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TRANSCRIPT
WISE M NEYA Weekly Update from SMC
(For private circulation only)
ENJOY THE NINE NIGHTSOF WORSHIPING
1st – 10th October, 2016
HappyNavratri
Bra
nd
sm
c 3
71
2016: Issue 547, Week: 03rd-06th October
Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
FD Monitor 16
Insurance 17
Mutual Fund 18
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11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365
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Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road
Malad (West), Mumbai 400064
Tel: 91-22-67341600, Fax: 91-22-28805606
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Tel : 91-33-39847000 Fax No : 91-33-39847004
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C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03
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Chetpet, Chennai - 600031.
Tel: 044-39109100, Fax -044- 39109111
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Printed and Published on behalf of
Mr. Saurabh Jain @ Publication Address
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
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From The Desk Of Editor
(Saurabh Jain)
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 has applied 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.
lobal stock markets came off from the highs on the concerns related to the
possibility of interest rate hike by the U.S. Federal Reserve in December and Gconcerns pertaining to the health of the balance sheet of German lender
Deutsche Bank and its ability to withstand a potential $14 billion fine from the U.S. Justice
Department. Consumer prices fell for the six consecutive months in Japan while industrial
output saw the modest gain. U.S. economic expansion for the quarter ending June came at
1.4%. Philadelphia Federal Reserve President Patrick Harker said he backs a December rate
increase, if the economy continues to grow as expected, while Atlanta Fed President Dennis
Lockhart said he expects the Fed to be in a position to raise rates soon. Chinese economy is
showing signs of stabilization as the pick up in commodity prices and property market led to
19.5% growth in industrial profits in the month of August as compared to year ago period.
Back at home, Indian stock markets fell when news broke that Indian army attacked
terrorist camp in Pakistan occupied Kashmir, escalating tension between the two countries.
The Reserve Bank of India Act 1934 (RBI Act) has been amended by the Finance Act, 2016 and
now the Monetary Policy Committee would be entrusted with the task of fixing the
benchmark policy rate (repo rate) required to contain inflation within the specified target
level. The meetings of the Monetary Policy Committee shall be held at least 4 times a year
and it shall publish its decisions after each such meeting. Market participants would keep a
close eye on the Monetary Policy Committee meeting outcome scheduled on 4th October
2016, next week on the interest rates and inflation.
On the commodity market front, volatility is expected to persist in bullion counter while
OPEC's decision to reduce output can propel crude prices further higher in the near term.
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the
group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure
from low oil prices. Supply side problems will continue to support the base metal counter
while volume will be less as China markets will remain closed for the week due to national
day holidays. New U.S. single-family home sales posted their biggest decline in nearly a
year in August after soaring to nine-year highs the month before. In this week, US ISM
Manufacturing, ISM Non-Manufacturing Composite, Unemployment Rate and Change in
Non-farm Payrolls, Reserve Bank of Australia Rate Decision, Unemployment Rate and Net
Change in Employment of Canada and some other economic releases may give some
direction to the commodities prices.
NEWS
DOMESTIC NEWSPharmaceuticals• Lupin has received final approval for its Memantine Hydrochloride Extended-
Release Capsules, 7 mg, 14 mg, 21 mg, and 28 mg from the United States Food and Drug Administration (FDA) to market a generic version of Allergan's Namenda XR® Capsules, 7 mg, 14 mg, 21 mg, and 28 mg.
• Wockhardt announced that inspection of the Company's manufacturing unit at L-1, Chikalthana, Aurangabad, Maharashtra by UK MHRA has since been completed without any critical observations and the approval status of the said unit continues.
• Suven Life Sciences Ltd has received product patents from India and Japan for the new chemical entities (NCEs) used in the treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2026 and 2032 in India and Japan respectively.
Telecom• Bharti Airtel announced the launch of its new International Roaming (IR)
packs that redefine the value proposition for customers traveling abroad. With the new IR packs, customers will have the convenience of carrying their India mobile number wherever they go and stay connected 24x7 without having to worry about high call and data charges. The packs will be available to both postpaid and prepaid customers.
Realty/ Construction• Ahluwalia Contracts (India) has received new order aggregating `151.39
crore Work awarded from Bharat Electronics (BEL). The total order inflow during the FY 2016-2017 stands at 1360.98 crore.
Media & Entertainment• Zee Entertainment Enterprises Limited (ZEEL) announced its foray into the
radio industry with the acquisition of UAEs Hum 106.2 FM radio station. This now enables ZEE provide an extensive media solution to its partners through television, radio and digital media.
Infrastructure• IRB Infrastructure has received letter of award from the National Highways
Authority of India (NHAI) for 2100 crore highway project in Rajasthan and Gujarat. The project will be on design, build, finance, operate and transfer (DBFOT) mode under National Highways Development Project Phase V. The concession period of the project is 21 years including construction period of 910 days.
Consumer Durables• Whirlpool of India is aiming at a double digit sales growth this festive season,
on the back of good monsoon and payout for government staff following the Seventh Pay panel award. To attract the consumers, it has scheduled new launches in every category during the festive period.
Power Generation• Lanco Infratech Limited is looking to sell 1,200 mw coal-fired Anpara Power
plant in Uttar Pradesh to bring in additional equity required to complete the under-construction power plants totalling 4,000 mw.
Automobile• Hero MotoCorp launched an updated version of its premium segment bike
Achiever 150, priced up to 62,800 (ex-showroom Delhi), as it looks to enhance presence in premium segment. The variant with drum brakes is priced at 61,800 while the one with disc brakes is at Rs 62,800.
INTERNATIONAL NEWS• US second quarter GDP climbed by 1.4 percent compared to the previously
reported 1.1 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 1.3 percent. The upwardly revised GDP growth seen in the second quarter compares to the 0.8 percent increase that was reported for the first quarter.
• US pending home sales index tumbled by 2.4 percent to 108.5 in August after surging up by 1.2 percent to a revised 111.2 in July. Economists had expected pending sales to come in roughly flat. With the steep drop during the month, the pending home sales index fell to its lowest level since hitting 105.4 in January. Pending sales were also down by 0.2 percent compared to a year ago.
• US durable goods orders were virtually unchanged in August after jumping by a revised 3.6 percent in July. Economists had expected orders to pull back by about 1.4 percent compared to the 4.4 percent spike that had been reported for the previous month.
• Eurozone economic sentiment index climbed to 104.9 from 103.5 in August. Economists had forecast an unchanged reading. The latest reading was the strongest since January, when the score was 105.1.
• Industrial output in Japan gained 1.5 percent on month in August. That beat forecasts for an increase of 0.5 percent following the 0.4 percent decline in July.
• Japan's housing starts grew for the second straight month in August, though at a slower-than-expected pace. Housing starts rose 2.5 percent year-over-year in August, much slower than July's 8.9 percent spike. That was also well below the 7.1 percent rise expected by economists.
