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®HAPPY JAGANNATH RATH YATRA
10TH JULY 2013
®
2013: Issue 378, Week: 8th - 11th JulyA Weekly Update from SMC(For private circulation only)
WISE M NEY
Bra
nd
sm
c 2
00
(Saurabh Jain)
Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
Fixed Deposit 16
Mutual Fund 17-18
EDITORIAL STAFF
Editor Saurabh Jain
Executive Editor Jagannadham Thunuguntla
+Editorial Team
Dr. R.P. Singh Nitin Murarka
Vandana Bharti Tejas Seth
Sandeep Joon Dinesh Joshi
Vineet Sood Shitij Gandhi
Dhirender Singh Bisht Subhranil Dey
Parminder Chauhan Ajay Lakra
Mudit Goyal
Content Editor Kamla Devi
Graphic Designer Pramod Chhimwal
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365
MUMBAI OFFICE:
Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road
Malad (West), Mumbai 400064
Tel: 91-22-67341600, Fax: 91-22-28805606
KOLKATA OFFICE:
18,Rabindra Sarani, Poddar Court, Gate No-4, 4th & 5th Floor,
Kolkata-700001
Tel : 91-33-39847000/39801300, Fax No : 91-33-39847004
AHMEDABAD OFFICE :
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03
CHENNAI OFFICE:
2nd Floor, Mookambika Complex, 4, Lady Desikachari Road,
Mylapore, Chennai-600004
Tel: 91- 44 - 39109100 Fax: 91- 44 - 39109111
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206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,
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Tel: 91-40-30780298/99, 39109536
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Tel: 97143963120, Mobile : 971502612483
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Printed and Published on behalf of
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102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India)
Ph.: +91-11- 43035012, 43035014, Email: [email protected]
lobal stock markets remained volatile after crude oil traded at nearly
fourteen month high on account of unrest in Egypt, Chinese government Gmeasures to tighten shadow banking and on the anticipation of pickup of
demand in U.S. Investors are keeping close vigil on the economic data coming out of
the U.S. to get a sense of when and how bond purchase program would be tapered off.
European Central Bank in the monetary policy review meeting kept policy rates
unchanged and indicated to keep monetary policy accommodative for as long as
necessary. European stock markets and other markets cheered the clarity of
accommodative stance given by the ECB. U.S. bond funds redemptions reached record
after 10 year treasury yield soared to record 2.61%, the level seen in august 2011.
Back at home, the eight core industries having a combined weight of 37.90% in the
Index of Industrial Production (IIP) saw a growth of 2.3 % in the month of May 2013 as
compared to 7.2% in the corresponding period a year before. The decline in the growth
rate was mainly on account of negative growth witnessed in the production of Coal,
Crude Oil, Natural Gas and Fertilizer. Foreign institutional investors largely remained
on the sell side in equities as well as bond markets. Emerging markets in general
continue to face challenges on account of discussions of withdrawal of liquidity
provided by the world's largest central bank. Not only equities and bonds but
currencies are also seeing huge pressure with the strength coming in dollar. Cabinet in
the week passed an ordinance on the food security bill to provide cereals at the
subsidized rates to the poor. The bill is expected to cost about Rs 1.25 lakh crore to the
government and may be viewed negatively by the foreign investors considering the
concerns pertaining to fiscal deficit. The fall in Rupee together with rise in crude
prices may raise the fuel subsidy bill and inflation and can put government budgeted
fiscal deficit in challenge. On the whole, the ride of the equities is expected to be
bumpy and volatility is expected to rule the markets.
On the commodities front, volatility will continue in the bullion counter as prices are
trying to find some support near the current price. Movement of local currency rupee
needs to be closely watched, which can move in the range of 59-61.5. Recently
weakness in rupee has capped the downside in metal and energy on the domestic
bourses to a great extent. The movement of the dollar index will also be closely
watched, which can excel further towards 84.5 in near term. Middle East tensions
especially in Egypt and Syria will influence the crude oil prices in the near term. Dollar
touched a five-week high as against a six currency basket including the Euro, which
weakened after European Central Bank (ECB) President Mario Draghi pledged to keep
interest rates low or even lower for an “extended period”. This week, minutes of
FOMC June meeting will be scrutinized to take clues regarding tapering of monetary
easing in the US. In agro pack, edible oil may remain buoyant on the expectation of
higher physical demand ahead of festivals. Sluggish trend may continue in pulses and
pulse seeds on poor demand and weak buying support.
From The Desk Of Editor
4
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) S1 & S2 indicate first support & second support respectively & R1 & R2 indicate first resistance and second resistance respectively.
3) 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 S1 R1 S2 R2 Cl.
Price Trend Trend S/l
Changed Changed
SENSEX 19411 DOWN 13.06.13 1827 19400 19700 19900
S&P NIFTY 5837 DOWN 13.06.13 5699 5900 5950 6020
CNX IT 6633 DOWN 17.04.13 6236 6550 6700 6850
CNX BANK 11381 DOWN 13.06.13 11687 12100 12400 12700
ACC 1236 DOWN 17.01.13 1359 1230 1260 1300
BHARTIAIRTEL 301 DOWN 13.06.13 288 300 310 320
BHEL 175 DOWN 01.11.12 227 180 190 195
CIPLA 395 DOWN 30.05.13 383 385 395 405
DLF 179 DOWN 21.03.13 239 195 205 210
HINDALCO 100 DOWN 13.06.13 97 103 105 108
ICICI BANK 1064 DOWN 13.06.13 1069 1110 1140 1160
INFOSYS 2468 DOWN 17.04.13 2284 2450 2550 2600
ITC 339 UP 04.03.11 172 320 310 305
L&T 1402 DOWN 23.05.13 1418 1460 1480 1500
MARUTI 1557 DOWN 13.06.13 1457 1530 1560 1600
NTPC 144 DOWN 20.06.13 140 149 154 158
ONGC 309 DOWN 13.06.13 309 320 325 330
RELIANCE 862 UP 04.07.13 862 835 815 800
TATASTEEL 265 DOWN 07.02.13 390 290 305 320
NEWS
EX DATE SYMBOL PURPOSE8-JUL-13 CENTURYTEX DIVIDEND RS.5.50 PER SHARE9-JUL-13 FEDERALBNK DIVIDEND RS 9/- PER SHARE9-JUL-13 LICHSGFIN FINAL DIVIDEND RS.3.80/- PER EQUITY SHARE10-JUL-13 CESC DIVIDEND RS.7/- PER SHARE10-JUL-13 HINDUNILVR FINAL DIVIDEND RS.6/- PER EQUITY SHARE10-JUL-13 CAIRN FINAL DIVIDEND RS.6.50 PER EQUITY SHARE11-JUL-13 ANDHRABANK FINAL DIVIDEND RS.5/- PER EQUITY SHARE11-JUL-13 THERMAX DIVIDEND - RS 7/- PER EQUITY SHARE11-JUL-13 BIOCON FINAL DIVIDEND RS 5/- PER SHARE + SPECIAL
DIVIDEND RS 2.5/- PER SHARE11-JUL-13 KARURVYSYA DIVIDEND RS 14/- PER SHARE11-JUL-13 MAHLIFE DIVIDEND RS.6/- PER EQUITY SHARE11-JUL-13 SWARAJENG DIVIDEND FINAL RS.13 +SPECIAL DIVIDEND
RS.20 PER SHARE11-JUL-13 WABAG DIVIDEND RS 7 PER SHARE11-JUL-13 ZEEL DIVIDEND RS.2/- PER SHARE11-JUL-13 UNICHEMLAB DIVIDEND RS 4.50 PER EQUITY SHARE11-JUL-13 LT BONUS 1:212-JUL-13 JSWENERGY FINAL DIVIDEND RS.2/- PER EQUITY SHARE12-JUL-13 DRREDDY DIVIDEND RS.15/- PER SHARE15-JUL-13 JSWSTEEL DIVIDEND - RS.10/- PER EQUITY SHARE15-JUL-13 TATASTEEL DIVIDEND - RS.8/- PER ORDINARY SHARE15-JUL-13 DBCORP DIVIDEND RS.3.50 PER SHARE15-JUL-13 TRENT DIVIDEND RS 7/- PER EQUITY SHARE
MEETING DATE SYMBOL PURPOSE
8-JUL-13 CENTURYPLY RESULTS/DIVIDEND10-JUL-13 INDUSINDBK RESULTS/OTHERS12-JUL-13 SOUTHBANK RESULTS12-JUL-13 INFY RESULTS15-JUL-13 EXIDEIND RESULTS
FORTHCOMING EVENTS
DOMESTIC NEWSEngineering• Larsen & Toubro has secured an order of over Rs 1000 crore to construct a
paraxylene plant for a leading refinery in India. The company has signed a Memorandum of Understanding (MoU) to execute composite construction works including civil, mechanical erection and installation for the project.
