news letter 10- april -2015

11

Click here to load reader

Upload: xytise

Post on 29-Sep-2015

221 views

Category:

Documents


0 download

DESCRIPTION

trdg

TRANSCRIPT

  • Cni Research Limited www.cniglobalbiz.com 1

    CNI Publications; Weekly Plattern Weekly summary

    Human beings are essentially bullish by nature. Hence the desire to see good bullish moves. Also the fact that everyone is happy when bulls reign is known across the globe. In addition to the general bonhomie which exists at such times there is a feel good factor as well. In India ,as it is not a very spendthrift and debt laden culture these profits look good only on paper. As seldom, in the desire to earn more ,and being greedy in nature, can people sell. So these are essentially paper profits. But until the good times last the feeling is good. I am tired of saying this, Greek problem cannot be wished away. They seem to have settled their differences and paid money to IMF as well. Are they out of the woods? I doubt. Iran deal although done may become unravelled by their supreme leader statement. Oil went up as a result. The above two are the jokers in the pack a long with ms. Yellen. Individually they can rock the boat buy collectively they can sink large ships and small countries. If according to Black Rock the bulls could reign the US markets for at least a year as as bull markets don't die on tired bulls. So if this is true money could continue to rain over India. Both go hand in hand bulls reign and money rain. Also India is at the other end of the spectrum as compared to the US. There they want to increase inflation here we are at the end of the inflationary cycle and is bound to come down over time. There talks are to increase interest rates here the clamor is to reduce them. Due fall in commodity prices and no passing on subsequently bottom lines could improve. In the US due strong USD the bottom lines and top lines could both get affected, adversely.

    Change of the week

    10-Apr-15 Rise /Gain

    Sensex 28261

    Nifty 8780

    FII DII 06-Apr-15 1014.7 (170.) 07- Apr -15 258.3 (326.0) 08- Apr -15 (266.9) 382.5 09- Apr -15 239.2 492.7 10- Apr -15 362.7 (135.1) Total 1608 244.1

    Turnover (` Cr)

    FII DII Combined

    10-April-15 44,989 17,125 62,115.2 10-April-15 Advances Declines Ratio

    895 552 1.62

    Editorial Vol -1, No-I, 10 April, 2015, 11 pages

    618

    194

  • Cni Research Limited www.cniglobalbiz.com 2

    With improving visibility and hope of improved rating the rupee may start gaining...save the blip when the US actually raises rates...time for chupke chupke chal gaya rupya...gains from stocks and currency movement. Banking and OIL sector will be most fancied sectors. Becker's and Royal Dutch Shell's deal set trends in OIL. There are few smart investors going long in all OIL stocks. Tide Water Castrol OIL India and few others are attracting attention. Avoid stocks depending on shallow water technology which seems outdated. Unexpected happens in the street. When no one desired the Moody set positive rating and will also not raise the grade soon. Even S and P set to do that. IRAN and no rate cut digested by the market simply because market runs of demand and supply positions. Traders were long in the last settlement and you have seen Nifty correcting from 9000 plus to 8350. Now all negative news coming in and street is travelling towards 9000. Simply everyone was expecting 7200 though I never believed this to happen. Banking stocks will see new highs thanks to rating by Moody. Even the credit off take will start picking up Now everyone believes that Q4 earnings could be bad. Who knows... I feel that nos will be better than street expectations. Particularly in banking. Reason is very simple. The NPA have started falling down. Now its almost 11 months post MODI era and companies have started repaying debts. Govt is taking stern actions against defaulters. Finally when things improve even bankrupt companies start getting revived and funds re surface. SBI Chairman has gone on record saying NPA is falling sharply. Pvt banks already slim and fit hence can see more upside. Which PVT banks would not like to raise funds through QIP at higher valuations given the huge interest of FII in banking...? So I believe much upside in banking

    5 Top Gainer Stock 10-Apr-15 06-Apr-15 % Gain HDIL 136.6 103.7 31.7

    KAILASH AUTO 6.25 4.8 29.4

    NTWK MED INV 63.7 50.7 25.6

    VAKRANGEE 133.6 108.0 23.6

    INDIA CEM 108 89.2 21.0 5 Top Losers Stock 10-Apr-15 06-Apr-15 % Loss PMC FIN 25.4 37.7 32.7