`
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Ex-Date Company Purpose
4-Oct-16 Kajaria Ceramics Face Value Split From Rs 2 To Re 16-Oct-16 Asian Granito India Interim Dividend - Re 0.50 Per Share6-Oct-16 Grasim Industries Face Value Split From Rs 10 To Re 219-Oct-16 MphasiS Dividend - Rs 20/- Per Share21-Oct-16 Infosys Interim Dividend
Meeting Date Company Purpose
1-Oct-16 K S Oils Results3-Oct-16 CCL Products (India) Results5-Oct-16 K.P.R. Mill Stock split6-Oct-16 GM Breweries Results7-Oct-16 The South Indian Bank Results8-Oct-16 Rain Industries Scheme of Arrangement10-Oct-16 Gruh Finance Results13-Oct-16 Cyient Results/Dividend14-Oct-16 Infosys Results/Dividend18-Oct-16 Can Fin Homes Results19-Oct-16 RBL Bank Results21-Oct-16 Wipro Results21-Oct-16 Tata Sponge Iron Results21-Oct-16 Persistent Systems Results21-Oct-16 Rane Engine Valve Results21-Oct-16 GHCL Results21-Oct-16 Everest Industries Results21-Oct-16 Equitas Holdings Results24-Oct-16 Mahindra CIE Automotive Results25-Oct-16 Axis Bank Results25-Oct-16 PI Industries Results25-Oct-16 Mahindra & Mahindra
Financial Services Results25-Oct-16 Kotak Mahindra Bank Results25-Oct-16 IDFC Bank Results25-Oct-16 HDFC Bank Results
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
S&P BSE SENSEX 27866 UP 13.04.16 25627 27000 26600
NIFTY50 8611 UP 13.04.16 7850 8400 8200
NIFTY IT 10292 Down 23.03.16 11207 10900 11200
NIFTY BANK 19286 UP 18.03.16 15655 18800 18500
ACC* 1612 UP 18.03.16 1337 - 1600
BHARTIAIRTEL 314 Down 12.08.16 348 340 350
BHEL** 135 UP 08.07.16 138 - 135
CIPLA 580 UP 05.08.16 533 560 550
DLF*** 146 UP 04.03.16 108 - 145
HINDALCO 153 UP 11.03.16 84 140 135
ICICI BANK**** 252 UP 10.06.16 253 - 245
INFOSYS 1036 DOWN 15.07.16 1073 1100 1120
ITC 241 UP 18.03.16 325 240 230
L&T***** 1433 UP 22.04.16 1265 - 1420
MARUTI 5477 UP 20.05.16 3927 5300 5100
NTPC 148 Down 30.09.16 148 160 164
ONGC 257 UP 19.08.16 242 240 235
RELIANCE 1084 UP 15.07.16 1012 1020 1000
TATASTEEL 374 UP 04.03.16 289 360 350
S/l
4
®
Closing as on 30-09-2016*ACC HAS BROKEN THE SUPPORT OF 1630**BHEL HAS BROKEN THE SUPPORT OF 140***DLF HAS BROKEN THE SUPPORT OF 150****ICICIBANK HAS BROKEN THE SUPPORT OF 255*****LT HAS BROKEN THE SUPPORT OF 1480
BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)
SECTORAL INDICES (% Change)
SMC Trend
FMCGHealthcare
Auto BankRealty
Cap GoodsCons Durable
Oil & GasPower
ITMetal
Down SidewaysUp
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
5
®
SMC Trend
Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500
SMC Trend
FTSE 100CAC 40
NasdaqDow jonesS&P 500
NikkeiStrait times
Hang SengShanghai
-247.71-143.61
805.59
974.50
196.20190.90 160.80
-400.00
-200.00
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
Friday Monday Tuesday Wednesday Thursday
FII / FPI Activity MF Activity
1.56
0.00 0.00 0.00 0.00
-7.65
-6.65-6.09
-5.52-4.91
-10.00
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
TCS ICICI Bank Adani Ports GAIL (India) Sun Pharma.Inds.
Tata Motors
4.78
1.660.91
0.26 0.19
-9.00
-7.71
-6.65-6.04 -5.87
-10.00
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
Zee Entertainmen
TCS B P C L Eicher Motors Bharti Infra. B H E L ICICI Bank Adani Ports Tech Mahindra
GAIL (India)
-2.72-2.93
-3.13-3.43
-3.29
-2.89
-4.00
-3.50
-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Next 50
S&P CNX 500
-3.11
-3.71-3.92
-2.26
-3.12 -3.05
-1.10
-1.91-2.16
-4.93
-6.68
-8.00
-7.00
-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index Healthcare Index
IT Index Metal Index Oil & Gas Index
Power Index Realty Index
0.24
0.430.31
0.04
-0.28
-1.72
-1.52
-0.87
-1.25
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
Beat the street - Fundamental Analysis
Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline
6
®
D B CORP LIMITED CMP: 392.10 Upside: 23%Target Price: 482.00
Investment Rationale Rajasthan (6 frequencies) and Chandigarh, ?During the quarter ended June 2016, Advertising Punjab and Haryana (CPH( (4 frequencies). The
Revenues reported growth of 21% y-o-y to `413.6 management is excited by the development of the core and Circulation Revenue increased 15% y-o-y radio and digital segments that have great growth to 117.6 crore. The good performance during the capabilities and are on course. quarter is testimony to the effectiveness of its ?The company has maintained leadership in legacy business growth and execution strategies which markets of Madhya Pradesh, Chhattisgarh, have been implemented very successfully. Chandigarh, Punjab, Haryana, urban Rajasthan
?Over the past few quarters, the company and urban Gujarat. Company maintain its undertook several key initiatives to propel the leadership position with the largest circulated company on a growth trajectory, which have national daily in India, since last two years as per started delivering results. Audit Bureau of Circulation results.
?The company has been seeing consistent impressive Valuationcirculation growth of 15% CAGR for last 5 years, which is highest amongst listed peer group. This clearly demonstrates strength of its product, content strategy and editorial philosophy.
?The management has been confidently implementing its yield strategy which has gained acceptance amongst advertisers. The company is continuing to implement its editorial strategies aimed at content enrichment and product differentiation to engage strongly with readers and advertisers. Several new creative additions are being offered to readers that have further established its products with stronger positioning.
?Recently the company has launched a homeonline.com – a real estate portal. The company has been investing in the portal since last one year, with the aim towards integrating its strategy of protecting and covering its markets towards ensuring that its real estate market segment remains strong and protected.
?MY FM 94.3 acquired 13 new radio frequencies and we are all set to roll them out one-by-one starting August 1, 2016. This will give MY FM 94.3, large coverage in Maharashtra with 10 cities and
`
The company is continuously implementing its editorial strategies which aim at content enrichment and product differentiation to engage strongly with readers and advertisers and also several new creative additions are being offered to readers that have further established products with stronger positioning. Thus, it is expected that the stock will see a price target of ̀ 482 in 8 to 10 months time frame on a target P/E of 22x and FY17 (E) earnings of ̀ 21.9.
Face Value (`) 10.00
52 Week High/Low 439.00/286.55
M.Cap ( Cr.) 7207.01
EPS ( ) 18.18
P/E Ratio (times) 21.57
P/B Ratio (times) 5.35
Dividend Yield (%) 2.80
Stock Exchange BSE
`
`
% OF SHARE HOLDING
P/E Chart
` in cr
Actual EstimateFY Mar-15 FY Mar-16 FY Mar-17
Revenue 2,021.70 2,354.20 2,631.30EBITDA 534.50 699.20 806.10EBIT 446.80 557.70 651.40Pre-Tax Profit 465.70 620.30 724.30Net Income 296.60 401.70 469.60EPS 16.12 21.90 25.34BVPS 73.29 85.15 97.98ROE (%) 22.50 26.70 26.80
VALUE PARAMETERS
Investment Rationale • The company would shift to 120 days overdue NPA recognition norms by end March 2017. On 120 days •The company has reported improved overdue basis, the GNPA ratio would be 100-150 performance with 17% growth, on standalone bps higher than 150 days overdue basis. As per the basis, in the net profit to `374.10 crore for the company, the GNPA seems to have peaked out, quarter ended June 2016 (Q1FY2017). The while expects improvement in asset quality going company has improved the net interest margin to forward. 7.35% in Q1FY2017 from 6.76% in the
corresponding quarter last year. The company has Valuationalso exhibited further acceleration in loans The company has strong fundamentals and robust growth to 24% at end June 2016. outlook. The strong growth in new commercial
•AUM of the company increased 24% to 74808.46 vehicles business is impacting the yields. In case of crore, driven by used vehicles loan rising 20% to used vehicles too, the share of vehicle less than 10 66734.2 crore at end June 2016. years of age is rising. The company is focusing on
below 10 years old vehicle as ticket size is lower for •Gross NPA ratio rose to 6.38% at end June 2016 and above 10 years old vehicle, while recovery efforts are Net NPA ratio to 1.97% at end June 2016. The similar. In case of below 10 year old vehicle, the company has maintained the NPA coverage ratio higher volumes and ticket size has offset lower at 70.4% at end June 2016 from 70.5% at end yields. Thus, it is expected that the stock will see a March 2016. price target of 1335 in 8 to 10 months time frame on •The branch network of the company stood at 879 an expected P/BV of 2.65x and FY17 BVPS of 503.90.branches with 1.4 million customers at end June
2016. The employee count of the company stood at 19125 employees at end June 2016.
•The management expects uptick in economic growth in the second half of FY2017. The mining and roads sector is expected to see further growth due to positive impact of enhanced government spending and gaining macroeconomic momentum.
•The company has maintained the guidance of loan book growth of 15% for FY2017, while expects CAGR loan growth of 15% till FY2019. The net interest margins are expected at 7.1-7.2% for FY2017. Moreover, it expects RoAs to remain in the current range for next couple of years.