• McNally Bharat Engineering Company has received orders for the supply and installation of a Coal Handling Plant Package for a value of ̀ 109 crores (approx).
Infrastructure Developer• Adani ports & Special Economic Zone has announced Joint Venture (JV)
with Switzerland-based MSC Mediterranean Shipping Company to operate the Adani International container Terminal, in South Basin, the third container terminal at Mundra port.
Pharmaceuticals• Aurobindo Pharma has received final approvals from the United States Food
& Drug Administration to manufacture and market Rizatriptan Benzoate Orally Disintegrating Tablets 5mg and 10mg. The product is ready for launch.
• Glenmark Pharmaceuticals has received US health regulator's approval to market generic version of Merck's Maxalt MLT tablets, used to treat migraine headaches, in the American market.
• Dr Reddy's Laboratories Limited has launched two separate online repositories dedicated to lung cancer and breast cancer with extensive information, insights and studies on these cancers and their treatment for the benefit of doctors as well as the common citizens in th country.
Sugar• Shree Renuka Sugars will soon begin exporting white sugar from its Haldia
unit on the east coast as strong demand during Ramadan and limited supplies in Asia amid a weak rupee made exports lucrative.
Metal• Jindal Steel and Power (JSPL) plans an investment of about `12,000 crore
this year for its ongoing 6.5 million tonne steel plant in Odisha besides setting up a power plant in Jharkhand.
Capital Goods• Alstom India has been awarded a contract by Bharat Heavy Electricals
Limited (BHEL) to supply components and services for the 2x660 MW Suratgarh Super Thermal Power Project in Rajasthan. This contract is worth approximately $35 million (`208 crore).
FMCG• GlaxoSmithKline Consumer Healthcare is introducing liquid and tablet
versions of its Eno brand to strengthen its leadership position in the digestive antacid market in India.
Realty/ Construction• Omaxe will invest ̀ 200 crore to set up a five-star hotel in New Chandigarh,
where it is developing an integrated township.Hotels• Mahindra Holidays & Resorts India Ltd, part of Mahindra Group is planning
to increase its inventory by adding over 500 units. The expansion will be through both brownfield and greenfield projects.
Tea• Tata Global Beverages has acquired an additional 10.59% stake in Kanan
Devan Hills Plantations Company Private Ltd (KDHP), a division it hived off in 2005.
INTERNATIONAL NEWS• US non-manufacturing index dropped to 52.2 in June from 53.7 in May, with
a reading above 50 indicating growth in the service sector. The decrease came as a surprise to economists, who had expected the index to climb to 54.5.
• US initial jobless claims dipped to 343,000, a decrease of 5,000 from the previous week's revised figure of 348,000. Economists had been expecting jobless claims to edge down to 345,000 from the 346,000 originally reported for the previous week.
• US factory orders surged up by 2.1 percent in May following an upwardly revised 1.3 percent increase in April. Economists had expected orders to increase by 2.0 percent compared to the 1.0 percent growth originally reported for the previous month.
• US trade deficit widened to $45.0 billion in May from a revised$40.1 billion in April. Economists had expected the deficit to widen to $40.8 billion. The wider than expected trade deficit recorded in May was the widest sincethe deficit hit $46.4 billion in November of 2012.
• US construction spending rose 0.5 percent to an annual rate of $874.9 billion in May from the revised April estimate of $870.3 billion. Spending had been expected to rise by 0.6 percent. While the increase in spending fell short of economist estimates, the annual rate still reached its highest level since September of 2009.
®
5
BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)
SECTORAL INDICES (% Change)
SMC Trend
SMC Trend
FMCGHealthcare
FTSE 100CAC 40
Auto BankRealty
Cap GoodsCons Durable
Oil & GasPower
NasdaqDow jonesS&P 500
NikkeiStrait times
Hang SengShanghai
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
ITMetal
Down SidewaysUp
SMC Trend
Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
®
6.23
4.353.84
3.382.68
-6.54
-3.32-2.67 -2.43 -2.15
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
GAIL (India) ITC Tata Motors Bharti Airtel Hind. Unilever
O N G C Tata Steel St Bk of India H D F C Bajaj Auto
8.86 8.57
6.53
4.473.91
-6.64
-4.81 -4.73 -4.55-4.17
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Lupin Ranbaxy Labs.
GAIL (India) ITC Tata Motors O N G C Bank of Baroda
Punjab Natl.Bank
Axis Bank NMDC
0.09
0.08
0.28
0.59
1.09
0.15
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
-1.89
-0.37
0.94
0.32
5.07
2.55
-0.17
-1.97
-1.29
-0.18-0.01
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index Healthcare Index
IT Index Metal Index Oil & Gas Index
Power Index Realty Index
-0.11
-1.61
1.19
0.53 0.57
2.50
1.36
3.32
1.88
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
-6.50
-585.60
-168.30
1211.40
11.30
-316.70
-120.30
-800.00
-600.00
-400.00
-200.00
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
Friday Monday Tuesday Wednesday Thursday
FII Activity MF Activity
Above calls are recommended with a time horizon of 1 year.