    SUNTVNET 391.2 453.8 13.7

    GATEWAY DIST 371.1 421.3 11.9

    VATECH WABAG 782 825.8 5.3

    TRENT LTD 1411 1489.1 5.2

    Top 5 Picks By CNI 'A' Group

    Company

    REL

    PNB

    SBI

    TATA STEEL

    HERO HONDA Top 5 Picks By CNI 'B' Group

    Company

    GLOBAL OFFSHORE

    KINETIC ENG

    RASI ELECTRODES

    CMI

    NUTRAPLUS

  • Cni Research Limited www.cniglobalbiz.com 3

    Equity is the best investment option in the current scenario. B Dyeing could be the best stock if we look at the decision of the H C where they allowed RAHEJA to build MALAD property. Wadia might go in S C but for sure operators will not waste next 10 years to unlock value in this stock. With 1 cr sq ft land bank at WORLI and DADAR stock price is undervalued. Century had seen value unlocking of cement, retail, textiles, paper and real estate. Same way this stock will find its rhythm going. The only resistance is Rs 90 and many strong hands were waiting for this judgement. Stock today moved 3 pc hence it looks like this is for big inning.

    I had mentioned yesterday about RIL which moved on OIL find. This stock has underperformed since last few years...? Can the equation change...? If it cross Rs 1000 then I can see another 50% in this stock.

    Logon na maro issey... Yahi to mera dumdaar hai,sorry Anamika for twisting your song...

    The reference is to the index,preference is yours Sensex or Nifty. Pointless to keep on hitting it in the hope that it will wilt,buckle and go down. In fact the reverse might happen. Just as a mischievous child becomes used to daily beatings and one day revolts, the index may adopt similar behavior.

    Results are largely discounted..any negative surprises, after a knee jerk,will see buying.

    Central Bank event is over. The Guv managed to talk down rates by saying banks not passing on rate cuts. A lot of ifs and buts...my guess is trajectory will be downwards,midterm rate cuts a distinct possibility but post onset of monsoon. Markets will obviously start discounting this in advance. PSU banks which bore the brunt due status quo from RBI will be sought after once again.

    US employment figures getting lowered speaks for itself. Economy is not doing as well as imagined. However,if it is due to bad weather then numbers will start reflecting reality. Possibility of one-and-done or none-and-done is very much on the cards.

    China stimulus,if at all,when it comes,will add to the already abundant liquidity sloshing around.

    Weaker USD and Euro strengthening along with China stimulus can fuel a metals,commodity rally.

    Global rally is unlikely to peter out soon. Money may move out of US mkts to Europe and EM with India as the center point.

    Keep your focus,keep buying and like Arjun's eyes on the fish(single minded devotion)sing piya tosey naina lagey re...

    Coming back to Nifty as I told you the game is fixed. IRAN and NO RATE CUT did not hamper market. Knee jerk was there yesterday to trap all traders on wrong foot. Now short covering will take Nifty past 9000. Nico OIL report is firing RIL counter. GOI's report on OIL investment has made ORANGE MAURITIUS to acquire some stake in GOSL from market. In my opinion they will increase it further to at least 2 to 3% in course of time which could be a game changer for this stock.

    Central Bank ie RBI maintains status quo. Inflation expectation lowered. Will wait for data to decide. Typical finanspeak. Neither here nor there...but the market will move and move up. It is in that mode where corrections bring in buyers and the market then tends to cross the previous high. Wonder when the fence sitters will take the plunge. This will be the time when the frenzy will begin and give way to euphoria. That may well be the last leg after which the markets will be in a correction mode for long. But this is still faraway and is like talking about what name to give to the child even before deciding who the better half is going to be.

  • Cni Research Limited www.cniglobalbiz.com 4

    The result season will soon kick off. The food thing is there is absolutely no expectation of any positive surprises. An in-line result may see shorts getting covered and any out performance vis-a-vis estimates will result in good buying.

    Money is still sloshing around thanks to the various QEs in place and hope that US will be constrained to raise rates early. In all bullishness is the flavor. Many are unable to smell the fragrance of khichdi being cooked may well end up in cooking their own goose. Those not participating in this rally will be doing so at their own peril. Sooner rather than later interest rates will be lowered and in the same breath corporate numbers, if not this time will positively surprise on the upside, next time. This due no reduction in prices even though input prices have come off drastically. Fundamentals have to catch up and will,soonest.