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P/B Chart
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED CMP: 1123.55 Upside: 19%Target Price: 1335.00
Face Value (`) 10.00
52 Week High/Low 1325.00/736.50
M.Cap ( Cr.) 25491.10
EPS ( ) 50.12
P/E Ratio (times) 22.42
P/B Ratio (times) 2.51
Dividend Yield (%) 0.89
Stock Exchange BSE
`
`
` in cr
% OF SHARE HOLDING
VALUE PARAMETERS
Actual EstimateFY Mar-15 FY Mar-16 FY Mar-17
REVENUE 4,112.90 5,181.00 5,889.00
EBITDA 3,172.10 3,876.30 5,690.80
EBIT 3,131.50 3,840.00 4,280.70
NET INCOME 1,237.80 1,178.20 1,647.90
EPS 54.56 51.93 71.65
BVPS 407.13 447.55 503.90
ROE 14.10 12.20 15.10
53.23
2.68
0.18
26.05
6.26
Foreign
Institutions
Govt. Holding
Promoters
Public & Others
18.43
7.4
3.369.92
0.95 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 : 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 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.
SOURCE: CAPITAL LINE
®
The stock closed at `418.20 on 30th September 2016. It made a 52-week low at
235.30 on 09th November 2015 and a 52-week high at 433.55 on 06th
September 2016. The 200 days Exponential Moving Average (EMA) of the stock on
the daily chart is currently at 354.53.
After a strong consolidation in the range of 280-320 levels, it went up sharply and
never turned back despite weakness in other counters. Moreover, last week
there was a sharp fall in broader index but it sustained on positive note. One can
buy in the range of 410-414 levels for the target of 435-440 levels with SL of 397
levels.
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`
Havells India Limited
The stock closed at 565.65 on 30th September 2016. It made a 52-week low at
325 on 29th February 2016 and a 52-week high of 550 on 29th September 2016.
The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is
currently at 452.85.
As we can see on the charts, last week there was sharp spurt in volumes and
price which helped it to breach its 52 week high of 550 levels. Moreover, it has
formed V pattern which is bullish technically. We anticipate that it will sustain
at higher levels. Therefore, one can buy in the range of 550-555 levels for the
upside target of 585-595 levels with SL below 535.
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Tata Communications Limited
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)
®
Geopolitical tension with Pakistan made market nervous and witnessed a sharp sell-off on expiry day. On weekly basis, Nifty closed nearly 3 percent down. Panic long unwinding was clearly visible in all the major sectors. Sectors like Reality, NBFCs & Metals posted big cuts. FII remained net buyer in this current fall. The Oct series started with average rollover of 65.60 % via 3 month average of 74.92% and Market wide rollover was higher at 82.18% via 3 month average of 81.64%. The Nifty future started the series with OI of 2.45 crore shares with premium of 47 points. Hereafter, the range of 8400-8700 will remain crucial for coming week, and the move is expected to remain negative as indicated by option open interest concentration and low index rollovers. If Nifty break below the 8550 mark, it could fall to 8400 levels due to increased selling pressure. On the flip side, the index has strong resistance at 8700 levels. The put-call ratio of open interest closed down at 0.99 on active OTM call writing. The options open interest concentration continued to be at the 9000-strike call with the highest open interest of above 48 lakh shares. Among put options, the 8500-strike taking the total open interest to 35 lakh shares, with the highest open interest among put options. The Implied Volatility (IV) of call options closed at 16.36%, while the average IV of put options closed at 16.87%. VIX Index, surge to 18.45 from 14.57. For coming week, Index volatility is likely to remain on higher side but as Nifty is oversold hence some bounces can happen. Bounces should be use to exit longs. Banks, Textile and Oil & gas sectors are likely to remain active on selective buying.
In lakhs
In 10000 In 10000
M&MFIN (OCT FUTURE)
Buy: Around `364
Target: `376
Stop loss: `358
RELINFRA
Buy OCT 540. PUT 21.00
Sell OCT 520. PUT 14.00
Lot size: 1300
BEP: 533.00
Max. Profit: 16900.00 (13.00*1300)
Max. Loss: 9100.00 (7.00*1300)
OPTIONSTRATEGY
FUTURE
TATAPOWER
Buy OCT 75. CALL 2.70
Sell OCT 80. CALL 0.95
Lot size: 9000
BEP: 76.75
Max. Profit: 29250.00 (3.25*9000)
Max. Loss: 15750.00 (1.75*9000)
POWERGRID
Buy OCT 180. CALL 2.85
Sell OCT 185. CALL 1.50
Lot size: 4000
BEP: 181.60
Max. Profit: 14600.00 (3.65*4000)
Max. Loss: 5400.00 (1.35*4000)
DERIVATIVE STRATEGIES
ORIENTBANK (OCT FUTURE)
Sell: Below `123
Target: `118
Stop loss: `126
APOLLOHOSP (OCT FUTURE)
Sell: Below `1305
Target: `1276
Stop loss: `1325
BULLISH STRATEGY BEARISH STRATEGY
Call Put
12
.06
6.9
1
6.0
1
12
.01
11
.76
16
.92
24
.31
18
.80
37
.11
23
.54
22
.90
23
.62
22
.76 26
.20 29
.54
29
.72
25
.43
14
.57
8.2
8
15
.94
7.3
9
3.5
0
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
8000 8200 8400 8500 8600 8700 8800 8900 9000 9100 9200
Call Put
4.7
2
2.6
2
3.2
2
6.6
5 8.4
2 10
.22
18
.45
10
.32
18
.70
10
.73
9.7
5
16
.49
10
.06
14
.00
12
.17
11
.75
6.2
6
2.6
9
1.4
1
5.9
5
5.2
8
2.8
1
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
8000 8200 8400 8500 8600 8700 8800 8900 9000 9100 9200
Call Put
1.0
2
2.7
9
3.5
3
10
.02
21
.31
2.3
1
40
.51
29
.87
27
.31
7.5
1
3.6
4
2.1
3
35
.24
34
.98
31
.37 3
6.3
4
0.6
2
25
.47
3.8
0
4.0
6
0.5
2
1.4
6
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
17500 18000 18500 19000 19500 19800 20000 20500 21000 21500 22000
Call Put
0.9
5
2.1
5
3.1
0
8.4
4
18
.71
2.3
0
31
.96
13
.30
14
.97
2.5
6
1.9
7
1.9
6
34
.18
30
.27
20
.65
19
.59
0.5
5
11
.40
1.3
6 3.5
4
0.1
6
1.2
2
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
17500 18000 18500 19000 19500 19800 20000 20500 21000 21500 22000
8
In lakhs
9
DERIVATIVES
®
FII’s ACTIVITY IN DERIVATIVE SEGMENT
SENTIMENT INDICATOR (NIFTY)
29-Sep 28-Sep 27-Sep 26-Sep 23-Sep
Discount/Premium 47.00 57.80 52.60 58.65 55.85
PCR(OI) 0.99 0.97 0.99 1.07 1.07
PCR(VOL) 1.21 0.93 1.06 1.12 1.25
A/D RATIO(Nifty 50) 0.02 3.55 0.61 0.25 0.48
A/D RATIO(All FO Stock)* 0.01 4.39 0.60 0.26 0.63
Implied Volatality 16.36 12.61 12.98 13.14 11.85
VIX 18.45 13.85 14.25 14.57 14.57
HISTORY. VOL 15.81 13.55 13.81 14.21 13.39
*All Future Stock
SENTIMENT INDICATOR (BANKNIFTY)
29-Sep 28-Sep 27-Sep 26-Sep 23-Sep
Discount/Premium 147.90 162.50 156.50 165.70 155.60
PCR(OI) 1.17 0.91 0.92 0.97 1.03
PCR(VOL) 1.20 0.54 0.82 0.94 1.07
A/D RATIO(BANKNIFTY) All Down 5.00 0.20 0.33 0.09
#A/D RATIO All Down 8.50 0.12 0.19 0.06
Implied Volatality 19.80 16.61 17.99 17.07 16.42
HISTORY. VOL 21.56 18.85 19.15 19.67 18.82
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 upTop 10 long build up
LTP % Price Change* Open interest %OI Chng*
CENTURYTEX 922.9 1.53% 6321700 18.81%
BPCL 609.85 0.89% 13510800 10.45%
MCDOWELL-N 2320.95 1.06% 3549500 1.83%
LTP % Price Change* Open interest %OI Chng*
JUBLFOOD 938.7 -5.62% 2435500 31.44%
ANDHRABANK 55.9 -8.29% 19520000 29.36%
ICIL 723.85 -8.29% 747000 27.69%
COLPAL 972.2 -0.56% 2328200 22.06%
HDFCBANK 1290.6 -1.92% 32935000 18.94%
IFCI 26.05 -14.73% 64570000 18.16%
TATAGLOBAL 137.9 -3.40% 29272500 16.89%
LUPIN 1476.7 -1.03% 6298200 13.09%
TATAELXSI 1392.6 -9.23% 1444200 12.82%
JSWSTEEL 1692.95 -3.82% 6046800 11.90%
In Cr. In Cr.