Beat the street - Fundamental Analysis
6
®
Current Mkt.Price ( ) 1534.15
Face Value (`) 1.00
52 Week High/Low 1598.00/1175.50
M.Cap (` Cr.) 300263.84
EPS (`) 67.13
P/E Ratio (times) 22.85
P/B Ratio (times) 7.79
Dividend Yield (%) 1.43
Stock Exchange BSE
`
VALUE PARAMETERS
% OF SHARE HOLDING
TATA CONSULTANCY SERVICES LIMITED CMP: 1534.15 Upside: 20%Target Price: 1844
Investment Rationale 2012. The company clocked volume growth of 4.4% on sequential basis in the fourth quarter.·TCS is an IT services, consulting and business
solutions organization, which offers a consulting- ·The company expects the Retail, Manufacturing led, integrated portfolio of IT, BPO, infrastructure, and Healthcare segments to do well. In the engineering and assurance services. Telecom segment, it expects revival in the coming
year as some of the de-growth in a couple of ·During the year ended March 2013, the company clients reached the bottom. Also, the deal has witnessed Gross addition of 69,728 employees pipeline is good, portfolio clients are diversified, and net addition of 37,613 employees, taking the and the Telecom segment is adopting digitization. total employee strength to 276,196. It expects to Further, The Banking, Financial Services, and hire 45000 employees in FY'14, out of which it has Insurance (BFSI) is also expected to do well with a already recruited 25000 individuals through the lot of opportunities in the reporting and data side. campus.
Valuation·The company has added 52 new clients taking the Active clients to 1065 during the quarter. Also, it The company expects FY'14 to be better year than has won 11 large deals signed across verticals. The FY'13 and anticipates defending the margins in a Utilization levels are at 82.0% (ex-trainees) and narrow band despite the headwinds from the wage 72.2% (including trainees) during the quarter. It hikes. We, thus, expect the stock to see a price target expects further improvement in the utilizations of ̀ 1844 in one year time frame, based on estimated (margins lever aspiration bring it to 85%) going FY14E EPS of 80.31 on a three year average P/Ex of forward. The Employee retention continues to be 22.96.best in the industry as the LTM Attrition (IT Services) at 9.4%.
·The Company has signed a definitive agreement for the acquisition of 100% equity shares in a France based IT services company Alti SA, for a value of € 75 million in an all-cash transaction. The acquisition will strengthen TCS' ability and increase its footprint to service its customers in France and other regions in Europe. Further, the acquisition will transform TCS into a major player in France, the third-largest IT services market in Europe.
·The company's consolidated net profit rose 1.9% to `3616 crore on 2.2% growth in revenue to `16430 crore in Q4 March 2013 over Q3 December
` in cr
Particular Mar 2013 Mar 2014 Mar 2015Revenue 62,989.48 72,759.54 82,719.88EBITDA 18,039.91 20,951.36 23,532.48EBIT 16,959.99 20,108.85 22,650.79Operating Profit 16,959.99 19,023.98 21,555.11Pre-Tax Profit 18,089.73 20,854.18 23,637.98Net Profit 13,917.31 15,785.14 17,923.32EPS 70.99 80.31 91.32BVPS 197.45 258.55 316.27ROE 37.88 34.07 31.31
P/BV Chart
Face Value ( ) 2.00
52 Week High/Low 300.00 / 209.10
M.Cap (`Cr.) 11922.36
EPS (`) 20.28
P/E Ratio (times) 11.65
P/B Ratio (times) 1.84
Stock Exchange BSE
`
` in cr
Particular Mar 2013 Mar 2014 Mar 2015
Net Total Income 1,534.49 2,057.10 2,521.15
EBIT 1,369.48 1,903.55 2,355.63
Pre-Tax Profit 1,373.57 1,781.67 2,191.22
Net Profit 1,023.21 1,329.16 1,616.64
EPS 20.28 24.77 31.18
BVPS 128.43 151.29 176.13
ROE 16.82 18.41 19.04
VALUE PARAMETERS
% OF SHARE HOLDING
Investment Rationale down from 0.74% of GNPA and 0.45% of NNPA at end December 2012.·In FY2014, company proposes to focus on
·The capital adequacy ratio with Tier I capital was at improving NIM, disbursement in developer loan 10.5% and Tier II at 5% at end March 2013.portfolio, improving the share of loan against
property (LAP) portfolio and raising growth in fee ·LIC Housing Finance is one of the largest housing income. finance companies in India having one of the
widest networks of offices across the country and ·Currently the share of bank borrowing is 30% representative offices at Dubai & Kuwait. which the company plans to reduce to 25-26% in
FY2014 to support NIM. Company expects about Valuation20-25 bps reduction in cost of borrowing in
The company has a track record of delivering robust FY2014. The composition of liabilities stood at
financial performance. Going forward the company is `20484 crore from banks borrowing, ̀ 41681 crore
likely to maintain the same on the back of healthy of Non-Convertible Debentures (NCDs), Rs 2500
loan growth expectation and expansion in NIM. It is crore of refinance from NHB, `3000 crore from
also focusing on improving its assets quality which sub-ordinated Tier II bonds and `770 of public
would have positive impact on the overall deposits at end March 2013.
performance of the company. ·During the year ended March 2013, the company
We expect the stock to see a price target of `278 in sanctioned and disbursed loans totaling `26477 one year time frame on a current P/B of 1.84x and crore & `24358 crore, registering a growth of 20% FY14 (E) book value per share of ̀ 151.29.& 22%, respectively over the previous year. Out of
the total , indiv idual loan sanct ions & disbursements were `24843 crore and `23230 crore, registering growth of 20% & 22%, respectively.
·The loan disbursal growth is estimated at 20% for FY2014 and would be ahead of industry growth.
·Net Interest Margins for the quarter ended March 2013 improved to 2.44% compared to 2.09% in Q3FY2013 and 2.44% for the Q4 of FY2012. NIM for the whole year stood at 2.18% as against 2.44% for FY2012.
·Gross NPA for the total portfolio stood at 0.61% and Net NPA was 0.36% as at end March 2013
P/E Chart
LIC HOUSING FINANCE LIMITED CMP: 236.25 Upside: 18%Target Price: 278
Source: Company Website Reuters Capitaline
34.07
12.3
0.073.47
40.31
9.78
Foreign
Institutions
Govt Holding
Non Promoter Corporate Holding
Promoters
Public & Others
1.69 2.49 3.29 4.09 Close Price
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16.14 5.43
0.3
73.96
4.17 Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
Charts by Spider Software India Ltd
7
The stock closed at 1236.00 on 04th July 2013. It made a 52-week low at
`1106.60 on 05th April 2013 and a 52-week high at `1545.35 on 04th October
2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly
chart is currently at ̀ 1111.91.
After a marginal fall, it is again rebounding from lower levels forming higher
lows, which shows its potential to move upwards. One can Buy in the range of
1240-1250 levels with closing below stop loss of 1200 levels for the target of
1310-1320 levels.
`
EQUITY
Above calls are recommended with a time horizon of 1-2 months
The stock closed at 185 on 04th July 2013. It made a 52-week low at 100.10 on
27rd July 2012 and a 52-week high of `204.90 on 07th January 2013. The 200
days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at ̀ 149.16.
It is a clear from the charts that it is in the uptrend and the momentum is intact
despite weakness in all other counters. After retracing a bit, it again went
northwards, which determine its strength. One can Buy in the range of 182-184
levels with closing below stop loss of 173 levels for the target of 200-205 levels.
` `
The stock closed at 866.45 on 04th July 2013. It made a 52-week low at 686.85
on 20th March 2013 and a 52-week high at `989.50 on 03th October 2012. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at ̀ 605.55.
