bharti airtel iifl_230513

May 23, 2013

Indian market % change

Last close 1 day 3 mth YTD

Sensex 20,062 (0.2) 3.9 3.3

Nifty 6,095 (0.3) 4.2 3.2

BSE 100 6,107 (0.4) 3.8 2.2

BSE 200 2,452 (0.4) 3.2 1.1

CNX Midcap 7,967 (1.1) 0.6 (6.3)

BSE Small Cap 6,109 (0.8) (6.9) (17.2)

BSE 100 Futs 6,118 (0.2) 3.3 1.6

Sensex Futs 19,773 (2.0) 3.8 2.4

Developed market % change


Dow Jones 15,307 (0.5) 9.3 16.8

Nasdaq 3,463 (1.1) 9.5 14.7

S&P 500 1,655 (0.8) 9.2 16.1

FTSE 6,840 0.5 8.0 16.0

CAC 4,051 0.4 9.3 11.3

DAX 8,531 0.7 11.3 12.1

Hang Seng* 22,821 (1.9) 0.2 0.7

Nikkei* 15,737 0.7 38.2 51.4

Emerging market % change


Shanghai Comp 2,284 (0.8) (1.3) 0.7

Brazil Bovespa 56,429 0.3 (0.5) (7.4)

Mexico Bolsa 40,119 (1.1) (8.6) (8.2)

Kospi* 1,981 (0.6) (1.9) (0.8)

Straits* 3,440 (0.4) 4.6 8.6

* Markets are open Institutional activity (Rs cr) Cash F&O MTD YTD

FIIs 2,582 16 15,575 76,733

MFs (310) ‐ (2,704) (11,295)

FIIs Prov. 540

MFs Prov. (973)

Commodities % change


Crude (US$/bbl) 93.6 (0.8) 0.5 1.9

Gold (US$/oz) 1,364 (0.4) (13.7) (18.6)

Copper (US$/mt) 7,445 1.4 (4.2) (5.8)

Aluminium (US$/mt) 1,850 1.3 (7.7) (9.4)

Zinc (US$/mt) 1,848 1.6 (10.7) (9.8)

Currency % change


Rs/US$ 55.48 0.1 (2.3) (0.9)

US$/GBP 1.50 (0.1) (0.9) (7.5)

US$/EUR 1.28 (0.1) (1.7) (2.7)

Yen/US$ 103.17 0.0 (11.0) (15.9)

Advance/Decline stocks (Nos) 22‐May‐13 21‐May‐13

Adv 438 478

Dec 951 905

Unch 89 110

A/D ratio (x)* 0.46 0.53

*A/D excluding Unch Trade value (Rs cr) % chg

Cash NSE 10,796 5.5

Cash BSE 2,011 4.7

Total Cash 12,807 5.3

Delivery (%) 43.2 0.0

Derivatives 148,553 258.7

Bond Market Last close Bps chg 10yr Gsec 7.17 (0.19)

Call rate 7.30 0.05

Nifty intra‐day

6,040

6,060

6,080

6,100

6,120

6,140

6,160

9:00 10:05 11:10 12:15 13:20 14:25 15:30

Nifty sector performance

6,114

8 4 3 0 0 (0) (0) (2) (6) (7)

(19)

6,095

6080

6100

6120

6140

Prv close

FMCG

Healthcare

Telecom

Cem

ent IT

Metals

Power

Auto

Banks

Oil & Gas

Cap

Goods

Nifty Close

Intentions remain Knee deep in troubled waters, the Congress‐led UPA government may not have reached where they intended to go but says it is confident that growth in FY14 will be better than FY13 and could exceed 6%. The Prime Minister unveiled a report card on its ninth anniversary of being in the office citing their achievements on various fronts. Finance Minister P. Chidambaram promised to roll out more reforms going ahead, in the backdrop of S&P having warned that India stands 1 in 3 chances for a sovereign ratings downgrade. The opening today is set to be weak; in fact it could be a gap down opening given the subdued global cues. US markets had risen in early trade after Fed chairman Ben Bernanke said that withdrawing monetary stimulus prematurely could derail the economic recovery. However, minutes of the Fed meeting revealed that few members of the monetary policy committee were willing to lower down the Fed's bond‐buying program as soon as June if the economic recovery becomes sustainable.

Results Preview: Tata Steel Rev Rs365bn (+7.4% yoy), PAT Rs4.7bn (+9.3% yoy); SBI NII Rs116bn (0.7% yoy), PAT Rs37.8bn (‐6.6% yoy).