    The swiftness of the move up will surprise.. Those sitting on cash and or on the fence may well rue their decision to so do. They may face the situation that Michael did,phir na kehna Michael daru pee ke danga karta hai...

    What next..? Market moves on positions. Earlier last week every 1 was expecting big correction on IRAN news but market defied. Now no rate cut street short and market will defy. In last settlement Nifty corrected from 9030 to 8350 and this settlement this has to reverse which also means we should cross 9000. This is simply because you all gamble for the market makers and believe me 700 points Nifty ( which is 8%) is huge for any market maker in the world for less than 30 days trading. FII cannot refrain to be part of this trading profits hence MAT will not allow them to leave INDIA.

    In any case 90% trades are from treaty country where MAT is not applicable. Therefore media shout is for the obvious reasons which you all know. Apply your mind and stay cool. Century CNI had told you about restructuring 15 months back when the price was Rs 300 and at 720 whole world is now buyer. I still believe Century will cross Rs 2000 in next few years.

    US markets shuru hota,aadhi raat ke baad...Australia,Japan, shuru hota hai. O so much to look for so many markets to track. For commodity direction look at China,Australia and Brazil. For interest rates look at US...for currency look for USD/jpy,USD/Eur, for oil look to the USD/Eur and also the very volatile and inflammable gulf region.

    The plethora of data which emanates out of each country is to be analysed as also if there is any problem country in a specific region needs to be attended to,eg Greece....

    Jab savera hota hai, ie tomorrow we have the RBI policy announcement. I reckon a status quo,with a crr cut with dovish statements, promise of cuts in near future...could be in between policies. Ref to monsoon and US rates is on the cards and the effect of deficient monsoon and increase in US rates would be keenly watched.

    Talking about US rates likelihood of an increase in sep as employment data fell well short of expectation. Relief for India. Possibility of euro strengthening likely. Commodities to benefit. Oil will trade in spurts as possibility of Iran share Adding to the glut will act as a cap and OPEC curbing production, the mere possibility, will act as a support.

    Despite media hype on mat payable by fiis the markets holding firm. Shows strength. Buying emerging markets at lower levels, invariably, lends credence to our bullishness.

    A lot of reforms on the anvil. Govt repromulgating ordinance for land bill speaks of govt confidence to get this epic bill passed by Parliament.

  • Cni Research Limited www.cniglobalbiz.com 5

    The rise after consolidation will be sharp and breath taking. Not many will be able to participate as they will feel the rise to be too sudden and swift..when they throw in their towel and enter...a correction will ensue, again they will let go their positions. Ability and capability to hold on to stocks is of paramount importance. Huge gains possible. People who buy even now can surely and safely sing...meri lottery lag Jane wali hai.....

  • Cni Research Limited www.cniglobalbiz.com 6

    Next Weeks Events

    GLOBAL STORY First of all, I must thank all CNI team of analysts and economists which had predicted the market behaviour in right spirit and direction proving their reading to the point. 700 points drop on the expiry day can at the most called product of ghost mindset. What we say had been proven as markets bounced back immediately thereafter.

    We had occasional dialogue with resourceful chartist (though they never trade in the market for their own) clearly giving target of 7200 on Nifty saying Q4 earnings will be disastrous. What made Nifty to run from 6000 to 9000..? Was the earnings ever factored in at that point in time...? Sensex PE crossed 20 which is at least 33% higher than DOW. If it was not for earnings then the same can be assigned as manipulation and speculative.

    There was concentrated efforts to take market to Nifty 9000 was equal no of short positions were getting built at every level. In absence of physical settlement it is very easy to make GAMES in F and O which we call as LICENSE to kill. e g recently Century has moved 30% but not before the stock gone into ban which did not allow any major retail traders to take positions in F and O. If we knew from last 15 months that restructuring is happening in Century and stock will move to these levels might well someone who created positions in MARCH too knew it well. Stock was in ban even in MARCH. Then the story came out and stock ran 30%. IF this happens in B gr shares it is called CRIME and eyebrows are raised. In F and O stocks there are enquires. If you remember same thing had happened in ISPAT INDUSTRIES which ran from Rs 16 to 26 in BAN in just matter of time when JSW acquired ISPAT INDUSTRIES. Business Standard had carried article on the same but nothing happened even at that time. Reason the stock was in F and O.