- 59
2 - 43
1
- 89
44
4
- 29
9
38
6
- 11
21
- 35
6
13
5
87
6
-1500
-1000
-500
0
500
1000
16-Sep 19-Sep 20-Sep 21-Sep 22-Sep 23-Sep 26-Sep 27-Sep 28-Sep 29-Sep
69
3
- 72
6
- 29
52
- 54
2
- 95
- 78
3
- 17
73
83
9
13
39
53
4
-3500
-3000
-2500
-2000
-1500
-1000
- 500
0
500
1000
1500
2000
16-Sep 19-Sep 20-Sep 21-Sep 22-Sep 23-Sep 26-Sep 27-Sep 28-Sep 29-Sep
*Sep series v/s Oct series
*Sep series v/s Oct series
10
®
Turmeric futures (Oct) may witness an upside momentum & may test 7400-7500 levels. The sentiments of the spot markets are improving wooing to rising sales before the festive season. The demand from the industrial buyers may support prices. Further there are some concern about crop after recent heavy rainfall, however, initial report received from ground don't indicate any major damage. Turmeric prices are gaining in Duggirala and Basmatnagar market on increased upcountry demand, whereas ruling steady at the key Nizamabad and Erode market. At the Erode Turmeric Merchants Association, the finger variety was sold at `7,444-9,009; the root variety 7,233-8,000. Cardamom futures (Nov) may fall further towards 1080 levels, due to rising selling pressure from the rising arrivals of the current harvesting season. The small cardamom market is seeing easier trend at auctions held in Kerala and Tamil Nadu on an upsurge in supply following commencement of harvesting in all the estates. Given the present trend only three round of picking is likely to take place as the harvesting has started after a three-month delay. Jeera futures (Oct) might take some support near 17000 levels & the downside may remain capped. Currently, the sentiments are positive on the spot markets are they are expecting some domestic demand to flow in due to increase in consumption during festivals. It is estimated that the stocks are lower of about 6-7 lakh bags (55kg each). Moreover, the market participants may turn cautious as sowing will begin from this month.
`
SPICES
Soybean futures (Nov) is seen taking support near 3150 & witness upside momentum towards 3300-3350 levels. At the spot markets of Maharashtra and Madhya Pradesh, soybean has begun recording fresh gain due to increased demand at the lower level supported by positive crush margin. Quality of Soybean is good as compared to the last year with moisture in the range of 16-22% & plants are buying as per requirement. The stockists in Maharashtra has now turned active and buying gradually at the current level as they are positive about the future outlook and don't see prices of best quality soybean below 3,000/100kg this season. On CBOT, U.S Soybean futures (Nov) may consolidate in the range of $9.30-$9.60 a bushel. The upside may remain capped the harvesting season of the record crop is in progress. The market participants will wait for the crop progress on 3rd October & weekly export sales on 6th October to be released by USDA to take further cues for direction of prices. Mustard futures (Oct) is likely to remain in bearish zone & the downside may get extended towards 4500 levels. At the spot markets of Rajasthan, the sentiments have turned bearish as demand for mustard oil and mustard oil cake have dropped due to lackluster consumption. Refined soy oil futures (Oct) is expected to consolidate in the range of 650-670 levels, while CPO futures (Oct) may trade in the range of 535-555 levels. The outlook for edible oil counter are seen positive till festive season but sentiment is cautious on rising global supply of edible oil.
`
OIL AND OILSEEDS
OTHER COMMODITIES
Kapas futures (Apr) may consolidate sideways in the range of 875-900 levels. In the present scenario, the mills and spinners have opted to wait and watch; they are incurring huge disparity in the yarn market. New crop supply in south India is expected to start from November first week in good pace as production in the regions is likely to be better than last year on expectations of better yield, if the weather remains clear until harvest. Further, the recent arrivals at the ginners and stockists' warehouse may have higher content of moisture on account of rainfall in the cotton sowing belts making it least attractive for buyers to purchase. The projected balance sheet drawn by the Cotton Association of India (CAI) estimated total cotton supply for the cotton season 2016-17 at 398.00 lakh bales (170k each) while the domestic consumption is estimated at 309.00 lakh bales thus leaving an available surplus of 89.00 lakh bales. Sugar futures (Dec) is likely to trade in the range of 3550-3650 levels, with upside getting capped. On hand, the consumption may increasing with the upcoming festive season, but on the contrary the latest estimates from ISMA highlights that there will be enough sugar available in 2016-17 SS to meet the domestic demand of about 256 lakh tonnes (considering a demand growth 2.5%) in the next season. The downtrend of mentha oil futures (Oct) might get witness an extension as it can fall further towards 840-820 levels. The counter is declining in the spot markets of Uttar Pradesh due to lackluster demand and selling pressure. Domestic demand in mentha oil said to be lackluster as exporters and domestic bulk buyers are sidelined.
In the bullion counter, volatile movement is expected to persist as movement of dollar index and uncertainty about Fed interest rates hike this year will keep the investors jittery. In this week, dollar index can move in the range of 95-96. Recently weaker local currency rupee capped the downside in bullions in MCX and it is expected that this may move in the range of 65.80-67.50. Gold (Dec) can face resistance $1355 in COMEX and 31800 in MCX while it has support near $1310 in COMEX and $30800 in MCX. Recently gold silver ratio increased from 66 to 69 as gold outperformed silver. Silver has key support near 44800 in MCX and $18.5 in COMEX and it has resistance near 47500 in MCX and $20 in COMEX. SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund holdings stood at 949.14 tonnes. According to the World Gold Council” India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to sharp rise in prices and a strike by jewellers' following new regulations”. In August, the World Gold Council had reported that the country's gold demand fell by 30 per cent to 247.4 tonnes during the first six months of 2016 from 351.5 tonnes in the year-ago period. India's gold imports fell to 291 tonnes in the first six months of this year from 470 tonnes in the year-ago period on weak demand. Meanwhile Silver prices have jumped 39% since the start of 2016, driven by hedging demand amid record central bank intervention around the globe.
BULLIONS
Crude oil upside momentum may continue in this week as decision by OPEC members to cut output in Algeria meeting and decline in dollar index to support its prices. Crude oil can test 3350 in MCX. Organization of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0 million barrels per day. OPEC estimates its current output at 33.24 million bpd. U.S. crude oil stocks fell for the fourth straight week as imports dropped, while gasoline stocks increased and distillate inventories fell. A large drop in stocks on the East Coast was primarily responsible for the nationwide drawdown in stocks. Inventories were expected to rebound after the big drop a few weeks ago, but instead stocks have continued to decline with imports. The crude drawdown was entirely attributable to a sharp drop in inventories on the U.S. East Coast, where stocks plummeted 3.3 million barrels, also its biggest weekly crude draw since May 2004, the data showed. Russia is aiming to keep its oil production at near-record levels despite OPEC's decision to modestly reduce its output. Natural gas may remain volatile path as can move in the range of 188-210 in MCX. Natural gas has been bolstered by unusually hot weather that has propped up demand for electricity for air conditioning. But that situation is expected to change in the coming weeks as temperatures ease. The weather is finally moderating, and that's going to cause bigger injections. Recently prices witnessed profit booking amid expectations that cooler weather will result in more tepid demand.
ENERGY COMPLEX
In base metal counter, strong upside momentum may persist as Aluminum, Zinc and Lead may outperform other metals on rising demand and supply concerns. World's second biggest economy China is showing some recovery which has actually boosted up the market sentiments. As per the data, China Caixin Manufacturing PMI stood 50.1 against the previous 50 and forecasted 50.1. Red metal copper may move in the range of 315-335. China, the world's biggest consumer of copper, cut imports of the refined metal to the lowest level in 18 months in August as domestic production climbed amid increasing foreign purchases of ore and concentrate. Lead can head higher and can test 142 level. Lead climbed last week to its highest since May last year, supported by steadier copper prices and worries over mine supply. Global mine shutdowns over the past year and moves by lead producers to curb output in the face of low prices have tightened global supplies of the metal used to make batteries. China's imports of lead ore and concentrate dropped 10 percent in the first eight months of the year. Zinc can move in the range of 162. Aluminum may move in range 109-114 in MCX. Nickel can move in the range of 670-720. Recently closure of Nickel mines in Philippines supported its prices. Philippines stated that it might suspend 20 more mines for environmental infractions. The Philippines, the world's biggest nickel ore supplier, has already halted 10 mines, eight of them nickel producers. Disruption from the Philippines to the global market could be capped at between 15,000 to 20,000 tonnes of nickel ore.