News

Corporate snippets

McLeod Russel India Ltd has incorporated a trading outfit in Kenya to procure and supply African tea to the company’s Dubai blending unit. (BL)

The board of Larsen & Toubro has approved a scheme of arrangement for consolidating the assets and liabilities of its hydrocarbon business with its wholly owned subsidiary L&T Hydrocarbon Engineering Ltd. (BL)

Daiichi Sankyo, the parent of Ranbaxy Laboratories, said it believed certain former shareholders of the Indian company had concealed critical information. It was now pursuing legal remedies, Daiichi added. (BS)

Reliance Jio Infocomm, the telecom arm of Reliance Industries, plans to roll out fourth generation (4G) services in metros by the end of this financial year. (BS)

LIC Housing Fin is planning to raise Rs5bn in five‐year bonds at 8.34%. (BS)

JSW Steel’s crude steel production fell 11% to 637,000 tons in April, due to planned shutdown of units and lack of availability of quality iron ore. (BS)

Jai Corp Ltd is looking at the option of selling a part of its stake in the Navi Mumbai special economic zone. (BS)

The Securities and Exchange Board of India has written to Jet Airways, raising questions over parts of the agreement signed by Jet with Etihad Airways last month as they appear to confer substantial management rights to the Etihad. (ET)

ING Vysya Bank said it hopes to raise Rs20bn in fresh capital by the first half of next month through a mix of preferential share allotment to the promoters as well as a qualified institutional placement. (ET)

Coal India will not allow the government to auction shale gas blocks in its command area. (ET)

Srei Infrastructure Finance is poised to buy the domestic banking unit of nationalised Austrian lender Hypo Alpe Adria for €65.5mn. (ET)

Economy snippets

The government has allowed Quadricycles to ply within city limits as modes of public transport. (BS)

In the wake of a CAG report accusing telecom operators of acting as a cartel in the last two rounds of spectrum auctions, the Competition Commission of India has said it will look into the matter to ascertain if at all the operators violated any rules on competition. (ET)

The finance ministry has agreed to pay Rs1,000bn cash compensation to state oil marketing companies for the full financial year 2012‐13. However, the finance ministry has the oil ministry that the existing fuel pricing formula, which allegedly inflates government’s fuel subsidy burden, will have to be changed from current financial year. (ET)

Results table Rs m Revenues YoY % PAT YoY% Jyothy Laboratories

2,725 24.2 118 (57.7)

L&T 202,938 9.9 17,879 (6.9)

Redington 68,078 24.0 1,048 2.7

Thermax 14,682 (13.0) 1,153 (11.2)

Technicals

Note: 1. Ideas given under the ‘Technicals’ section are for intraday purpose or up to a period of three trading sessions. Stocks recommended under this heading are not

necessarily part of our fundamental buy or sell list. 2. Data in the above table comprises BSE200 Index stocks.

Nifty price/volume

13:J F M A M

Log IRIS

Source : www.SpiderSoftwareIndia.Com

5600

5800

6000

6200

Cr

50.00

100

Price Avg3(S,100,S,200,S,50)

Vol

NSE Nifty [N59901] 6127.05, 6147.60, 6074.45, 6094.50, 564906432 -0.32%

Dly

9496

Nifty succumbed to selling pressure on back of weak structure of ‘Rising wedge’, violating its short term support of 6,110 on closing basis. Nifty earlier had held on above the support levels. Hence, it is likely to witness some amount of correction to the levels of 6,040 in the near term. i.e. 20‐DMA. However, the long term trend in the market continues to remain positive with Nifty making an attempt to test the support. Support/Resistance levels* Close Support Resistance

Nifty 6,095 6,021 6,137

Sensex 20,062 19,843 20,188

CNX IT 6,420 6,331 6,477

CNX Bankex 13,008 12,765 13,145

Nifty Junior 12,443 12,230 12,574

*based on pivot calculations

Positive breakout

Company name CMP 10 Days

MVG avg Price %

chg Delivery

(%)

Siemens 592 579 2.2 15.9

Bosch 9,228 9,050 2.0 89.0

Shriram Trans. 789 775 1.8 84.5

United Phos 156 153 1.7 67.3

TCS 1,498 1,476 1.5 67.6

Ing Vysya Bank 620 611 1.5 83.9

Oil India 586 578 1.4 77.6

Kotak Bank 768 758 1.4 36.0

Asian Paints 4,836 4,770 1.4 42.3

Jain Irrigation 68 67 1.3 49.7

Top gainers Company Price (Rs) Price % chg % YTD chg

Manappuram 18 7.3 (47.9)

Castrol India 344 4.1 14.8

GSK Cons. 4,957 3.5 30.3

United Spirits 2,484 3.2 30.8

Crompton Grv 108 3.1 (6.5)

Sun Pharma 1,002 2.9 36.1

Shree Cement 4,919 2.8 5.9

Bharti Airtel 312 2.5 (1.6)

Jain Irrigation 68 2.5 (8.9)

Bajaj Fin. 686 2.2 (24.0)

Trading Strategy

Bharti Airtel (BUY, below Rs310, Target Rs325, SL Rs303): After hitting a peak of Rs332, the stock has seen a sharp correction with prices decelerating almost 50% from the recent high. However in yesterday’s trade, the stock found support at its 50‐DMA and staged a pullback. Wednesday’s movement has negated short term downtrend and stock is likely to see some buying momentum in the short term. Based on the projection of pullback, stock could test levels of Rs325. (Duration 5 days)