    Monday, 13-Apr-2015

    4-Week Bill Announcement 3-Month Bill Auction

    Tuesday,14-Apr-2015

    Retail Sales Business Inventories

    Wednesday,15-Apr-2015

    Industrial Production EIA Petroleum Status

    Thursday,16-Apr-2015

    Jobless Claim Housing Starts

    Friday, 17-Apr-2015

    Consumer Price Index

  • Cni Research Limited www.cniglobalbiz.com 7

    We are neither on Century nor on ISPAT. Out moot point is markets are driven on positions. Unless you get shorts market will never rise. So logically, on budget when market gone long operators decided to go short and against all odds they brought down market from 9030 to 8350 including 160 points drop on the penultimate day. Once the difference was pocketed there was no reason to see market heading further down. But the rumour machines were kept active for 7200 with chartist buzzing for further fall. Even this community was used in media for giving weak opinion though now they have started reversing their views in public domain. Yet they have not gone bullish as they still believe that 8900 9000 9030 will act as big resistances.

    We all believe that there are no resistances and nifty all set to cross 9400 and then 10000. It is up to you which way you want to travel. We can just take the horse to the water but can't make it drink. Going long or short is your call. At the end of the day you will earn or lose.

    Coming on fundamentals, even though earnings may not be good surprisingly street is expecting bad number hence to our mind market will not fall even on bad nos. Rather little good number could make stocks and markets run at good speed. SO avoid shorting and try to dips. Also avoid playing earnings play. You may get trapped on wrong foot.

    Better than expected revenue raising, fiscal deficit under control, CAD under control, inflation under control, and positive tone of RBI and now huge MNFG nos could be good tonic for the market. We say it was inevitable. Nifty has come long way from 8350 to 8830 yet the shorts are intact and no one majorly bullish in the earning calendar month. This itself is a good driver of the market.

    In March many stocks had corrected by 30 to 40 pc thanks to brokers. Now all these stocks are recovered smartly all lost grounds giving 30 to 40% returns over just 15 days. We expect huge upside in B grade stocks as those who were left out will never be able to buy again and new sets of investors have checked in. These strong hands have good holding capacity hence we will see liquidity drying in many stocks. At the same time many new FII have entered INDIA in many mid cap and small cap stocks. These will the momentum going.

    We therefore advise our members to hold on to their positions fearlessly and wait for sizable gains in all the B grade stocks.

  • Cni Research Limited www.cniglobalbiz.com 8

    Global Indices Country Indices Date Index Net Change Change

    Hong Kong Hang Seng 10/04 27,272.39 +328.00 +1.22

    Singapore Straits Times 10/04 3,472.38 +12.08 +0.35

    South Korea Seoul Composite 10/04 4,995.98 +21.41 +0.43

    United States NASDAQ 10/04 18,057.65 +98.92 +0.55

    United States DJIA 10/04 2,102.06 +10.88 +0.52

    United States S&P 500 10/04 19,907.63 -30.09 -0.15

    Japan Nikkei 225 10/04 7,089.77 +74.41 +1.06

    United Kingdom FTSE 100 10/04 1,844.31 -5.08 -0.27

    Malaysia KLSE Composite 10/04 5,491.34 -9.56 -0.17

    Indonesia Jakarta Composite 10/04 1,547.83 +2.72 +0.18

    Thailand SET 10/04 5,240.46 +31.51 +0.60

    France CAC 40 10/04 12,374.73 +208.29 +1.71

    Germany DAX 10/04 11,686.61 +177.10 +1.54

    Argentina MerVal 10/04 54,214.11 +411.45 +0.76

    Brazil Bovespa 10/04 44,882.01 -31.26 -0.07

    Mexico IPC 10/04 2,620.52 +5.94 +0.23

    Austria ATX 10/04 3,905.71 +34.05 +0.88

    Belgium BEL-20 10/04 507.17 +5.20 +1.04

    Netherlands AEX General 10/04 1,191.12 +1.05 +0.09

    Spain Madrid General 10/04 9,471.46 +78.08 +0.83

    Switzerland Swiss Market 10/04 5,935.36 +33.86 +0.57

    Australia All Ordinaries 10/04 4,034.31 +76.78 +1.94

    China Shanghai Composite 10/04 8,127.48 +74.79 +0.93

    Philippines PSE Composite 10/04 6,901.06 +1.77 +0.03

    Sri Lanka All Share 10/04 9,617.70 +49.66 +0.52

    Taiwan Taiwan Weighted 10/04 1,443.56 -10.28 -0.71

    East Egypt CMA 10/04 2,087.76 +28.89 -0.71

  • Cni Research Limited www.cniglobalbiz.com 9

    Bulk deal Company Name Date BSE Code Client Name Deal Type Quantity Price (Rs) AIFL 10-Apr-15 535467 NEHA SANGHVI B 125000 145