It has formed inverted head and shoulder, which is a positive formation. One can
Buy 860-868 levels with closing below stop loss of 830 levels for the target of
920-940 levels.
` `
ACC Limited
BATA INDIA LIMITED
AUROBINDO PHARMA LIMITED
®
DERIVATIVES
BASIS GAP IN NIFTY
The overall market cost-of-carry ended positive. Nifty future closed at a premium of 5 points indicating long carry forward. Nifty is expected to remain in the range of 6000-5700 levels this week with positive bias. The options concentration continues to be at 5600-strike put option with an open interest of above 80 lakh shares. This is followed by the 6000-strike call option with above 70 lakh shares. Above discussed option data indicates put writing at 5600 strikes. On the call side data indicates call writing in 6000 strike. The PCR OI consolidated during the week and increased by the weekend to close at 1.30.The implied volatility (IV) of call options closed at 17.46% while the average IV of put options ended at 17.20%. The Nifty VIX decreased during the week and closed at 18.67%. It is expected to consolidate around current levels. It has a strong support around 18 levels. As long as the Index holds the support of 5840 level, a range bound trade action is likely with the upside potential of up to 5900 level in the near-term. However, owing to the recovery tone from the recent low of 5566 level, the Index is likely to extend its gain towards 6000 level. But, an immediate close below 5800 level shall drag the Index towards 5650 level. Trade long in the nifty above 5910 level or on any dip to 5850 with the stop loss of 5840 for the target of 5900 and 5980 levels. Alternatively, trade short if the Nifty slips below 5830 levels targeting 5650 support levels.
WEEKLY VIEW OF THE MARKET
NIFTY TOTAL OPEN INTEREST (in share)
FIIs ACTIVITY IN INDEX FUTURE (F&O) IN LAST WEEK
(Derivative segment)
®
FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS
(Derivative segment) `(Cr)
IDFC (JUL FUTURE)
Buy: Above `127.50
Target: `133
Stop loss: `124.50
HINDALCOBuy JUL 105 CALL 2.00Buy JUL 95 PUT 2.00
Lot size: 4000Upside BEP: 109.00Downside BEP: 91.00Max. Profit: UnlimitedMax. Loss: 16000.00 (4.00*4000)
OPTIONSTRATEGY
FUTURESTRATEGY
RELIANCE
Buy JUL. 880 CALL 24.00
Buy JUL. 900 CALL 16.00
Lot size: 250
BEP: 888.00
Max. Profit: 3000.00 (12.00*250)
Max. Loss: 2000.00 ( 8.00*250)
YESBANK (JUL FUTURE)
Sell: Below `461
Target: `450
Stop loss: `467
HDFCBANKBuy JUL 680 CALL 12.00Buy JUL 650 PUT 10.00
Lot size: 500Upside BEP: 702.00Downside BEP: 628.00Max. Profit: UnlimitedMax. Loss: 11000.00 (22.00*500)
VOLATILITY STRATEGY
DERIVATIVE STRATEGIES
BULLISH STRATEGY
AUROPHARMA (JUL FUTURE)
Buy: Above `191
Target: `198
Stop loss: `187
BUY67.7%
SELL32.3%
Call Put
234100 200200 283250
892800
1579950
2287750
4459850
5648650
6042350
4250950
2615300
1945150
2524150
4108900
5287350
7386300
6023200 5880150
20028501605550
839400
404950
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
5200 5300 5400 5500 5600 5700 5800 5900 6000 6100 6200
-226.4 -149.35
-907.53 -839.72
1699.99
514.45
2429.03
3561.28
1100.01
1509.73
-1500
-1000
-500
0
500
1000
1500
2000
2500
3000
3500
4000
21-Jun 24-Jun 25-Jun 26-Jun 27-Jun 28-Jun 01-Jul 02-Jul 03-Jul 04-Jul
8
-10
-8
-6
-4
-2
0
2
4
6
20-Jun 21-Jun 24-Jun 25-Jun 26-Jun 27-Jun 28-Jun 01-Jul 02-Jul 03-Jul 04-Jul
9
BHARTIARTL 6625000 7209000 8.82 0.96 0.82 -0.14 36.10 42.32 6.22
DLF 17807000 17420000 -2.17 0.85 0.80 -0.05 46.30 53.10 6.80
HINDALCO 21156000 20864000 -1.38 0.62 0.58 -0.04 42.44 47.58 5.14
HINDUNILVR 8952500 10917000 21.94 0.66 0.87 0.21 49.98 35.11 -14.87
ICICIBANK 5654000 5735250 1.44 0.61 0.71 0.10 31.56 34.56 3.00
IDEA 5064000 6440000 27.17 0.30 0.26 -0.04 46.51 43.86 -2.65
INFY 2349625 2531375 7.74 0.68 0.81 0.13 53.03 55.05 2.02
ITC 13553000 14936000 10.20 0.47 0.71 0.24 23.34 26.83 3.49
JPASSOCIAT 52124000 55352000 6.19 0.50 0.56 0.06 64.89 74.13 9.24
NTPC 11346000 11064000 -2.49 0.40 0.31 -0.09 27.05 27.21 0.16
ONGC 6498000 7488000 15.24 0.37 0.32 -0.05 35.97 35.02 -0.95
RANBAXY 3685500 3708500 0.62 0.63 0.75 0.12 50.99 53.35 2.36
RCOM 37936000 46468000 22.49 0.45 0.79 0.34 68.28 73.39 5.11
RELIANCE 7102500 7107250 0.07 0.81 0.74 -0.07 30.89 31.76 0.87
NIFTY 14332450 14965450 4.42 1.37 1.30 -0.07 16.11 17.46 1.35
SAIL 16032000 15888000 -0.90 0.37 0.42 0.05 46.01 52.75 6.74
SBIN 5469750 5841250 6.79 0.64 0.51 -0.13 28.33 36.48 8.15
TATASTEEL 19475000 21322000 9.48 0.50 0.44 -0.06 32.26 41.69 9.43
UNITECH 61696000 60904000 -1.28 0.43 0.62 0.19 57.36 75.39 18.03
IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS
OPEN INTEREST PCR RATIO IMPLIED VOLATILITY
SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE
DERIVATIVES
Put Call Ratio Analysis : The Put-Call open interest ratio of Nifty has decreased
to 1.30 from 1.37. At the end of the week, the maximum stocks had a positive of
change in put call open interest ratio.
Implied Volatility Analysis : The Implied Volatility (IV) for Nifty futures this week
has increased to 17.46% from 16.11%. The IV of the stock futures has changed this
week ranging from -14.87% to 18.03%.
Open Interest Analysis : The open interest for the index at the end of this week
has increased by 4.42% as compared to the previous week. All future stocks saw
changes in their open interest ranging from -2.49% to 27.17%. IDEA has the
maximum increase in open interest as compared to other stocks.