Volume toppers Company Price (Rs) Price % chg Vol % chg

Marico Ltd 219 (0.5) 689

Gujarat Fluoro 281 (1.2) 651

Concor 1,145 (0.2) 641

L&T 1,514 (5.7) 557

IOC 293 (3.9) 394

Negative breakout

Company name CMP 10 Days

MVG avg Price %

chg Delivery

(%)

M&M Fin. 240 247 (2.7) 45.4

Hexaware 78 80 (2.6) 51.4

GSPL 61 63 (2.6) 74.2

Rel Cap 362 371 (2.5) 11.7

Apollo Tyre 89 91 (2.3) 53.0

Hero Moto 1,650 1,689 (2.3) 41.7

GAIL 330 337 (2.1) 72.1

Gujarat Fluoro 281 287 (2.0) 98.3

Bharat Forge 230 234 (2.0) 58.3

Cadila Health 792 808 (2.0) 55.5

Top losers Company Price (Rs) Price % chg % YTD chg

Adani Power 56 (7.2) (8.7)

Voltas 84 (6.0) (21.0)

L&T 1,514 (5.7) (5.8)

DLF 227 (5.7) (1.5)

Renuka 22 (5.3) (29.6)

JP Power 26 (4.9) (30.7)

HPCL 291 (4.9) 0.0

IFCI 28 (4.6) (17.2)

HPCL 291 (4.9) 0.0

Opto Circuits 48 (4.5) (55.0)

Pivot & Deals

Moving average & pivot table (Nifty 50)

Company CMP (Rs) Support* Resistance*

50‐DMA

200‐DMA

ACC 1,220 1,200 1,240 1,203 1,329

Ambuja Cem 186 182 191 182 195

Asian Paints 4,836 4,745 4,927 4,772 4,280

Axis Bank 1,513 1,480 1,546 1,389 1,282

Bajaj Auto 1,849 1,814 1,884 1,814 1,872

BOB 711 679 743 694 744

BHEL 204 198 209 190 218

BPCL 390 363 416 396 370

Bharti Airtel 312 304 320 303 298

Cairn India 289 277 300 294 320

Cipla 416 408 424 398 389

Coal India 310 305 315 307 342

DLF 227 209 245 246 232

Dr Reddy 2,056 2,008 2,103 1,919 1,812

GAIL 330 321 339 330 351

Grasim Ind 3,050 2,992 3,108 2,917 3,088

HCL Tech 744 729 759 758 656

HDFC Bank 703 689 717 662 647

Hero Moto 1,650 1,607 1,694 1,606 1,777

Hindalco Ind 111 108 114 97 111

HUL 585 584 587 507 510

HDFC 900 890 910 832 794

ICICI Bank 1,210 1,188 1,233 1,104 1,080

IDFC 159 156 162 151 156

INFY 2,385 2,331 2,440 2,577 2,525

ITC 336 328 343 315 291

JP Assoc. 73 68 79 73 82

JSPL 303 296 311 331 384

Kotak Bank 768 754 782 685 644

L&T 1,514 1,362 1,666 1,478 1,525

Lupin Ltd 768 747 789 674 610

M&M 990 968 1,013 906 877

Maruti 1,688 1,655 1,720 1,511 1,432

NTPC 155 151 159 149 159

ONGC 329 315 343 320 295

Power Grid 113 111 114 109 114

PNB 807 778 836 762 790

Ranbaxy 431 424 438 444 487

RIL 819 798 839 808 821

Rel Infra 408 392 425 379 470

Sesa Goa 161 157 165 157 173

Siemens 592 568 615 540 629

SBI 2,363 2,306 2,420 2,213 2,203

Sun Pharma 1,002 963 1,040 900 760

TCS 1,498 1,482 1,515 1,497 1,370

Tata Motors 291 282 300 286 280

Tata Power 91 88 94 95 101

Tata Steel 306 297 315 317 376

Ultra Cemco 1,950 1,909 1,992 1,896 1,898

*based on pivot calculations

Global pivot table Index CMP (Rs) Supp 1 Supp 2 Pivot Res 1

Dow Jones 15,307 15,201 15,031 15,372 15,478

S&P 500 1,655 1,640 1,617 1,664 1,679

DAX 8,531 8,458 8,408 8,508 8,581

Hang Seng 22,821 22,714 22,509 22,919 23,026

Nikkei 15,737 15,647 15,499 15,795 15,885

A pivot is a level at which the market direction changes for the day. These points can be critical support and resistance levels for that day. Pivot levels are only broad indicators and not necessarily our view on the stock or index.