BASE METALS
11
TECHNICAL RECOMMENDATIONS
COMMODITY
ALUMINIUM MCX (OCTOBER) contract closed at `111.35 on 29th Sep'16. The contract made its high of
114.30 on 18th Aug'16 and a low of 105.20 on 12th Sep'16. The 18-day Exponential Moving Average of
the commodity is currently at 108.82.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 40. One can buy in the
range of 110 - 109 with the stop loss of 107 for a target of 112.
` `
`
` ` `
JEERA NCDEX (NOVEMBER) contract closed at 17450 on 29th Sep'16. The contract made its high of
20665 on 20th July'16 and a low of 17205 on 23rd Sep'16. The 18-day Exponential Moving Average of the
commodity is currently at 17733.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 37. One can buy in the
range of 17400-17300 with the stop loss of 17100 for a target of 18000.
`
` `
`
` ` `
GOLD MCX (DECEMBER) contract closed at 31262 on 29th Sept'16. The contract made its high of 33063
on 06th Jul'16 and a low of 29870 on 27th Apr'16. The 18-day Exponential Moving Average of the
commodity is currently at 31226.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 47. One can buy in the
range of 31100 - 30900 with the stop loss of 30700 for a target of 31650.
` `
`
`
` ` `
®
ALUMINIUM MCX (OCTOBER)
JEERA NCDEX (NOVEMBER)
GOLD MCX (DECEMBER)
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 OCT 3206.00 12.05.16 Down 4037.00 - 3350.00 3400.00
NCDEX JEERA OCT 17285.00 12.08.16 Down 18520.00 - 18000.00 18200.00
NCDEX REF.SOY OIL OCT 655.85 08.09.16 Sideways
NCDEX RM SEEDS OCT 4535.00 24.08.16 Down 4637.00 - 4800.00 4850.00
MCX MENTHA OIL OCT 858.40 01.09.16 Down 888.70 905.00 920.00
MCX CARDAMOM OCT 1127.60 22.09.16 Down 1134.50 1185.00 1230.00
MCX SILVER DEC 45834.00 08.09.16 UP 46714.00 45500.00 - 45000.00
MCX GOLD DEC 31262.00 16.06.16 Up 30607.00 30800.00 - 30500.00
MCX COPPER NOV 326.00 22.09.16 Up 326.75 315.00 - 310.00
MCX LEAD OCT 137.95 25.08.16 Up 125.20 130.00 - 127.00
MCX ZINC OCT 157.60 29.09.16 Up 157.60 152.00 - 147.00
MCX NICKEL OCT 699.60 22.09.16 Up 710.00 680.00 - 650.00
MCX ALUMINUM OCT 111.35 29.09.16 Sideways
MCX CRUDE OIL OCT 3204.00 08.09.16 Sideways
MCX NATURAL GAS OCT 199.20 25.08.16 Up 194.00 195.00 - 190.00
TREND SHEET
Closing as on 29.09.16
COMMODITY
NEWS DIGEST
The week gone by would be remembered for historical and unexpected decision taken by OPEC
for output cut, which gave magical upside to crude oil prices. Oil prices jumped more than 7%
last week. The group would reduce output to 32.5 million barrels per day from current
production of 33.24 million bpd, first output cut since 2008. Additionally, Saudi Energy Minister
Khalid al-Falih said on Tuesday that Iran, Nigeria and Libya would be allowed to produce “at
maximum levels that make sense” as part of any output limits, which could be set as early as
the next OPEC meeting in November. Natural gas too saw some rise but the upside was limited.
Zinc, lead and aluminum continued their uptrend whereas copper and nickel ignored positive
news. Fall in dollar index also put strength in commodities prices. Zinc has been investors'
favourite base metal this year -- with gains of more than 50% to date -- following the closure
and suspension of several key mines. However, zinc prices may be due for a pull back, on falling
demand for steel in China and investor pressure on Glencore, the world's largest zinc
processor, to raise output. Aluminium prices rallied this year due to the appearance of a
tighter market. Assumptions that supply from top producer China would ease had been
reinforced by falling stocks of aluminium in warehouses monitored by the Shanghai Futures
Exchange (ShFE), which have fallen nearly 70% since March to near 100,000 tonnes. London
lead futures climbed to the highest since May last year amid worries over tighter supply in top
market China. It was a bearish week for both gold and silver owing to mix fundamentals.
In agri commodities, sugar futures surged as the market continued to worry about production
from Brazil, the world's largest grower of the commodity. Fresh buying notices in spices
counter ahead of Navratri. Expectation of fresh export demand together with tight supply
situation has pushed jeera prices to a five-year high. Offloading of positions by participants on
the back of subdued demand from consuming industries at spot market against ample stocks
position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in
mentha oil prices at futures trade. Soyabean recovered to some extent while edible oil pack
traded weak.
WEEKLY COMMENTARY
COMMODITY UNIT 29.09.16 DIFFERENCEQTY. QTY.
BARLEY MT 4438.00 3494.00 -944.00
CORIANDER NEW MT 11786.00 12185.00 399.00
COTTON SEED OILCAKE MT 1036.00 0.00 -1036.00
GUARGUM MT 19343.00 17078.00 -2265.00
GUARSEED MT 14597.00 15093.00 496.00
JEERA NEW MT 4178.00 3887.00 -291.00
MAIZE MT 2909.00 0.00 -2909.00
RM SEED MT 25380.00 17111.00 -8269.00
SUGAR MT 10.00 0.00 -10.00
TURMERIC MT 7069.00 5569.00 -1500.00
WHEAT MT 13957.00 13946.00 -11.00
22.09.16 COMMODITY UNIT 29.09.16 DIFFERENCE
QTY. QTY.
CARDAMOM MT 12.00 14.00 2.00
GOLD KGS 980.00 822.00 -158.00
GOLD MINI KGS 6.50 6.50 0.00
GOLD GUINEA KGS 8.12 8.12 0.00
MENTHA OIL KGS 2651626.93 2567415.78 -84211.15
SILVER (30 KG Bar) KGS 62254.68 62734.85 480.17
22.09.16
•Sebi allowed commodity derivative exchanges to launch options contracts for trading with the aim of increasing liquidity and attracting more investors to the commodities market.
•Sugar production in 2016-17 SS is estimated at 233.7 lakh tonnes, around 1 lakh tonnes higher as compared to the preliminary estimates made in July 2016 at 232.6 lakh tonnes. – Indian Sugar Mills Association.
•The projected balance sheet drawn by the CAI estimated total cotton supply for the crop season 2016-17 at 398 lakh bales while the domestic consumption is estimated at 309 lakh bales, thus leaving an available surplus of 89 lakh bales. - Cotton Association of India.
•The Government agencies- NAFED, FCI and SFAC have started aggressive procurement operations of pulses to ensure minimum support prices to farmers after the arrival of crop in Karnataka, Maharashtra, Madhya Pradesh and Rajasthan.
•A power outage in South Australia state has halted 300,000 tonnes of annual copper production capacity from BHP Billiton's Olympic Dam and Oz Minerals' Prominent Hill mines.
•Japan's aluminium premium for shipments during the October to December quarter was set at $75 per tonne, reflecting softer spot premiums.