Statistical Analysis·
Open 5716.15 High 5896.50
Low 5755.00 Close 5840.10
NIFTY & IV CHART NIFTY ANALYSIS
®
16
17
18
19
5600
5700
5800
5900
28-Jun 01-Jul 02-Jul 03-Jul 04-Jul
Nifty Close IV
10
®
Bullion counter may remain sideways on mixed sentiments. On the domestic bourses, weak local currency rupee is giving cushion to the domestic gold prices. Gold may trade in the range of $1180-1280 in COMEX and 25400-26800 in MCX. White metal silver can also trade in the wide range of 38000-42000 in the near term. Bullion declined by 23 percent in the second quarter as Fed Chairman Ben S. Bernanke said that the central bank may slow its asset purchases this year if the economy continues to improve. Gold holdings in exchange traded products dropped 0.3 percent yesterday to 2,036.89 metric tons, the lowest since May 2010. China's gold consumption is set to exceed 1,000 tonnes for the year, having reached about 800 tonnes in the first half. China's 2012 gold consumption was 832.18 tonnes, up 9.35 percent from a year earlier, showed data from China Gold Association. Consumption in China, the world's second largest consumer after India, jumped more than 36 percent to 456.2 tonnes in the first four months of the year. Both the European Central Bank and the Bank of England in their monetary policy meetings last week signalled to extend their monetary stimulus programmes. This week FOMC minutes will be closely watched by the bullion investors. Investors weighed prospects for increased physical demand against reduced monetary stimulus speculations from the United States Federal Reserve. Recently speculators decreased their net long in gold by 7,754 contracts to 31,197, their weakest since June 2006. Meanwhile, gold can witness some safe-haven buying due to growing unrest in Egypt.
BULLIONS
Upside momentum may continue in crude oil but investors should be cautious at higher levels because profit booking can be seen in the near term. Recently recovery in the US economy and rising Middle East tensions along with the weaker local currency rupee has supported the prices. Overall it can trade in the range of 5800-6250 in MCX and $95-105 in NYMEX. U.S. crude oil inventories plunged more than 10 million barrels last week as imports fell sharply. A 6.1 million barrel drawdown in Gulf Coast stockpiles led the decline in U.S. inventories in the week to June 28, with the Midwest showing a decline of nearly 2 million barrels and a near 1.4 million barrel drop on the East Coast. The decline was the largest for the months of June or July since 2000, according to the EIA data. Overall U.S. crude inventories, which analysts had forecast to have fallen 2.3 million barrels, plunged to below 384 million barrels, the lowest level since March. Natural gas may remain under selling pressure as it can trade in the range of 205-225 in MCX. Natural-gas futures have wavered close to three-month lows as cooler-than-normal temperatures cut into fuel demand. Private forecasters WSI Energycast expects "a period of near-seasonable to colder-than-average temperatures over the central U.S. and southeast" regions, which are important drivers of gas demand. Natural gas is often used by utilities to generate electricity. The U.S. Energy Information Administration said 72 billion cubic feet of gas was injected into storage against average estimate of a 70-bcf injection.
ENERGY COMPLEX
Base metals complex may continue to trade in a volatile path on mixed fundamentals. Recent rise in greenback and the signal from Fed to end stimulus measures have kept the prices under selling pressure but hope of recovery in the US economy as indicated by economic data have supported the prices. Last week China HSBC/Markit Purchasing Managers' Index for June retreated to 48.2, the lowest level since September 2012 and down from May's final reading of 49.2. Growth in China's vast factory sector slowed to multi-month lows in June on faltering new orders, a pair of surveys showed, boding ill for the world's second-largest economy still smarting from fears of a credit crunch. The official PMI slipped to 50.1 in June from May's 50.8. Red metal copper can trade in the range of 400-430. China's copper importers are being forced by bottlenecks at London Metal Exchange's warehousing system to queue up for deliveries of metal they have already bought, resulting in spot copper import premiums rising by a third since mid June. Nickel prices can trade in the range of 800-850 in MCX. Aluminum prices may move in the range of 106-110 levels while Zinc prices can hover in the range of 108-114 in MCX. While battery metal Lead can move in the range of 121-127. US new motor vehicle sales were poised to record their strongest month in more than 5-1/2 years in June and factories saw a second straight month of gains in new orders in May, indicating some pick-up in economic activity.
BASE METALS
Chilli futures (Aug) may find difficulty in taking support above 5400 levels. In the days to come, the counter may slip further downside due to lack of fresh cues of demand. On the supply front, in the Madhya Pradesh region, favourable weather condition is being reported for sowing & in Andhra Pradesh districts like Visakhapatnam, Kurnool, Chittor, Nalgonda, Rangareddy, Nizamabad, Medak, Karimnagar area may increase during the current sowing period. In cardamom futures, the bearish factors such as upcountry stockist selling before the arrival of new crop & reports of less export demand because Gulf markets are said to be holding good carry-over stocks, may keep a lid over the counter. In regard to harvesting, the superior quality bold capsules would start coming only in the second round of picking, which might begin from mid-August. The forward month contract (Aug) may further plunge towards 740 levels. Turmeric futures (Aug) is likely to consolidate in the range of 5650-6150 levels owing to mixed sentiments of demand prevailing at the spot market. The upcountry exporters are still in the lack of sufficient orders due to bad weather condition in North Indian region. The supply side fundamentals reveal that Erode market is facing a stiff competition from Warangal and Nizamabad where the prices are cheaper by Rs 600/quintal. Jeera futures (Aug) will probably witness a consolidation in the range of 13350-13700 levels. A squeeze of supplies on the international market & expectations further improved export queries in lean season may support the counter in the days to come.
SPICES
OTHER COMMODITIES
Sugar futures (Aug) will probably manage to take support above 3020 levels. In the recent news, the Government has decided to increase the import duty on sugar to 15% from 10%. However, the Finance Ministry is yet to decide from when the duty hike will be implemented. Meanwhile, the spot market at Vashi is reeling under adequate supplies of about 120 – 125 truck loads, sufficient to meet the demand. The crushers are continuously selling in local markets in the absence of neighboring States' buying as prices in other centre's are ruling at par with Maharashtra. In the days to come, Maize futures (Aug) is expected to fall towards 1350 levels. At the spot market, 2-3% fungus reported in the Bihar crop, while Ludhiana crop contained around 14-15% moisture and crop from A.P. contained 11.5 % moisture. According to a recent survey conducted by the National Agri Innovation Project (NAIP) – Domestic and Export Market Intelligence Cell (DEMIC) the price of maize could decline from the current level of ̀ 1,550 a quintal to around `1,300 and Rs.1,400 as harvest (between October and December '13. Wheat futures (Aug) is likely to face resistance near 1600 levels. According to the latest report by International Grain Council, Black sea region is likely to export more this year and fall in exports is seen in Indian wheat. In the domestic market, supply side is comfortable due to huge carry-over stocks in govt. granaries.