Bulk deals

Date Scrip name Institution B/S Qty

('000)

Avg price (Rs)

22‐May Praj Ind Hdfc Mf B 4,316 38

22‐May Praj Ind

Capital World Growth & Income Fund Inc S 4,305 38

21‐May Jindal Cotex Albula Invst Fund B 2,175 14

21‐May Jindal Cotex M/S Avatar India Opportunities Fund S 2,175 14

20‐May S. Kumars Nation Idbi S 2,776 5

20‐May VST Ind Citigroup Global S 140 1,580

17‐May IVRCL Ltd Ambit Sec S 3,780 22

17‐May NRB Bearings Hdfc Mf S 653 36

16‐May Goa Carbon Crosseas Capital B 55 83

15‐May IVRCL Ltd Ambit Sec B 1,956 20

Insider trades

Date Company Name B/S Qty

('000)

13‐May AXIS Bank Ltd United India Ins S 3

17‐May Astra Microwave B Reddy B 27

17‐May ECE Ind P Mohta B 383

17‐May ECE Ind P Mohta B 383

13‐May Amtek Auto Forbes Builders B 73


7‐May Aarti Drugs Aarti Ind S 51

7‐May Aarti Drugs R Gogri B 6



FII’s trades Scrip name Volume ('000) Price (Rs) Prem/Disc (%)

Future Retail 0 143 5.2

South Ind. Bank 0 25 0.2

PNB 33 884 9.5

Indusind. Bank 0 496 0.6

Grasim 4 3,060 0.3

ADR/GDR Latest (US$) Price % chg % Prem/Disc Dr. Reddys 37.5 1.8 1.2

HDFC Bk 41.2 (1.8) 8.4

ICICI Bk 46.8 (0.4) 7.2

ITC 6.1 1.3 0.2

Infosys 43.1 (1.1) 0.1

Ranbaxy 7.5 (2.0) (3.0)

Reliance 29.6 (1.5) 0.2

Wipro 7.9 0.5 27.3

SBI 86.7 1.8 1.8

Tata Motors 26.3 (1.4) 0.2

Sterlite 6.9 (2.1) 0.6

L&T 28.2 (2.6) 3.3

NSE Derivatives

Nifty future which added ~0.76mn shares in open interest has seen addition of short.

Bank Nifty future which added ~0.025mn shares in open interest has seen short addition.

Nifty May 6,100 call which added ~0.64mn shares in open interest has seen writing.

Nifty May 6,100 put which added ~0.41mn shares in open interest has seen writing.

Fresh Short was seen in Capital goods, Cement and Realty sector.

Stocks in Ban period: NA

Strategies Long ICICI Bank May future below Rs1186 for the

Target price of Rs1216 with a Stop loss placed at Rs1168. Lot size: 250 Remarks: Net maximum profit of Rs7,500 and net maximum loss of Rs3,750.

Nifty snapshot Current % Chg Near month price 6,104 (0.2)

Near month Pre/Disc 9.6 241.1

Mid month price 6,114 (0.2)

Mid month Pre/Disc 19.6 48.5

OI* (‘000) 28,874 2.7

Volume (‘000) 11,006 (11.9)

PCR (OI) 1.2 (1.0)

PCR (Vol) 1.0 (9.1)

Roll‐over (%) 7.9 3.4

VIX 17.7 (0.9)

FII derivative data (Rs cr) Buy Sell Net Contracts OI % chg Index Futures 1,991 1,429 561 28,951 5

Index Option 19,110 19,414 (304) (32,376) (2)

Stock Futures 1,835 2,102 (268) 6,698 1

Stock Options 2,251 2,224 27 1,870 1

Nifty strikes open interest

0

2,000

4,000

6,000

8,000

10,000

12,000

5800 5900 6000 6100 6200 6300 6400

OI in ('000)Call Put

Sector‐wise OI

(4)(2)02468

10

Auto

Banking

Finance

Capital

Goods

Cem

ent

Fertilizers

FMCG

Technology

Infra

Realty

Med

ia

Metals

Oil & Gas

Pharma

Power

Sugar

Textiles

Telecom

Hotels

% chg

Nifty open interest chart

0

200

400

600

22‐Feb‐13 19‐Mar‐13 15‐Apr‐13 11‐May‐13

OI cont('000)

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

6,000Nifty

NSE Derivatives…

Futures open interest gainers Scrip OI ('000) % change CMP (Rs) % change Volume ('000) % change Prem/Disc (Rs) Ofss 952 61.9 2,444 1.0 1,357 677.7 (0.3)

Indiacem 5,140 34.6 76 (10.0) 6,108 332.6 (0.2)

Herohonda 1,760 14.1 1,655 (2.1) 629 111.6 (4.3)

Techm 1,375 12.9 948 3.7 2,695 124.3 (4.4)

Lt 5,620 12.8 1,520 (5.5) 16,231 532.1 (6.1)

Sail 21,148 11.8 59 (4.4) 7,068 101.5 (0.2)

Jpassociat 60,464 9.3 74 (4.3) 47,312 (0.7) (0.4)

Sunpharma 3,923 6.3 1,007 3.2 1,630 90.2 (4.8)

Dlf 24,737 6.2 227 (5.8) 21,237 70.9 0.1

Denabank 15,396 6.2 90 (3.5) 9,408 31.5 (0.3)

Bpcl 5,607 5.7 391 (3.3) 5,548 255.2 (1.0)