•Libya's Arabian Gulf Oil Company has increased production to 290,000 barrels per day.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
8.56
7.597.13
4.06
2.12
-3.01-2.77
-2.42-2.19
-1.77
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
LEAD MINI
CRUDE OIL
BR. CRUDE OIL ZINC ALUMINIUM
MENTHA OIL CPO COTTON SILVER 1000 NICKEL
5.17
4.31
1.761.56 1.45
- 5.19
- 4.36
- 3.84- 3.47
- 3.12
- 6.00
- 4.00
- 2.00
0.00
2.00
4.00
6.00
TURMERICMAIZE
KHARIFNEW STEEL
LONG CORIANDERCRUDE
OILGUAR GUM
SHANKAR KAPAS
SILVER HEDGE
RAPE MUSTARD SEEDS
CRUDE PALM OIL
COMMODITY
COMMODITY EXCHANGE CONTRACT 23 29.09.16 CHANGE%
ALUMINIUM LME 3 MONTHS 1637.00 1671.00 2.08
COPPER LME 3 MONTHS 4855.00 4841.00 -0.29
LEAD LME 3 MONTHS 1919.50 2062.50 7.45
NICKEL LME 3 MONTHS 10660.00 10435.00 -2.11
ZINC LME 3 MONTHS 2276.00 2356.00 3.51
GOLD COMEX DEC 1339.30 1326.00 -0.99
SILVER COMEX DEC 19.77 19.19 -2.95
LIGHT CRUDE OIL NYMEX NOV 44.48 47.83 7.53
NATURAL GAS NYMEX OCT 2.96 2.96 0.14
.09.16
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
22.09.16 29.09.16
ALUMINIUM 2161575 2133625 -27950
COPPER 347800 369075 21275
NICKEL 364782 361884 -2898
LEAD 191225 191000 -225
ZINC 444150 440650 -3500
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 23.09.16 29.09.16 CHANGE(%)
Soybean CBOT NOV Cent per Bushel 955.00 950.25 -0.50
Corn CBOT DEC Cent per Bushel 336.50 329.25 -2.15
CPO BMD DEC MYR per MT 2676.00 2616.00 -2.24
Sugar LIFFE DEC 10 cents per MT 592.20 602.70 1.77
13
®
SPOT PRICES (% change) Zinc…………. investors' favourite base metal this year
• Zinc is the best performing base metal so far this year and it gains from its six-year low of $ 1444.50 struck in mid-January to today's $2,332 a ton, almost 60% up in LME.
• In MCX, zinc prices rises from lower level of `96.65 witnessed in January this year to today Rs 156, also up almost 60%.
• Zinc's prospects brightened considerably after the shutdown of two major mines last year – Australia's Century and the Lisheen mine in Ireland. The two mines had a combined output of more than 630,000.
• The shuttering of top zinc producer Glencore's depleted Brunswick and Perseverance mines in Canada in 2012 brings total tonnes going offline since 2013 to more than one million tonnes.
• China, top consumer and producer of the metal mainly used to galvanize steel, recently added fuel to the fire after Beijing ordered the shutdown of all lead and zinc mines in parts of Hunan province, the centre of Chinese production. China is now forecast to have a mined zinc deficit of 390,000 tonnes in 2016, widening from a deficit of 9,000 tonnes a year ago.
• According to preliminary data recently compiled by the ILZSG, the global market for refined zinc metal was in deficit by 174kt from January to July 2016 with total reported inventories falling by 17kt over the same period.
• A decrease in global zinc mine production of 6.1% was primarily due to significant reductions in Australia, India, Ireland and Peru.
• World refined zinc metal output declined by 3.9%. This was principally a result of a sharp reduction in Indian production and a decline in the United States where Horsehead Holdings' new operation in Moorseboro remains closed.
• A rise in global usage of refined zinc metal of 0.7% was driven mainly by an increase in Chinese apparent demand of 6% that more than balanced sharp declines in the United States and Taiwan (China). European usage increased by 1.9%.
• Chinese imports of zinc contained in zinc concentrates declined by 34.5% to 479kt. However, the country's net imports of refined zinc metal rose by 96% to 296kt.
• While the pace of gains in 2016 is unsustainable, zinc prices are expected to rise steadily over the long term. The better price environment is due to structurally weaker supply that will keep the global market in a deficit.
• Sustained deficits will translate into a very tight-above ground stocks-to-use ratio according to BMI, with inventories representing less than 5% of consumption by the end of the decade compare to more than 11% this year.
-8.22
-7.77
-5.25
-4.28
-3.93
-2.72
-2.06
-1.96
-1.78
-0.75
-0.58
-0.32
-0.10
0.00
0.27
0.31
1.52
2.31
-10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00
GUAR GUM (JODHPUR)
SOYABEAN (INDORE)
GUAR SEED (JODHPUR)
CRUDE PALM OIL (KANDLA)
COTTON (KADI)
MUSTARD (JAIPUR)
SILVER 5 KG (DELHI)
GUR (MUZAFFARNGR.)
SUGAR (KOLKATA)
COTTON SEED OIL CAKE (AKOLA)
BARLEY (JAIPUR)
RAW JUTE (KOLKATA)
JEERA (UNJHA)
CHANA (DELHI )
WHEAT (DELHI)
PEPPER MALABAR GAR (KOCHI)
CORIANDER (KOTA)
TURMERIC (NIZAMABAD)
Source : Reuters
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 66.79 67.21 66.43 67.13
EUR/INR 74.94 75.45 74.42 75.37
GBP/INR 86.77 87.62 86.13 87.52
JPY/INR 66.12 66.38 65.72 66.19
News Flows of last week
28th Sep Japan's retail sales fell more than expected in August for the sixth
straight month of annual declines
29th Sep German inflation picked up to hit 16-month high
29th Sep The number of Americans filing for unemployment benefits rose
less than expected last week
29th Sep China's factory activity expanded in September as domestic and
export orders picked up
30th Sep Swiss franc near 1-month high vs dollar as risk sentiment soured
30th Sep China factories limped along, Japan inflation went backwards
EUR/INR (OCT) contract closed at 75.37 on 29th September'16. The contract made its high of 75.45 on 29th September'16 and a low of 74.42 on 28th September'16 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 74.99.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 54.69. One can buy above 75.00 for a target of 75.80 with the stop loss of 74.60.
JPY/NR (OCT) contract closed at 66.19 on 29thSeptember'16. The contract made its high of 66.38 on 26thSeptember'16 and a low of 65.72 on 29th September'16 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 66.00.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 55.59. One can buy above 66.20 for a target of 67.00 with the stop loss of 65.80.
(Source: Reliable Software, Open: Monday 9.00 AM IST, Close: Thursday(5.00 PM IST)
Market Stance
Local currency remained volatile in the week gone by as mounting tension
between India and Pakistan sent the rupee on a tailspin last week testing one
week low as against the dollar marking the worst fall for the domestic
currency since the Brexit vote in June, after India claimed that the Army
conducted some surgical strikes on terror launch pads across the Line of
Control (LoC) and inflicted significant casualties and heavy damages on the
Pakistan side. The India VIX shot up by 33 percentage points to 18.45, which
was the biggest rise in seven years. The weakness in domestic currency
intensified amid concerns that foreign investors, who have pumped in about
Rs 50,000 crore into domestic stocks so far this year, may run for the exit door,
if the tensions were to rise further.
EUR/INR
USD/INR (OCT) contract closed at 67.13 on 29th September'16. The contract made its high of 67.21 on 29th September'16 and a low of 66.43 on 28th September'16 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 66.84.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 55.43. One can buy above 67.00 for the target of 67.60 with the stop loss of 66.70.
GBP/INR (OCT) contract closed at 87.52 on 29th September'16. The contract made its high of 87.62 on 29th September'16 and a low of 86.13 on 27th September'16 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 87.33.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 47.05. One can buy around 87.10 for a target of 88.10 with the stop loss of 86.60.
USD/INRTechnical Recommendation
Economic gauge for the next week
Date Currency Event Previous
03rd Oct USD Markit Manufacturing PMI 51.403rd Oct USD ISM Manufacturing PMI 49.404th Oct EUR Producer Price Index (MoM) 0.105th Oct USD Trade Balance -39.4705th Oct USD ISM Non-Manufacturing PMI 51.406th Oct EUR ECB Monetary Policy Meeting Accounts06th Oct USD Initial Jobless Claims 25407th Oct GBP Manufacturing Production (MoM) -0.907th Oct GBP Industrial Production (YoY) 2.107th Oct GBP Industrial Production (MoM) 0.107th Oct GBP Manufacturing Production (YoY) 0.807th Oct USD Unemployment Rate 4.907th Oct USD Nonfarm Payrolls 15107th Oct USD Average Hourly Earnings (YoY) 2.407th Oct GBP NIESR GDP Estimate (3M) 0.3
GBP/INR JPY/INR
14
®
IPOIPO
About the company
Incorporated in year 2000, Endurance Technologies Ltd is in the business of manufacturing two-wheeler and
three-wheeler automotive component. It also manufactures specified components for four-wheeler passenger
vehicles, light commercial vehicles and heavy commercial vehicles. The company’s development process includes
design, development, validation, testing, manufacturing, delivery and aftermarket sale service for a wide range of
technology-intensive auto component products.