    AIFL 10-Apr-15 535467 LASHIT SANGHVI B 125000 145

    AIFL 10-Apr-15 535467 NIKHIL VORA B 175000 147.57

    AIFL 10-Apr-15 535467 NNM SECURITIES PVT L S 233000 150.99

    AIFL 10-Apr-15 535467 NNM SECURITIES PVT L B 129000 163.46

    AIFL 10-Apr-15 535467 BHAVESH BHANUSHALI S 175000 145.11

    ANSHUS 10-Apr-15 534707 DIPAK ASHOKBHAI JETH S 187500 7.64

    ANSHUS 10-Apr-15 534707 DIPAK ASHOKBHAI JETH B 187500 7.64

    ANSHUS 10-Apr-15 534707 PHOPHALIA MEENA B 70000 7.68

    ANSHUS 10-Apr-15 534707 ANKITA HITESHBHAI SH S 251020 7.64

    Saregama India Ltd. 10-Apr-15 SAREGAMA VAISHALI PRAGNESH PA S 237964 157.28

    Subex Limited 10-Apr-15 SUBEX OPG SECURITIES PVT. B 1277562 14.21

    Subex Limited 10-Apr-15 SUBEX OPG SECURITIES PVT. S 745658 14.3

    ANG Industries Limited 09-Apr-15 ANGIND KAMLESHBHAI RAMESHBH B 189978 43.24

    ANG Industries Limited 09-Apr-15 ANGIND KAMLESHBHAI RAMESHBH S 189978 43.11

    Dr. Datson's Labs Ltd 09-Apr-15 DRDATSONS ADROIT FINANCIAL SER B 1711262 9.54

    Dr. Datson's Labs Ltd 09-Apr-15 DRDATSONS ADROIT FINANCIAL SER S 1661262 9.54

    Ess Dee Aluminium Limite 09-Apr-15 ESSDEE CHETAN RASIKLAL SHAH B 160988 233.69

    Ess Dee Aluminium Limite 09-Apr-15 ESSDEE CHETAN RASIKLAL SHAH S 174006 234.73

    Gujarat N R E Coke Ltd 09-Apr-15 GUJNRECOKE SICOM LTD S 4192997 5.98

    Sarla Performance Fibers 09-Apr-15 SARLAPOLY OWN LEASING PRIVATE B 70000 410

    Sarla Performance Fibers 09-Apr-15 SARLAPOLY TATA TRUSTEE COMPANY S 150000 410.18

    Suzlon Energy Limited 09-Apr-15 SUZLON ADROIT FINANCIAL SER B 21181016 28.92

    Suzlon Energy Limited 09-Apr-15 SUZLON ADROIT FINANCIAL SER S 21080080 28.93

    Timbor Home Limited 09-Apr-15 TIMBOR BP FINTRADE PRIVATE B 85041 6.37

    Timbor Home Limited 09-Apr-15 TIMBOR BP FINTRADE PRIVATE S 67770 6.51

    Arvind Remedies Limited 08-Apr-15 ARVINDREM BP FINTRADE PRIVATE B 495395 23.31

    Arvind Remedies Limited 08-Apr-15 ARVINDREM CHETAN RASIKLAL SHAH B 407746 23.35

    Arvind Remedies Limited 08-Apr-15 ARVINDREM BP FINTRADE PRIVATE S 516816 23.35

    Arvind Remedies Limited 08-Apr-15 ARVINDREM CHETAN RASIKLAL SHAH S 407746 23.28

  • Cni Research Limited www.cniglobalbiz.com 10

    Call put option Option Month - PUT CALL

    Strike Price Volume Best Buy

    Best Sell

    LTP OI Change OI(%)

    Volume Best Buy

    Best Sell

    LTP OI Change OI(%)

    April - 7900.00 477875 3.65 3.7 3.7 715400 -0.95 625 894.85 902.8 884.35 102475 0.22