Futures open interest losers Scrip OI ('000) % change CMP (Rs) % change Volume ('000) % change Prem/Disc (Rs) Syndibank 4,080 (16.9) 130 (3.7) 4,228 (29.8) 0.7

Orientbank 1,772 (6.0) 263 (2.5) 1,074 (26.6) (0.0)

Dishtv 15,048 (5.8) 68 (3.6) 8,776 (24.5) 0.0

Ibrealest 15,780 (4.7) 80 (2.8) 14,272 (28.2) (0.1)

Suntv 1,646 (3.9) 419 (1.3) 725 (36.7) (0.8)

Cesc 724 (3.2) 323 (1.8) 324 (24.7) 0.7

Canbk 2,657 (3.2) 442 (0.6) 2,781 30.8 (0.0)

Hcltech 3,321 (2.9) 746 0.9 1,173 8.4 (2.1)

Colpal 130 (2.6) 1,416 (0.7) 72 0.0 (4.3)

Federalbnk 868 (2.5) 464 (1.0) 218 (14.2) (0.6)

Wipro 2,459 (2.4) 343 0.7 902 (37.4) (0.8)

Most active stock calls Most active nifty calls Scrip Strike Expiry OI ('000) % change CMP(Rs) Strike Expiry OI ('000) % change CMP(Rs) Lt 1650 May 530 60.8 3 6200 May 7,816 6.2 24

Lt 1600 May 626 199.3 6 6100 May 6,044 12.0 64

Sbin 2400 May 845 30.9 42 6300 May 6,283 (0.1) 7

Lt 1700 May 376 25.3 1 6400 May 4,549 (11.1) 2

Sbin 2500 May 927 21.4 19 6000 May 2,847 3.7 134

Dlf 240 May 4,096 22.1 2 6500 May 1,374 (2.7) 1

Mcdowell‐N 2500 May 321 (12.8) 62 6200 Jun 1,678 9.3 86

Infy 2400 May 384 (12.3) 19 6300 Jun 1,753 2.1 52

Sbin 2350 May 333 15.4 62 6500 Jun 944 29.0 16

Dlf 250 May 5,001 12.0 1 6400 Jun 903 7.3 30

Most active stock puts Most active nifty puts Scrip Strike Expiry OI ('000) % change CMP(Rs) Strike Expiry OI ('000) % change CMP(Rs) Lt 1500 May 374 28.7 23 6100 May 5,777 7.7 53

Lt 1550 May 215 (2.3) 49 6000 May 7,098 (7.7) 23

Sbin 2300 May 549 68.9 49 6200 May 3,181 (8.2) 110

Lt 1600 May 172 (7.0) 90 5900 May 8,291 5.7 9

Sbin 2200 May 548 4.6 21 5800 May 5,392 (1.7) 4

Sbin 2350 May 193 4.6 72 5700 May 6,510 (0.9) 2

Sbin 2250 May 386 45.8 32 6100 Jun 1,367 8.7 113

Dlf 230 May 1,358 (23.0) 8 6300 May 611 (23.7) 193

Mcdowell‐N

2400 May 136 58.2 32 6000 Jun 2,057 3.8 77

Lt 1580 May 66 1.1 73 5900 Jun 1,423 5.7 51 *OI= Open Interest

Note: OI= Open Interest Cont= Contracts

BSE Derivatives

Sensex May future which shed 2595cont in open interest has seen unwinding. On option front, BSE100 May 6,300 strike call which shed 8550cont in open interest has seen unwinding, while put writing was seen at May 5,900 strike which shed 17150cont in open interest. Market summary

( Rs Lacs) Cont

Traded No. of Trades Turnover OI (Cont)

Index Future 8,715 3,717 26,593 41,009

Index Option (Call) 1,56,153 3,447 5,04,755.09 22,415

Index Option (Put) 8,63,401 19,506 25,47,957.89 22,098

Equity Future 9,991 5,292 27,973 5,587

Equity Option (Call) 338 10 934 334

Equity Option (Put) 207 7 565 179

Sensex Fut vs NIFTY Fut

17,000

17,500

18,000

18,500

19,000

19,500

20,000

20,500

21,000

Feb‐13 Mar‐13 Apr‐13 May‐13

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400SENSEX futur NIFTY Future

BSE Derivatives snapshot Current % Chg

Sensex future price 20,060 (0.6)

Sensex future Pre/Disc (2.2) (0.0)

BSE100 Future price 6,118 (0.2)

BSE100 Future Pre/Disc 11.1 0.2

BSE100 Future OI* (‘Cont) 484 (12.9)

Bse100 Future Vol (‘Cont) 2,890 (9.5)

