀ 320, the stock is priced at pre issue
P/E of 7.13x on its FY15 EPS of ̀ 44.88. Post issue, the stock is priced at a P/E of 9.50 x on its EPS of ̀ 33.68.
Looking at the P/B ratio at Rs. 320, the stock is priced at P/B ratio of 6.50x on the pre issue book value of
`49.23 and on the post issue book value of ̀ 116.85, the P/B comes out to 2.74x.
On the lower end of the price band of ̀ 290 the stock is priced at pre issue P/E of 6.46x on its FY15 EPS of
`44.88. Post issue, the stock is priced at a P/E of 8.61x on its EPS of `33.68. Looking at the P/B ratio at
`290, the stock is priced at P/B ratio of 5.89x on the pre issue book value of `49.23 and on the post issue
book value of ̀ 116.85, the P/B comes out to 2.48x.
Book Running Lead Manager
Kotak Mahindra Capital Company Limited
ICICI Securities Limited
IIFL Holdings Limited
Name of the registrar
Karvy Computershare Private Limited
Shareholding Pattern (%)
Particulars Pre-issue Post issue
Promoters & promoters group 67.21% 50.43%
QIB 29.79% 41.08%
NIB 3.00% 5.99%
Retail 0.01% 2.50%
Total 100.00% 100.00%
Issue Highlights
Industry Beverages
Total Issue (Shares) - Fresh Issue 12,500,000
Net Offer to the Public 12,500,000
Issue Size (`Cr.) 362-400
Price Band (`) 290-320
Offer Date 24-Jun-15
Close Date 26-Jun-15
Face Value 10 Per Equity Share
Lot Size 45 shares
Outlook
With wide distribution network, strong presence in certain semi urban and rural markets, and marketing capabilities, the company is set to perform well in future. Also understanding consumer preferences, and product development and roll out capabilities, the company has positioned itself to tap the juice market. Hence, it is expected that going forward the company would continue to do well.
MANPASAND BEVERAGES LTD SMC Ranking
Objects of the Issue
Setting-up of a new manufacturing facility in the
state of Haryana/Punjab;
Modernization of existing manufacturing facilities
i.e. Vadodara 1 Facility and Varanasi Facility;
Setting-up of a new corporate office at Vadodara;
Repayment/prepayment of certain borrowings
availed by their Company; and
General corporate purposes.
16
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INSURANCE
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A unique one of its kind critical illness plan that protects ones' life by
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Your health is paramount to you and your family. The growing concern,
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First Heart Attack
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17
18
MUTUAL FUND Performance Charts
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
SBI Small & Midcap Fund - Growth 29.79 09-Sep-2009 269.23 1.13 11.73 56.56 41.98 20.81 2.49 0.81 0.59 7.07 48.73 30.55 13.65
DSP BlackRock Micro Cap Fund - Reg - G 38.98 14-Jun-2007 1843.73 -2.35 11.10 48.07 38.65 18.50 2.64 0.80 0.66 N.A 77.28 13.78 8.93
SBI Magnum Midcap Fund - Growth 57.95 29-Mar-2005 907.68 0.35 13.21 44.01 41.37 18.74 2.23 0.73 0.55 15.68 66.30 9.23 8.79
Kotak Emerging Equity Scheme - Reg - G 25.41 30-Mar-2007 509.81 -2.95 8.29 40.71 33.33 12.01 2.33 0.87 0.46 21.56 59.52 10.89 8.03
UTI Mid Cap Fund - Growth 76.78 09-Apr-2004 2573.77 -3.70 5.76 39.46 38.03 20.96 2.44 0.88 0.56 27.48 60.45 2.82 9.26
Tata Mid Cap Growth Fund - Plan A - G 100.10 01-Jul-1994 405.09 -4.52 10.76 38.83 35.51 11.61 2.54 0.90 0.48 23.75 61.12 9.51 5.62
Franklin India High Growth Comp. Fund - G 29.14 26-Jul-2007 1894.81 -3.90 5.39 38.62 36.51 14.49 2.12 0.86 0.45 56.92 28.10 N.A 14.98
EQUITY (Diversified)
BALANCED
INCOME FUND
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 18/06/2015Beta, 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, Short term funds and Ultra short term funds have been sorted on the basis of 6month and 3month returns respectively
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Franklin India Balanced Fund - Growth 89.46 10-Dec-1999 366.69 -1.74 6.56 27.42 23.43 15.15 1.55 0.23 59.02 10.36 -- 30.63