CPO futures (Aug) will possibly continue to consolidate in the range of 495-510 levels. Market participants would be keeping an eye on the July 1-15 palm export data, to be released by Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance on July 10. Adding to it, the Malaysian Palm Oil Board is to release June's official stocks, output and exports data on the same date. Meanwhile, as per a Bloomberg & Reuters survey, the palm oil inventories in Malaysia probably contracted to the lowest level in a year. Soybean futures (Oct) is expected to trade in the range of 3000-3200 levels. The counter may continue to witness sell-off from higher levels, pressurized by sentiments, if rising area under production this season are in favorable growing conditions. The growers are seen getting attracted towards beans looking at the lucrative returns of the past year & the recent increase in minimum support prices. On CBOT, U.S Soybean futures are expected to remain sideways with the upside getting capped. Weather continues to be a wild card with reports of soybean growth that is well behind normal in the northwestern tier of the growing region. In the days to come, investors would be cautious ahead of the world agricultural supply and demand estimates to be released by U.S Dept. of Agriculture on July 11, 2013. Mustard futures (Aug) is likely to trade with a negative bias & remain below 3540 levels owing to negative crush margin quoting near ̀ -239.30/qtl.
OIL AND OILSEEDS
Closing as on 04.07.2013
11
NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.2) S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance. 3) 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.4) 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.
TECHNICAL RECOMMENDATIONS
EXCHANGE CONTRACT CLOSING DATE TREND
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN (JULY) 3663.00 04.07.13 SIDEWAYS
NCDEX JEERA (JULY) 13150.00 11.04.13 UP 13795.00 12400.00 - 12000.00 - 11500.00
NCDEX RED CHILLI (JULY) 5332.00 17.04.13 DOWN 6362.00 - 6000.00 6200.00 6300.00
NCDEX RM SEEDS (JULY) 3427.00 11.04.13 UP 3586.00 3280.00 - 3200.00 - 3100.00
MCX MENTHA OIL (JULY) 958.50 13.06.13 SIDEWAYS
MCX CARDAMOM (JULY) 713.90 28.02.13 DOWN 965.00 - 820.00 850.00 900.00
MCX SILVER (SEP) 40971.00 20.12.12 DOWN 57351.00 - 43000.00 44000.00 45000.00
MCX GOLD (AUGUST ) 26143.00 27.06.13 DOWN 25375.00 - 27000.00 28000.00 28500.00
MCX COPPER (AUGUST) 419.95 30.05.13 UP 414.55 390.00 - 380.00 - 370.00
MCX LEAD (JULY) 124.35 30.05.13 UP 122.90 117.00 - 113.00 - 110.00
MCX ZINC (JULY) 111.00 30.05.13 UP 107.55 104.00 - 102.00 - 100.00
MCX NICKEL (JULY) 831.50 21.02.13 DOWN 920.30 - 870.00 900.00 920.00
MCX ALUMINUM (JULY) 107.50 27.06.13 SIDEWAYS
MCX CRUDE OIL (JULY) 6075.00 06.06.13 UP 5404.00 5700.00 - 5600.00 - 5500.00
MCX NATURAL GAS (JULY) 220.80 06.06.13 DOWN 218.60 - 235.00 245.00 250.00
TREND RATE TREND S1 R1 S2 R2 CLOSING
*
TREND SHEET
COMMODITY
MAIZE RABI NCDEX (AUGUST) contract closed at 1410.00 on 4th July '13. The contract made its high of
`1518.00 on 1st June '13 and a low of ̀ 1220.00 on 16th May '13. The 18-day Exponential Moving Average
of the commodity is currently at ̀ 1416.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 50. One can buy the
range 1400-1380 with the stop loss of ̀ 1345 for a target of ̀ 1485.
`
CASTORSEED NCDEX (AUGUST) contract closed at 3570.00 on 4th July '13. The contract made its high
of `3793.00 on 11th June '13 and a low of `3323.00 on 28th May '13.The 18-day Exponential Moving
Average of the Commodity is currently at ̀ 3555.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 50.One can buy in the
range 3530-3520 with the stop loss of ̀ 3480 for target of ̀ 3650.
`
CORIANDER NCDEX (AUGUST) contract closed at 6194.00 on 4th July '13.The contract made its high of
`6972.00 on 7th June '13 and a low of ̀ 6120.00 on 4th July '13.The 18-day Exponential Moving Average of
the Commodity is currently at ̀ 6528.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 30.87. One can buy in
the range 6200-6100 with the stop loss of ̀ 6020 for a target of ̀ 6350.
`
®
MAIZE RABI NCDEX (AUGUST)
CASTORSEED NCDEX (AUGUST)
CORIANDER NCDEX (AUGUST)
COMMODITY
NEWS DIGEST
Bullion counter traded on a mixed note last week with some short covering at lower levels. Gold managed to take support near $1200 in COMEX and 26000 in MCX. Gold slumped by 23 percent in the last quarter as Fed Chairman Ben S. Bernanke said that the central bank may taper its bond buying program this year if the economy continues to improve. Crude oil prices continued its upside momentum as it tested the key level of 6150 in MCX and $101 in NYMEX. Egypt crises and the drawdown in stockpiles lifted the prices higher. WTI surged above $100 a barrel this week for the first time since September as a political showdown in Egypt heightened concern that unrest in the most populous Arab country will spread and disrupt regional oil supplies. Egypt's army forced Mohamed Mursi from power a year after his election and a military appointed interim president, Adly Mansour was sworn in. The White House and most leaders in the Congress have so far avoided describing the transition as a “coup,” which could cost Egypt more than $1.5 billion a year in military and humanitarian aid under U.S. law. Base metals moved sideways with upward bias. Copper managed to recover from 405 to 425 levels in MCX. Zinc continued its upside momentum and tested 113 levels while Lead tested 124 levels on the domestic bourses. Copper for immediate delivery on the LME settled at a $4.50-a-ton premium to the three-month contract after swinging between a premium and a discount. Copper drifted lower in thelater part of the week on lingering concern that demand will weaken as the economy slows in China, the world's biggest consumer of the metal. While weak local currency supported the domestic prices.Half of the year is gone... and the month of June was best start of the four-month long rainy season since 2001, as rainfall was 32% above average. In the first five weeks of the monsoon season, rains had been 27% above average as this year's monsoon covered the whole country in record time. The weather outlook for subsequent four days from 7th July to 11th July, 2013 is that the rainfall activity would occur over central India, Rajasthan, Haryana, Delhi, Punjab, East Uttar Pradesh, West Uttar Pradesh, Uttarakhand, Himachal Pradesh, eastern states, northeastern states and along west coast. There has been a significant impact of such a good monsoon over the Kharif crops. Chana prices continued to witness a downfall pressurized by higher sowing area under pulses & lack of any fresh cues of demand at spot markets. The upside in cotton prices remained capped as market participants were cautious keeping a watch on the area under sowing. Commodities like wheat & maize were trapped in bearish zone on reports that International Grain Council raised the prospects of output in 2013/14. Bearish sentiments of expectation of rise in area under soybean & selling pressure continued to hover over the oilseeds complex. In spices, commodities such as turmeric & cardamom faded away under the pressure of arrivals & facing lack of upcountry export demand.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 26.06.13 03.07.13 DIFFERENCEQTY.
BARLEY MT 30426 30608 182
CASTOR SEED MT 154824 156235 1411
CHANA MT 137893 147442 9549
CHILLI MT 11877 10999 -878
COTTONSEED OILCAKE MT 89992 83446 -6546
JEERA MT 8427 8745 318
MAIZE MT 8434 9202 7680
RAPE MUSTARD SEED MT 94367 97713 3346
SOYA BEAN SEEDS MT 23027 22153 -874
SUGAR M MT 12048 12495 447
WHEAT MT 16644 16307 -337
COMMODITY UNIT 27.06.13 04.07.13 DIFFERENCE
QTY. QTY.