FII derivative data

(Rs Lakhs) Buy Sell Net OI

(Cont) OI

Value

Index Futures 0 0 0 0 0

Index Option 0 0 0 5,548 15,431

Stock Futures 0 0 0 0 0

Stock Options 0 0 0 0 0

BSE100 Fut vs NIFTY Fut

5,1005,2005,3005,4005,5005,6005,7005,8005,9006,0006,1006,2006,300

Feb‐13 Mar‐13 Apr‐13 May‐13

BSE100 Future NIFTY Future

BSE100 Futures

10

2010

4010

6010

8010

10010

12010

14010

16010

22‐Feb‐13 19‐Mar‐13 16‐Apr‐13 13‐May‐13

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400OI (Cont) Close

Mutual Funds

Fund focus UTI Opportunities Fund InvestFund manager Anoop Bhaskar Min investment Rs5,000Latest NAV Rs32.7 Entry load Nil

NAV 52 high/low Rs32.5/24.8 Exit load 1% before 1 year

Latest AUM Rs 3,609cr Benchmark BSE 100 Class Equity – diversified Asset allocation Equity (92%), Cash (8%)Options Growth & dividend Expense ratio 1.94%

Top Recommended Funds (Absolute returns (in %) are based on previous close)

Equity – Diversified/Largecap Assets (Rs Cr)

NAV (Rs) 1wk 1mth 3mth 6mth 1yr 2yr 3yr 5yr

Birla SL Frontline Equity Fund(G) 3,227 103.3 1.56 7.09 3.82 12.19 33.27 21.49 33.70 54.87

IIFL Dividend Opp Index Fund(G) 36 11.7 1.56 7.49 3.19 9.07

UTI Opportunities Fund(G) 3,609 32.7 1.34 6.38 4.04 7.16 22.76 22.90 42.00 73.65

Equity – Midcap

HDFC Mid‐Cap Opp Fund (G) 2,701 55.8 (0.36) 3.20 (0.37) 4.75 19.14 15.21 28.79 92.65

ICICI Pru Discovery(G) 2,753 18.4 1.90 5.54 1.59 5.40 19.81 20.07 39.80 82.32

IDFC Sterling Equity Fund (G) 1,369 21.1 2.09 6.44 (0.19) 2.14 18.06 17.52 27.64

Equity – Tax saving

Fidelity Tax Advantage (G) 731 19.1 2.02 6.83 2.81 8.51 26.90 16.18 23.13 35.57

HDFC Tax Saver (G) 3,354 238.9 1.88 4.79 0.25 6.03 17.01 6.46 18.12 51.80

ICICI Prudential Tax Plan (G) 1,436 154.5 1.07 5.10 (0.88) 4.16 21.76 12.55 24.88 49.16

Hybrid

DSP‐BR Balanced Fund (G) 594 71.3 1.56 4.73 1.63 4.44 14.85 10.03 19.14 42.13

HDFC Prudence Fund (G) 5,854 239.4 2.62 5.60 2.32 6.44 17.37 14.41 29.05 79.86

ICICI Pru Balanced Fund (G) 494 57.1 0.32 4.65 1.82 7.59 22.57 25.20 42.67 45.14

Debt – Money market

Birla SL Savings‐Ret(G) 6,061 220.1 0.20 0.79 2.38 4.47 9.27 19.64 27.84 44.81

Reliance Money Manager (G) 10,467 132.9 0.17 0.69 2.23 4.20 8.62 18.32 26.07

UTI Treasury Advantage‐Reg (G) 4,376 15.2 0.18 0.72 2.40 4.48 9.36 19.83 28.34 46.02

Debt – Floating rate

ICICI Pru Floating Rate ‐B (G) 1,346 193.2 0.19 0.70 2.20 4.11 8.45 17.84 25.53 41.25

Kotak Floater LTP (G) 4,467 18.9 0.23 0.85 2.62 4.71 9.70 20.13 28.79 47.06

Tata Floater Fund (G) 3,287 1,780.0 0.18 0.76 2.35 4.49 9.36 19.93 28.76 46.94

NFO Update Open Close Type Category

ICICI Prudential FMP Series 68 ‐ 366 Days Plan C 20‐May 23‐May CE Debt ‐ FMPUTI Fixed Maturity Plan ‐ Yr Sr ‐ May 2013 16‐May 24‐May CE Debt ‐ FMPUTI Fixed Maturity Plan ‐ Yr Sr ‐ May 2013 16‐May 24‐May CE Debt ‐ FMP

#OE: Open Ended, CE: Close Ended

Recent Actions

SBI Debt Fund Series 366 Days‐4 declares dividend. The record date has been fixed as May 23, 2013.

Franklin Templeton India Balanced Fund 366 Days‐4 declares dividend. The record date has been fixed as May 24,

2013.

Religare Invesco FMP Series X Plan D (18M) declares dividend. The quantum of dividend shall be Re 0.1 per unit. The

record date has been fixed as May 23, 2013.

ICICI Prudential FMP Series 60‐18M Plan F and ICICI Prudential FMP Series 64‐367D Plan F declares dividend. The

quantum of dividend shall be Re 0.3681 and 0.05 per unit respectively. The record date has been fixed as May 23,

2013.

Disclaimer: Mutual Fund is subject to market risk, please read the offer document carefully before investing.