Strengths
• Consistent track record of organic and inorganic growth: The Company has diversified its capabilities
by introducing suspension products in 1996, transmission products in 1998 and braking systems in 2004. In
addition to its organic growth in India, the company has a track record of successful inorganic growth through
various acquisitions.
• The largest two-wheeler and three-wheeler automotive component manufacturer: The Company
is a multi-solution provider of a diverse product portfolio to a wide variety of OEMs, which provides the company
with a revenue profile that is diversified across products.
• Strong customer relationships with a wide variety of OEMs: Its customers in India and Europe include
leading domestic and global OEMs. The company is continually working on value engineering solutions for its
customers, in designing its products by optimising cost and sharing the cost savings with its customers.
• Strong research and development and technological capabilities: The Company places a strong focus
on R&D, with an emphasis on lean design and continuous improvement in product performance, cost and
reliability, to enhance its product range.
• Growing and profitable European business: The company has a fast-growing business in Europe, with its
net revenue from operations growing from Rs10,986.8 million in FY2014 to Rs.15,666.5 million in FY2016, a
CAGR of 19.4%.
Strategy
• Focus on high-growth markets such as two-wheelers and three-wheelers in India and passenger
cars in Europe: The Company intends to focus on manufacturing products for the motorcycle, scooter and
three-wheeler segments in India and for the passenger car, LCV and HCV segments in Europe.
• Continually improve its research and design capabilities : The company believes that its high-value
added and technology-driven components will provide it with early-mover advantages and higher profit
margins, and will present it with opportunities to capture shifts in customer preferences as well as evolving
regulatory requirements, such as heightened emissions control standards.
• Expand its presence in the aftermarket sales services: Its aftermarket sales services provide the
company significant opportunities for growth. The company has build its aftermarket products to the same
quality standards as the parts it supplies OEMs, which it believes provides it with good brand equity amongst
end-users of its products.
• Continue to pursue strategic alliances and inorganic growth opportunities: The Company intends to
continue to pursue strategic alliances and inorganic growth opportunities, with a particular focus on
technologically-innovative acquisitions that provide it access to better technology with respect to its existing
products and allow it to diversify its product and customer base.
• Focus on operational efficiencies to improve returns: The Company has adopted a number of initiatives
designed to improve its cost efficiency, and as a one of its primary business strategies it intends to continue
improving cost efficiency.
Out look
The company is largest two-wheeler and three-wheeler automotive component manufacturer in India in terms of
aggregate revenue. It is largest aluminum Die-casting Company in India in terms of actual output and installed
capacity. Total revenue contribution from India is over 70% and 30% from Europe. A long term investors may
consider investment in this issue.
Endurance Technologies Limited
At upper price band of Rs.472 , EPS and P/E of FY2017 are
Rs. 22.76 and 20.73 multiple respectively and at a lower price
band of Rs. 467, P/E multiple is 20.51; Looking at the P/B
ratio at Rs. 472 the stock is priced at P/B ratio of 4.32x on the
pre issue book value of Rs.109.14 and on the post issue book
value of Rs. 126.22 the P/B comes out to 3.74x.; Looking at
the P/B ratio at Rs. 467, the stock is priced at P/B ratio of
4.28x on the pre issue book value of Rs. 109.14 and on the
post issue book value of Rs. 126.22 , the P/B comes out to
3.70x.
Valuation
1. To achieve the benefits of listing the Equity Shares on the Stock Exchanges and2. To carry out the Offer for Sale.
Object of the issue
SMC Ranking
(2.5/5)
Book Running Lead Manager
Axis Capital Limited
Citigroup Global Markets India Private Limited
Name of the registrar
Link Intime India Pvt Ltd
Issue Highlights
Industry Capital Goods
Total Issue (Shares) - Offer for sale 24,613,024
Net Offer to the Public 24,613,024
Issue Size (Rs. Cr.) 1149-1162
Price Band (Rs.) 467-472
Offer Date 5-Oct-16
Close Date 7-Oct-16
Face Value 10
Lot Size 30 Equity Share
Issue Composition
Total Issue (Shares) 24,613,024
QIB
NIB 3,691,954
Retail 8,614,558
12,306,512
In shares
Shareholding Pattern (%)
Particulars Pre-issue Post issue
Promoters and promoters group 86.28% 68.78%
QIB 0.00% 8.75%
NIB 0.00% 2.62%
Retail 13.72% 19.84%
• Business is dependent on certain principal customers.
• The company is heavily dependent on the
performance of the automotive sector in India.
• It has dependency on the third party.
Risk Factor
15
®
®
16
FIXED DEPOSIT MONITOR
• Interest structure may be revised by company from time to time. Pls confirm Interest rates before submitting the application.
* For Application Greater Than Rs. Fifty Lakhs Or equal to Fifty Lakhs, Please Contact to Head Office.
* Email us at [email protected]
FIXED DEPOSIT COMPANIES
PERIOD MIN.ADDITIONAL RATE OF INTEREST (%)
S.NO (NBFC COMPANY -NAME)12M 18M 24M 36M 45M 48M 60M 84M INVESTMENT
1 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 8.30 8.40 8.45 8.45 - 8.45 8.45 - 0.25% FOR SR. CITIZEN, 0.10% FOR DELHI NCR &
EXISTING LOAN CUSTOMER AND ON RENEWAL MUMBAI-75000,
UPTO RS. 1CRORE OTHER-50000/
2 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 8.25 8.25 8.25 8.25 - 8.25 8.25 - 0.25% FOR SR. CITIZEN, 0.10% FOR DELHI NCR &
EXISTING LOAN CUSTOMER AND ON RENEWAL MUMBAI-75000,
UPTO RS. 1CRORE OTHER-50000/--
3 DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.60% 14M=8.60% 18M=8.60% 40M=8.65% 0.25% EXTRA FOR SR. CITIZEN,WIDOW, 13M=50000;
ARMED, PERSONNEL, EXISTING DHFL HOME 14M=10000;
BORROWERS, 0.25% EXTRA FOR DEPOSIT
50 LAC AND ABOVE
4 DEWAN HOUSING FINANCE CORPORATION LTD (AASHRAY) 8.25 - 8.50 8.60 - 8.65 - 8.65 10,000/-
5 GRUH FINANCE LTD. 7.50 13M=7.50 7.75 8.00 - 8.00 8.00 8.00 96-120M=8.00%; 0.25% FOR FEMALE, 1000/-
SR. CITIZEN & TRUST
6 HDFC PREMIUM DEPOSIT FOR INDIVIUAL (UPTO RS. 2 CR.) 15M=8.00 30M=8.00 22M=8.05 44M=8.05 - 0.25% FOR SR. CITIZEN UPTO RS. 1 CR. 20000/-, 40000/-