Tata Balanced Fund - Plan A - Growth 166.15 08-Oct-1995 2236.32 -4.36 7.78 26.16 25.79 17.15 1.72 0.27 45.18 26.76 1.31 26.75
SBI Magnum Balanced Fund - Growth 93.63 09-Oct-1995 1416.83 -1.95 6.46 24.91 26.74 16.83 1.55 0.27 32.32 24.85 6.91 35.92
DSP BlackRock Balanced Fund - Growth 106.60 27-May-1999 615.91 -2.09 4.88 23.86 19.59 15.86 1.77 0.19 42.23 27.36 2.80 27.60
L&T India Prudence Fund - Growth 18.96 07-Feb-2011 230.21 -2.62 6.90 22.27 24.95 15.79 1.52 0.29 40.23 23.44 2.02 34.31
Edelweiss Absolute Return Fund - Growth 18.73 20-Aug-2009 183.75 -0.32 7.09 20.76 16.85 11.36 1.29 0.16 50.60 10.89 0.44 38.06
Canara Robeco Balance - Growth 110.06 01-Feb-1993 304.71 -3.06 4.15 20.30 20.96 11.49 1.87 0.21 32.39 34.91 5.83 26.87
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Pramerica Dynamic Bond Fund - G 1326.52 12-Jan-2012 239.48 37.98 11.46 5.09 8.09 13.20 8.47 8.58 0.48 N.A 4752.30 8.08
IDFC D B F - Reg - Growth (Re-Launched) 16.82 03-Dec-2008 5243.75 49.35 11.96 0.15 5.43 12.19 9.57 8.27 0.76 N.A 5055.25 7.92
ICICI Prudential LTP - Growth 16.67 20-Jan-2010 391.81 42.02 9.04 -1.07 4.87 11.96 11.94 9.91 0.46 0.22 6635.70 7.97
IDFC SSIF - Invt Plan - Reg - Growth 33.88 14-Jul-2000 1936.40 49.44 11.82 N.A 5.19 11.91 9.38 8.51 0.76 N.A 5066.20 7.92
ICICI Pru. Dynamic Bond Fund - Prem Plus - G 15.92 14-Jan-2010 818.17 37.68 14.08 5.28 8.19 11.90 9.75 8.94 0.69 0.03 3055.05 7.93
Tata Dynamic Bond Fund - Option B - 21.92 03-Sep-2003 618.02 39.91 13.78 2.84 7.67 11.64 10.93 6.88 0.62 0.07 3431.80 7.86
Birla Sun Life Income Plus - DAP 15.79 06-Mar-2009 4767.43 53.68 13.68 -1.55 4.63 11.40 8.65 7.54 0.78 -0.04 N.A 7.92
BNP Paribas Flexi Debt Fund - Growth 24.09 23-Sep-2004 291.76 41.47 13.23 0.72 6.43 11.39 9.76 8.53 0.56 0.03 3803.30 8.10
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Birla Sun Life Medium Term Plan - Reg - G 17.33 25-Mar-2009 3710.97 23.54 13.59 9.69 9.53 10.47 10.78 9.22 0.23 0.20 N.A 10.46
HDFC Short Term Plan - Growth 27.54 28-Feb-2002 2367.78 11.77 9.73 10.27 9.51 10.28 9.39 7.91 0.22 0.15 817.60 10.09
DSP BlackRock Income Oppor. Fund - Reg - G 22.75 13-May-2003 1746.09 17.80 11.68 9.48 9.48 9.78 9.45 7.03 0.21 0.18 1230.05 10.17
Franklin India STIP - Growth 2919.55 31-Jan-2002 10303.40 16.13 11.22 9.52 9.46 10.69 10.20 8.33 0.24 0.19 940.25 10.63
HDFC Short Term Opportunities Fund - G 15.50 25-Jun-2010 3194.51 11.29 8.94 9.58 8.97 9.61 9.42 9.20 0.21 0.17 624.15 8.46
IDFC Banking Debt Fund - Reg - Growth 12.19 07-Mar-2013 1206.12 8.65 8.02 10.15 8.93 8.92 N.A 9.08 0.14 0.23 278.00 8.20
Birla Sun Life Short Term Fund - DAP 16.32 06-Mar-2009 6215.56 15.06 10.07 8.64 8.84 9.77 9.75 8.10 0.19 0.19 N.A 8.31
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 3M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Baroda Pioneer Tre. Adv. Fund - Plan A - G 1625.04 24-Jun-2009 1194.52 11.61 9.83 10.32 9.82 9.29 9.38 8.45 0.09 0.40 271.84 8.99
Franklin India Low Duration Fund - G 15.66 26-Jul-2010 3017.98 11.04 9.91 9.97 9.57 9.87 9.81 9.59 0.08 0.56 401.36 10.25
DWS Cash Opportunities Fund - Growth 19.05 22-Jun-2007 335.37 9.43 8.76 9.55 9.44 9.43 9.32 8.40 0.09 0.43 189.80 9.65
Birla Sun Life Savings Fund - Ret - DAP 157.00 23-Jun-2009 11002.70 8.94 8.66 9.95 9.43 9.27 9.15 7.82 0.08 0.50 N.A 8.71
Tata Treasury Manager Fund - SHIP - G 1639.27 13-Jul-2007 279.71 8.27 9.11 10.03 9.42 9.38 9.39 6.43 0.11 0.39 346.91 8.39
Birla Sun Life Savings Fund - Reg - G 274.27 15-Apr-2003 11002.70 8.94 8.64 9.94 9.42 9.26 9.49 7.67 0.08 0.55 N.A 8.71
DWS Ultra Short-Term Fund - Growth 17.10 04-Jul-2008 3124.34 9.44 8.80 9.90 9.34 9.34 9.63 8.01 0.07 0.65 226.30 8.93
Annualised
®
Investor Awareness Seminar organized by SMC at Hotel Lords Plaza, Surat on 13th June, 2015
Investor Awareness Seminar organized by SMC in association with BSE at Mumbai on 13th June, 2015