Disclaimer: Mutual Fund is subject to market risk, please read the offer document carefully before investing.

Exchange Traded Funds (ETFs)

Fund focus IIFL NIFTY ETF Invest Fund manager Manish Bandi Options GrowthLatest NAV Rs623.7 Min investment 1 unit

NAV 52 week high/low Rs625.0/483.18 Benchmark S&P CNX NIFTY

Latest AUM Rs15.7 cr Downside risk 0.37%Bloomberg code IIFLNFT IN Tracking error 1.48%Type Open‐ended Expense ratio 0.25%Class Equity ETF Exit load 0%

Top Recommended ETFs

Scheme Name AUM (Rs cr)

Bloomberg Code

Latest NAV(Rs)

Absolute (%)

SI* Benchmark Name

1 mth

3 mth

6 mth 1 yr 2 yr 3 yr

SI* Benchmark

Category: Equity Exchange Traded Funds

IIFL Nifty ETF 19 IIFLNFT IN 623.7 6.5 3.7 10.6 27.6 0.0 0.0 ‐ S&P CNX Nifty

GS Nifty BeES 541 NBEES IN 616.9 6.5 2.4 9.2 25.9 11.2 24.3 ‐ S&P CNX Nifty

Kotak Nifty ETF 42 KONIFTY IN 621.3 6.5 3.6 10.5 27.4 14.4 27.8 ‐ S&P CNX Nifty

MOSt Shares M50 84 MOSTM50 IN 81.7 6.2 1.4 6.9 23.0 8.4 0.0 ‐ S&P CNX Nifty

MOSt Shares Midcap 100 ETF

184 MOST100 IN 8.3 6.5 0.5 5.1 19.1 5.0 0.0 ‐ CNX Midcap

GS Junior BeES 89 JBEES IN 126.8 8.1 4.7 13.5 33.4 15.6 19.8 ‐ CNX Nifty Junior

MOSt Shares NASDAQ‐100 ETF

62 MOSTNDX IN 165.8 10.3 10.2 16.2 21.6 55.7 0.0 ‐ Nasdaq‐100

Category: Gold Exchange Traded Funds

GS Gold BeES 3,334 GBEES IN 2,422.4 (1.0) (13.8) (20.1) (13.0) 13.4 36.1 ‐ Gold‐India

Reliance Gold ETF 3,040 REGOLD IN 2,375.8 (0.6) (13.5) (19.9) (12.8) 37.4 14.3 ‐ Gold‐India

Kotak GOLD ETF 1,251 KOGOLD IN 2,428.5 (1.1) (13.9) (20.3) (13.1) 13.8 36.6 ‐ Gold‐India

HDFC Gold ETF 790 HDFC GOLD IN

2,478.6 (1.0) (13.9) (20.2) (13.1) 13.6 0.0 ‐ Gold‐India

ICICI Pru Gold ETF 201 ICPGOLD IN 2,507.5 (0.7) (13.4) (19.8) (12.7) 14.1 0.0 ‐ Gold‐India

SBI Gold ETF 1,337 SGETS IN 2,480.1 (1.0) (13.9) (20.2) (13.1) 14.0 37.1 ‐ Gold‐India

UTI Gold ETF 736 UTI GOL IN 2,431.9 (1.0) (13.8) (20.2) (13.1) 13.9 36.7 ‐ Gold‐India

Category: Liquid

GS Liquid BeES 551 LBEES IN 1,000.0 0.4 1.3 2.8 5.7 12.1 17.9 ‐ Crisil Liquid Fund Index

Category: Banking ETF

Kotak PSU Bank ETF 11 KOPSUBIN 349.6 4.4 0.9 10.4 19.4 (7.7) 2.0 0.0 CNX PSU Bank

Reliance Banking ETF 12 RBETF IN 1,377.4 7.2 6.5 16.2 42.7 47.4 26.0 0.0 CNX Bank * Since Inception Calculation as on 20

th May, 2013

About ETFs ETFs are essentially index funds that are listed on an exchange and track the price performance of the target index closely. The ETF trading value is based on the net asset value (NAV) of the underlying stocks in the target index.E.g, a Nifty ETF will look to replicate CNX Nifty returns.

ETFs are popular world over with nearly 60% of trading volumes on the American Stock Exchange (AMEX) captured by all types of ETFs. At the end of June 2011, the global ETF industry comprised 2,825 ETFs from 146 providers on 49 exchanges around the world with total assets of US$1.49 trillion.

ETF advantages Diversification benefit ‐ In case of Nifty ETF, you own the complete basket of 50 stocks and remain

diversified.

Low cost of investment ‐ The passive investment style with low turnover helps keep costs low. ETFs are known to have among the lowest expense ratios compared to others schemes.