CARDAMOM MT 60.30 47.40 -12.90
COTTON BALES 161400.00 161400.00 0.00
GOLD KGS 362.00 356.00 -6.00
GOLD MINI KGS 56.30 312.30 256.00
GOLD GUINEA KGS 268.66 268.46 -0.21
MENTHA OIL KGS 582084.75 874667.20 292582.45
MILD STEEL MT 1443.25 1355.33 -87.92
SILVER (30 KG Bar) KGS 13453.57 34073.51 20619.95
·China headline services PMI published by the National Bureau of Statistics slipped to a 9-month low of 53.9 in June from May's 54.3.
·Euro zone producer prices fell by slightly more than expected in May and for the third straight month.
·US Institute for Supply Management index of national factory activity in June rose to 50.9 from 49.0 in May, a touch above of expectations of 50.5.
·Hedge funds and money managers last week slashed their bullish bets in gold futures and options to their lowest levels in six years, as bullion prices fell to a three-year low.
·Barrick Gold Corp has slowed spending at its Pascua-Lama project in South America, delaying first output to 2016.
·FMC has reduced the staggered delivery period, in near-month farm contracts, to 10 days from 15 presently from the August contract onwards.
·Govt. has decided to raise the import duty on sugar to 15% from 10%.
·The Minimum Initial Margin has been reduced to 5% of the value of the contract or VaR based margin whichever is higher on all running contracts and yet to be launched contracts of Chana, RM Seed, Soybean & Ref. Soy Oil w.e.f July 3, 2013.
·NCDEX Spot Exchange (NSPOT) has tied up with Punjab National Bank (PNB) to provide credit to farmers, processors and market participants.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
QTY.
6.876.51
5.324.81
4.51
-5.84
-4.63
-1.79-1.39
-1.11
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
GUAR SEED PVC NEW GUAR GUM RUBBER NEW CRUDE OIL CORIANDER MAIZE KHARIF BARLEY CHANA RED CHILLI
6.34
5.014.63
3.14 3.05
-5.99
-4.54
-3.43
-2.45
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
GUAR SEED GUAR GUM CRUD EOIL COPPER M BR. CRUDE OIL CARDAMOM MENTHA OIL POTATO STEEL RPR
Brent –WTI Spread....Shrinking Rapidly
13
SPOT PRICES (% change)
COMMODITY
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
27.06.13 04.07.13
ALUMINIUM 5448000 5436400 -11600
COPPER 671100 660725 -10375
NICKEL 187956 190590 2634
LEAD 194600 197750 3150
ZINC 1062950 1043700 -19250
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 28.06.13 04.07.13 CHANGE(%)
Soya CBOT NOV Cent per Bushel 1252.00 1250.75 -0.10
Maize CBOT SEPT Cent per Bushel 547.25 532.25 -2.74
CPO BMD SEPT MYR per MT 2344.00 2371.00 1.15
Sugar LIFFE AUG 10 cents per MT 502.30 496.30 -1.19
COMMODITY EXCHANGE CONTRACT 28.06.13 04.07.13 CHANGE%
ALUMINIUM LME 3 MONTHS 1773.00 1812.00 2.20
COPPER LME 3 MONTHS 6750.00 6950.00 2.96
LEAD LME 3 MONTHS 2051.00 2074.00 1.12
NICKEL LME 3 MONTHS 13710.00 13825.00 0.84
ZINC LME 3 MONTHS 1853.00 1860.00 0.38
GOLD COMEX* AUG 1223.70 1251.90 2.30
SILVER COMEX* SEPT 19.47 19.70 1.18
LIGHT CRUDE OIL NYMEX* AUG 96.56 101.24 4.85
NATURAL GAS NYMEX* AUG 3.57 3.69 3.51
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
The Brent and WTI crude oil spread has been steadily narrowing from more than $23 a
barrel in mid-February to below $3.09 on July 03, 2013 it's narrowest since December
2010.
There are several factors involve in the spread's narrowing including rising domestic
production and falling demand for Brent oil.
• U.S. crude futures have risen around 8 percent to above $99.60 per barrel so far
this year, due to improved pipeline and rail capacity easing the glut at America's
oil-storage hub at Cushing, Oklahoma.
• Brent crude futures, meanwhile, have fallen 8 percent to $104 a barrel in 2013 as
North Sea oilfields return to production and Saudi Arabia increases oil output.
• Demand for Brent-quality crude in the United States has declined as imports of
Brent-quality crude in US have been displaced by a rise in U.S. light sweet crude
production.
• Brent (North Sea) prices have also lowered due to reduced demand amid
speculation that a cash crunch may restrain economic growth in China, the
world's largest energy user.
• Before 2011, Brent and WTI crude oil prices were tracked closely, with Brent
crude oil prices typically trading at a slight discount to WTI crude oil, reflecting
delivery costs to transport Brent crude oil and Brent-like crude oil into the U.S.
market, where they competed with WTI crude oil.
• In early 2011, this longstanding relationship began to change as increased U.S.
light sweet crude oil production combined with limited pipeline capacity to move
the crude from production fields and storage locations, including Cushing,
Oklahoma, the delivery point for the Nymex light sweet crude oil contract to
refining centers, put downward pressure on the price of WTI crude oil. Since then,
WTI crude oil has priced at a persistent discount to Brent crude oil.
• In the recent, since mid-2012, significant pipeline takeaway capacity has been
enabling crude oil to flow to and fro the trading hub more easily. This has eased
the downward pressure on the price of WTI. Other pipeline and rail projects have
also been, making it possible to move barrels from production areas, such as
Texas and North Dakota, to
refinery centers without
passing through the hub.
• Even U.S. East Coast
refineries, which
historically have relied on
Brent crude oil and Brent-
like crudes, can now
access U.S. light sweet
crude oil and putting
downward pressure on the
price of Brent crude oil and
narrowing the differential
versus WTI crude oil.
Analysis: Brent fell at faster pace than WTI crude oil.
The future of the Brent-WTI price spread will be determined, in part, by the balance
between future growth in U.S. crude production and the capacity of crude oil
infrastructure to move that crude to U.S. refiners. The International Energy Agency
(IEA) reported that planned maintenance in the North Sea oil fields this summer will
reduce production, adding upward pressure to Brent prices and potentially widening
the Brent-WTI spread
®
Source: Reuters
-4.18
-3.60
-3.18
-2.22
-1.99
-1.40
-1.39
-0.69
-0.66
-0.54
-0.44
-0.37
0.00
0.07
0.79
1.06
1.33
1.63
3.43
3.91
6.55
-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00
CORIANDER (KOTA)
MENTHA OIL (CHANDAUSI)
MASOOR (INDORE)
CHILLI (GUNTUR)
TURMERIC (NIZAMABAD)
RAW JUTE (KOLKATA)
CARDAMOM (VANDANMEDU)
REFINED SOYA OIL (INDORE)
WHEAT (DELHI)
CHANA (DELHI)
JEERA (UNJHA)
CRUDE PALM OIL (KANDLA)
MILD STEEL INGOTS (GHAZIABAD)
GUR (MUZAFFARNGR.)