IN MONTHLY
7 HDFC PREMIUM DEPOSIT FOR TRUST & INSTITUTION (UPTO RS. 10 CR.) 20M=7.95 - 40M=7.95 -
8 HDFC LTD FOR INDIVIDUAL & TRUST (UPTO RS.5 CR.) 7.90 - 7.90 7.90 - 7.90 7.90 - 0.25% FOR SR. CITIZEN UPTO RS. 1 CR.
9 HUDCO LTD.(IND & HUF) 7.70 - 7.70 7.70 - 7.70 7.55 7.55 0.25% FOR SR. CITIZEN 10000/-
10 HUDCO LTD.(TRUST/CO/INSTITUTION) 7.50 - 7.50 7.50 - 7.50 7.50 7.50 - 10000/-
11 J K Lakshmi Cement Ltd. 9.00 9.25 9.50 - 25000/-
12 J K Tyre & Industies Ltd. 9.00 9.25 9.50 0.50% add. interest to sr. citizen , employees,shareholders and 25000/-
person investing Rs. 5 lacs and above - max. 0.50%
13 KTDFC (Kerela Transport) 8.50 - 8.50 8.50 - 8.25 8.25 - 0.25% extra for Sr. Citizen, 10000/-
14 LIC HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 8.00 8.00 8.10 8.15 - - 8.25 - 0.25% FOR SR.CITIZEN IF APP ABOVE RS. 50,000/- APP 10000/-
UPTO RS. 50,000/- & 0.10% IF APP upto Rs. 50,000/-
15 M&M FINANCIAL SERVICES LTD (FOR BELOW RS. 1 CRORE) 7.90 8.00 8.00 8.05 - 8.05 8.05 - 0.25% FOR SR. CITIZEN 10000/-
16 Omaxe Ltd. 11.50 - 12.00 12.50 - - - - - 50000/-
176 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 8.00 - 8.00 8.25 - 8.25 8.25 8.25 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE 20000/-
18 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 15M=8.05 30M=8.35 22M=8.05 44M=8.45 - 0.25% FOR SR. CITIZEN
19 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 8.25 - 8.25 8.50 - 8.75 8.75 - 0.25% FOR SR. CITIZEN 5000/-
20 SHRIRAM CITY UNION SCHEME 8.25 - 8.25 8.50 - 8.75 8.75 - 0.25% FOR SR. CITIZEN 5000/
till 4 Oct'16
From 5 Oct'16
(FOR TRUST ONLY) (FOR WOMEN ONLY)
011-66651222
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
DSP BlackRock Balanced Fund - Growth 124.64 27-May-1999 1101.03 9.57 19.27 17.33 24.51 15.65 1.77 0.21 47.78 23.16 2.58 26.48
ICICI Prudential Balanced - Growth 104.66 03-Nov-1999 2791.56 8.65 19.09 16.68 23.62 14.89 1.64 0.15 52.22 17.83 1.15 28.80
Birla Sun Life Balanced 95 - Growth 633.94 10-Feb-1995 2797.01 6.65 16.52 15.31 23.66 21.13 1.65 0.18 42.18 24.03 N.A 33.79
Kotak Balance - Growth 20.78 05-Nov-2014 265.19 7.06 16.31 15.22 N.A 8.81 1.60 0.12 39.48 25.32 1.49 33.71
Mirae Asset Prudence Fund - Reg - G 11.01 29-Jul-2015 211.64 6.19 14.42 14.01 N.A 8.59 1.74 0.09 62.60 4.27 N.A 33.13
HDFC Balanced Fund - Growth 121.11 11-Sep-2000 5707.42 7.32 15.66 13.75 26.51 16.80 1.66 0.15 43.05 24.98 1.15 30.82
UTI Balanced Fund - Growth 140.74 20-Jan-1995 1374.21 5.86 16.71 12.42 19.01 16.07 1.61 0.10 43.91 17.53 8.97 29.59
Annualised
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Years) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
ICICI Prudential Dynamic Bond F - Prem Plus - G 18.75 14-Jan-2010 908.37 17.24 19.45 16.81 16.94 13.17 12.77 9.82 22.23 0.26 7.47 7.63
HDFC Income Fund - Growth 37.00 11-Sep-2000 2964.98 15.85 21.29 15.99 19.47 12.77 11.97 8.49 27.58 0.18 16.77 7.38
ICICI Prudential LTP - Growth 19.52 20-Jan-2010 839.77 14.95 20.87 15.20 17.94 12.53 13.46 10.51 28.49 0.20 9.03 7.20
ICICI Prudential Income Fund -Growth 50.51 09-Jul-1998 3205.75 13.62 21.58 16.11 18.13 12.03 12.19 9.29 28.77 0.18 11.08 7.48
Kotak Bond Deposit - Reg - Growth 42.62 25-Nov-1999 4191.67 14.81 21.23 14.16 17.77 11.52 11.10 8.98 28.83 0.15 11.82 7.62
Reliance Dynamic Bond Fund - Growth 21.76 15-Nov-2004 5366.60 9.58 17.76 15.78 17.29 11.43 11.28 6.76 26.00 0.18 12.76 7.47
DHFL Pramerica Medium Term Income F - Reg - G 13.42 06-Mar-2014 753.08 16.61 16.66 15.68 14.64 11.41 N.A 12.12 15.20 0.27 6.18 7.74
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Years) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Birla Sun Life Dynamic Bond Fund - Ret - DAP 19.89 08-Apr-2009 12444.6 10.01 12.25 14.14 18.78 12.85 12.47 9.62 24.04 0.24 19.65 7.85
HDFC HIF - Dynamic - Growth 55.59 27-Apr-1997 1920.84 18.83 22.16 16.22 18.59 12.43 12.05 9.23 27.5 0.19 13.26 7.44
Kotak Flexi Debt Fund - Reg - Growth 24.89 07-Dec-2004 376.91 18.08 19.55 15.02 15.28 11.37 10.04 8.02 18.22 0.17 7.29 7.86
Birla Sun Life Treasury Optimizer Plan - DAP 187.3 22-Jun-2009 5427.04 11.42 15.78 12.87 14.49 11.61 11.10 9.01 12.89 0.29 6.42 7.63
ICICI Prudential Banking & PSU Debt F - Reg - G 18.05 01-Jan-2010 3961.68 15.44 16.99 14.31 14.08 11.38 10.39 9.15 12.07 0.28 4.75 7.44
HDFC HIF - S T P - Growth 31.55 06-Feb-2002 1570.33 16.48 18.62 14.15 13.25 10.33 10.17 8.16 10.79 0.23 4.82 8.05
Birla Sun Life Short Term Opportunities F - Reg - G 26.36 24-Apr-2003 3659.39 9.36 13.06 11.49 13.09 10.85 10.59 7.47 10.21 0.3 5.55 7.92
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Years) Maturity
1W 2W 1M 3M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Kotak Banking and PSU Debt Fund - Reg - G 35.53 29-Dec-1998 373.28 14.41 14.71 12.37 13.33 9.45 9.42 7.40 4.61 0.41 3.16 7.50
ICICI Prudential Ultra Short Term Plan - Reg - G 16.11 11-Aug-2009 6639.27 9.24 9.99 9.54 11.79 9.59 9.42 6.90 5.79 0.38 2.27 7.52
Birla Sun Life Floating Rate F - LTP - Reg - G 191.59 24-Mar-2009 1915.00 13.88 10.95 9.75 11.62 9.53 9.54 9.03 4.01 0.51 1.69 7.50
Franklin India Low Duration Fund - G 17.65 26-Jul-2010 1749.86 11.25 10.57 10.78 11.26 9.55 9.96 9.62 4.87 0.49 1.29 9.44
Reliance Medium Term Fund - Growth 32.90 14-Sep-2000 4816.79 9.08 9.94 8.96 10.49 8.99 9.21 7.70 3.90 0.45 1.42 7.83
Birla Sun Life Savings Fund - Reg - G 307.06 15-Apr-2003 13606.00 9.36 8.98 8.79 10.34 9.27 9.47 7.81 3.13 0.62 1.35 7.60
IDFC Money Manager - Invest Plan - Plan A - G 23.91 09-Aug-2004 1706.92 7.49 8.23 8.39 10.33 8.76 9.13 7.44 6.36 0.26 1.61 7.56
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 Magnum COMMA Fund - Growth 29.39 08-Aug-2005 195.53 11.76 30.86 34.38 20.80 10.15 2.43 0.89 0.14 65.87 15.75 9.82 8.56
Sundaram Rural India Fund - Reg - G 33.57 12-May-2006 156.53 10.25 31.57 32.73 31.46 12.36 2.21 0.87 0.34 26.19 57.36 9.43 7.02
Birla Sun Life Small & Midcap Fund - G 30.39 31-May-2007 203.96 9.81 29.76 25.59 37.82 12.64 2.31 0.84 0.38 4.03 79.81 6.29 9.87
DSP BlackRock Small and Midcap F - Reg - G 43.81 14-Nov-2006 1895.19 9.07 26.42 24.50 38.98 16.12 2.43 0.89 0.33 13.24 73.61 6.17 6.99
JM Basic Fund - Growth 24.97 02-Jun-1997 141.48 13.53 29.48 24.04 29.48 16.80 2.49 1.01 0.29 83.33 16.11 N.A 0.56
Birla Sun Life Pure Value Fund - Growth 46.30 27-Mar-2008 440.04 13.39 24.75 23.44 40.90 19.72 2.55 0.95 0.31 14.12 67.43 8.67 9.79
DSP BlackRock Micro Cap Fund - Reg - G 50.71 14-Jun-2007 2680.20 7.80 26.28 23.43 51.80 19.07 2.50 0.88 0.47 N.A 68.62 22.69 8.69
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 29/09/2016Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%
Annualised
18
MUTUAL FUND Performance Charts
EQUITY (Diversified)
INCOME FUND
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
Annualised
®
BALANCED
Smc Conducting Their Annual Sales Meet - Smc Pinnacle At Hotel Radisson Blu Agra, 23-25 Sep 2016