House Recommendations

House Recommendations The large cap Buys and Sells are relative outperformer and underperformer bets vis‐à‐vis the Nifty respectively. Reduce portfolio weight in stocks with Sell rating. Midcap Buys are based on absolute return expectations. Top Large‐cap Buys Stock Sector Sector View* CMP (Rs) M‐Cap (Rs bn)

Maruti Automobiles Equalweight 1,688 509.8

ICICI Bank Financials Overweight 1,210 1,396.2

Axis Bank Financials Overweight 1,513 708.9

ITC FMCG Equalweight 336 2,651.5

HCL Tech IT Equalweight 744 517.9

Dr Reddy's Pharmaceuticals Overweight 2,056 349.0

Cipla Pharmaceuticals Overweight 416 333.8

Cairn India Oil & Gas Overweight 289 551.2 Source: India Infoline Research * Relative to Nifty composition

Best Mid‐cap Buys Stock Sector CMP (Rs) M‐Cap (Rs bn)

Amara Raja Automobiles 244 41.7

ING Vysya Bank Financials 620 96.4

LIC Housing Finance Financials 276 139.3

JK Lakshmi Cement 101 11.8

MCX Exchanges 926 47.2

Petronet LNG Oil & Gas 142 106.4

Den Networks Media 218 31.9 Source: India Infoline Research

Event Calendar

Monday Tuesday Wednesday Thursday Friday Saturday

May 01 May 02 May 03 May 04

IDFC

Apr HSBC Markit manufacturing PMI Can Bank, Bharti Airtel, Kotak Bank

RBI Policy Meet Apr HSBC Markit service PMI ACC, Titan, Ambuja Cem

Grasim

May 06 May 07 May 08 May 09 May 10 May 11

Adani Ports, Adani Power, ALBK, CEAT, Dewan Housing, Glenmark, Jubilant Life, OFSS, Sintex, Shriram Trans, Uco Bank

ABB, Corp Bk, HDFC, Future Cap, Jai Corp, Lupin, Piramal Life, Ranbaxy, Talwalkars

Asian Paints, Bajaj Hind, EMCO, Escorts, Godrej Prop, GTL Infra, HCL Info, Jublint Food, PNB, Union Bank

India Mar IIP yoy India Apr import & export YoY% (10‐15 May) Ashok Ley, Apollo Tyres, Balrampur Chini, Central Bk, Essar Oil, NTPC, Punj Lloyd, RCom, Sobha, United Bk

JK Cem, Dena Bk, Selan Exploration, Unichem Labs


India Apr CPI yoy Nestle, RPower, 3i Infotech, Amara Raja, Amtek Auto, Amtek India, BOB, Bank of India, Thomas Cook

India Apr inflation data Dr Reddy’s Labs, Reliance Infra, Satyam, Elder Pharma, HT Media, Bartronics, DCW, Muthoot Fin, Novartis, Pfizer, Suven Life, United Bank

Adani Ports, Bajaj Finance, Bajaj Finserv, Century Tex, GVK Power, KTK Bank, OnMobile

Bajaj Auto, Bajaj Hold, Infinite Comp, TTK Prestige, Kalpataru Power, Orbit Corp, Rel Cap, TTK Prestige, Ucal Fuel

Dhan Bank, Balaji Tele, ITC, ENIL, Motherson Sumi, NIIT Tech, PTC India, Sun TV


Adani Ent, India Cemet, Divis Lab, CUB, Coal India, Hotel Leela, IFCI, Shriram City Union, Srei Infra, Voltas

Deccan Cement, Dhampur Sug, JSW Ispat, Mahindra Forg, Tech M

Thermax, L&T, LMW, Prakash Ind, Redington, Thermax, Zee Ent

Phillips Carbon, Tata Steel, Dish TV, BHEL, IGL, JSW Steel, NIIT, Phillips Carbon, SBI, Welcorp, Zee News

Britannia

May 27 May 28 May 29 May 30 May 31

Eight infrastructure industries (27‐31 May) Tata Chem

Colgate, Godrej Ind

BPCL, Anant Raj, Zee Ent

M&M, Tata Power, GMR Infra, SAIL

Q1 GDP yoy% Annual Q1 govt GDP estimates India Apr Fiscal deficit

Blue: Economic data, Black: results

Recommendation parameters for fundamental reports:

Buy – Absolute return of over +10%

Market Performer – Absolute return between ‐10% to +10%

Sell – Absolute return below ‐10%

Published in 2013. © India Infoline Ltd 2013 This report is for the personal information of the authorised recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. The information provided in the document is from publicly available data and other sources, which we believe, are reliable. Efforts are made to try and ensure accuracy of data however, India Infoline and/or any of its affiliates and/or employees shall not be liable for loss or damage that may arise from use of this document. India Infoline and/or any of its affiliates and/or employees may or may not hold positions in any of the securities mentioned in the document. The report also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information. India Infoline and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer company or its connected persons. This report is published by IIFL ‘India Private Clients’ research desk. IIFL has other business units with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject IIFL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. IIFL, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013. For Research related queries, write to: Amar Ambani, Head of Research at [email protected] or [email protected] For Sales and Account related information, write to customer care: [email protected] or call on 91‐22 4007 1000

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