    April - 7950.00 75 3.5 4.35 3.8 13125 0 0 655.5 995.55 0 0 0

    April - 8000.00 1161800 5.05 5.1 5.05 2478850 -2.82 41625 801 802.85 806.7 969350 -0.63

    April - 8050.00 375 5.7 6.25 5.65 14650 -0.34 0 552.5 895.55 0 0 0

    April - 8100.00 1546775 6.65 6.75 6.85 2482225 -0.26 6050 703 708.75 708.95 157700 1.86

    April - 8150.00 47500 7.05 7.95 7.95 36850 10.16 0 458.95 795.2 462.75 25 0

    April - 8200.00 2722925 9.3 9.35 9.35 3291600 -4.26 41900 606.25 609.55 608.8 324800 -2.74

    April - 8250.00 17000 9.4 10.95 10.95 53300 1.96 25 523.5 598.65 533.4 275 0

    April - 8300.00 3318725 13.15 13.5 13.15 3643750 1.31 130575 512 513.75 512.65 281875 -25.57

    April - 8350.00 49150 15.2 15.5 11.9 79625 -2.27 825 434.05 501.45 470 4075 -9.94

    April - 8400.00 4741900 18.9 19.25 19 4227950 4.7 83675 416 420 418.5 570600 -2.7

    April - 8450.00 46500 22 23.9 23.65 144825 -3.95 3825 371 380.9 380.95 31325 -6.98

    April - 8500.00 6975200 27.5 28 28 5130600 7.86 398500 330.65 331.8 328.8 1670925 -2.94

    April - 8550.00 105400 30.7 34.8 31.05 124250 0.36 11800 277.85 293.25 294.85 81650 -4.61

    April - 8600.00 8426225 42 42.3 42.3 3753150 5.06 713025 243.7 243.75 243.7 1743300 -3.93

    April - 8650.00 372100 52.1 53.5 52.1 188725 12.47 27400 197.55 209 209 51400 4.95

    April - 8700.00 11259050 65.1 65.85 65.65 3123050 -3.04 3496200 165.6 167 165.6 2277200 -7.22

    April - 8750.00 368800 80 80.4 79 154100 19.23 247275 133.5 135 134 174575 37.7

    April - 8800.00 6155075 99.75 101.9 99.75 1892025 37.82 11213075 103.5 104.1 103.5 3738625 18.95

    April - 8850.00 13100 118.55 127 123 12950 58.41 500100 78 80.05 80 173975 35.49

    April - 8900.00 1218325 151.2 153 152.2 730825 7.18 13078800 59 59.25 59.25 2791800 3.68

    April - 8950.00 1025 177.25 202.3 180.5 2925 8.33 256350 41.25 42.4 41.5 192175 -21.52

    April - 9000.00 588900 219.05 224 222 565875 -17.7 10691800 29.9 30.25 29.85 4621975 0.97

    April - 9050.00 150 231.2 384.1 280 1250 0 56100 18.6 20 18.45 74500 10.82

    April - 9100.00 33075 300.6 305 300.8 310975 -1.7 4963150 13.6 13.75 13.6 1389200 4.38

    April - 9150.00 0 318.2 535.5 372.1 25 0 14175 9 9.85 8.55 17150 25.87

    April - 9200.00 30675 392.1 394.95 393.2 135925 -0.2 2778400 6.3 6.55 6.35 1552350 6.36

    April - 9250.00 0 398.25 484.85 0 0 0 50 4 5.95 6 275 0

  • Cni Research Limited www.cniglobalbiz.com 11

    DISCLAIMER STATEMENT

    This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Nothing in this document should be construed as investment or financial advice, and nothing in this document is solicitation to buy or sell the securities of companies referred to in this document. The intent of this document is not in recommender nature. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Neither the Firm nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Copyright in this document vests exclusively with CNI Research Ltd.

    Name of Editor: Minit jhaveri

    Publisher: Mr. Kishor Ostwal 120, Gokul Arcade, Sahar Road, Vile Parle (East), Mumbai-400057 Tel No: 022-28220323/28383889, Fax No: +91-22-28242220 E-Mail at: [email protected]

    Printer: Owner: Place of Publication KOKILA GRAPHICS CNI Research Ltd A-120, Gokul Arcade, 1st Floor, opp Garware House, Printing Press Address: Sahar Road, Vile Parle (E) Gala No-12, Gr. Floor, Mumbai- 400057 Bliss Compound, Nivetia Road, Malad (East), Mumbai-400 097