BARLEY (JAIPUR)
GOLD KG (MUMBAI)
MUSTARD (JAIPUR)
SOYABEAN (INDORE)
SILVER (DELHI)
PEPPER MALABAR GAR (KOCHI)
RUBBER (KOCHI)
* Closing as on 03.07.13
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 59.80 60.75 59.22 60.44
EUR/INR 78.04 78.80 77.15 78.50
GBP/INR 91.02 92.54 90.06 91.19
JPY/INR 60.29 61.03 59.39 60.57
(Source: Thomson Reuters, Open: Friday (Prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)
News Flows of last week
02nd July: U.S. new motor vehicle sales in June were poised to record their
strongest month in more than 5-1/2 years
03rd July: U.S. Private employers hired more workers than expected in June
03rd July: The trade deficit widened sharply in May, as stronger U.S. demand
pulled in more imports from China
03rd July: U.S. small business employment edged down for the second straight
month in June
03rd July: U.S. Service sector growth slowed to three-year low in June: ISM
04th July: UK car sales up 13.4 percent year-on-year in June
04th July: UK house prices rose 0.6 percent in June
EUR/INR (JULY) contract closed at 78.50 on 04th July'13. The contract made its high of `78.80 on 04th July'13 and a low of `77.15 on 01st July'13 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 77.97.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 63.70. One can buy above 78.55 for a target of 79.55 with the stop loss of 78.05
`
JPY/INR (JULY) contract closed at 60.57 on 04th July'13. The contract made its
high of `61.03 on 03rd July'13 and a low of `59.39 on 01st July'13 (Weekly Basis).
The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 60.45.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 56.60
One can buy above 61.20 for a target of 62.25 with the stop loss of ̀ 60.70.
`
Market Stance
Early gains witnessed during the beginning of the week were erased in later part
of the week in rupee as once again it breached 60 mark on the local bourses on
fresh dollar demand from banks and importers amid the US currency
strengthening overseas. Sentiment was also dented after the Reserve Bank of
India chief said that the bank would not defend any particular exchange rate,
which dealers read as likely absence of any heavy intervention. However, the
losses in local currency were capped by a strong stock performance with local
stocks gaining sharply in later part of the week. In coming period, the battered
Indian rupee is expected to remain under pressure against the U.S. dollar as a
wide current account deficit and policy inaction dissuades foreign investment
into the country.
EUR/INR
USD/INR (JULY) contract closed at 60.44 on 04th July'13. The contract made its high of ̀ 60.75 on 04th July'13 and a low of ̀ 59.22 on 01st July'13 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 59.73.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 71.90. One can buy on around 60.45 for a target of 61.45 with the stop loss of 59.95.
`
GBP/INR (JULY) contract closed at 91.19 on 04th July'13. The contract made its
high of ̀ 92.54 on 03rd July'13 and a low of ̀ 90.06 on 01st July'13 (Weekly Basis).
The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 91.19.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 57.29.
One can sell below 90.00 for a target of ̀ 88.50 with the stop loss of ̀ 90.70
`
USD/INRTechnical Recommendation
GBP/INR JPY/INR
14
®
Economic gauge for the next week
Date Currency Event PREVIOUS
08th July: EUR Euro-Zone Sentix Investor Confidence -11.6
08th July: EUR German Industrial Production n.s.a. and w.d.a. (YoY)1.00%
09th July: GBP Manufacturing Production (YoY) -0.50%
09th July: GBP Industrial Production (YoY) -0.60%
09th July: GBP NIESR Gross Domestic Product Estimate 0.60%
10th July: EUR German Consumer Price Index (YoY) 1.80%
10th July: USD Fed Releases Minutes from Jun 18-19 FOMC Meeting
11th July: EUR ECB Publishes Monthly Report
12th July: EUR Euro-Zone Industrial Production w.d.a. (YoY) -0.60%
12th July: USD Producer Price Index Ex Food & Energy (YoY) 1.70%
12th July: USD Producer Price Index (YoY) 1.70%
12th July: USD U. of Michigan Confidence 84.1
IPOIPO
SEBI and FII Norms
1. Committee on Rationalization of Investment Routes and Monitoring of Foreign Portfolio Investments.
SEBI in its Board meeting discussed the report of the “Committee on Rationalization of Investment Routes and Monitoring of Foreign Portfolio Investments”,
under the Chairmanship of Shri K. M. Chandrasekhar, former Cabinet Secretary, Government of India (GoI).
The Board accepted the recommendations of the Committee which, inter alia, include:
i. Simplified and uniform entry norms for foreign investors by merging existing FIIs, Sub Accounts and Qualified Foreign Investors (QFIs) into a new investor class
to be termed as “Foreign Portfolio Investors” (FPIs).
ii. In order to make the procedure much simpler, prior direct registration of FIIs and Sub Accounts with SEBI be done away with. Instead, DDPs authorized by
SEBI would register FPIs on behalf of SEBI subject to compliance with KYC requirements.
iii. Risk Based Approach towards Know Your Client (KYC) – From the point of KYC, the Committee recommended for categorization of FPIs into three categories.
a. Category I - which would include Government and Government related entities such as Foreign Central Banks, Sovereign Wealth Funds, Multilateral
Organizations etc.
b. Category II - which would include regulated entities such as Banks, Asset Management Companies, Broad Based Funds such as Mutual Funds, Investment
Trusts, Insurance and Reinsurance Companies, University Funds, Pension Funds and University related Endowments already registered with SEBI.
c. Category III – All other FPIs not eligible to be included in the above two Categories.
The approach to KYC will be risk based. The documents needed for registration and onboarding would be the simplest for Category I and most stringent for
Category III.
The requirement of submitting personal identification documents such as copy of passport, photograph etc. of the designated officials of FPIs belonging to
Category I and Category II shall be done away with.
iv. Portfolio investments to be defined as investment by any single investor or investor group, which shall not exceed 10% of the equity of an Indian company.
Any investment beyond the threshold of 10% shall be considered as Foreign Direct Investment (FDI).
While accepting the recommendations of the committee the Board decided that the recommendations concerning SEBI would be implemented by SEBI
and it would refer the other recommendations to Government of India for implementation.
2. Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 relating to preferential issue
With a view to enhance transparency, ensure adequate audit trail and apply lock-in for the shares allotted in preferential issues, the Board approved the
following:
(i) Preferential issue shall be subscribed only through the allottee's own bank account. Further, the issuing company shall disclose the ultimate beneficial owner
of allotted shares.
(ii) Allotments in preferential issues shall only be made in dematerialized form.
(iii) Shares allotted in the preferential issue shall not be transferred till trading approval is granted for such shares by the stock exchanges. Further, the lock-in
period shall commence on the date of such trading approval.
3. Proposed amendment in Securities and Exchange Board of India(Stock-Brokers and Sub-Brokers) Regulations, 1992 with respect to
debt segment on stock exchanges
i. Pursuant to SEBI circular dated January 24, 2013, Debt Segment has been introduced on NSE and MCX-SX to provide for trading, clearing, settlement,
reporting etc of trades in debt instruments.
ii. After introduction of Debt Segment on exchanges, market feedback indicated need for further clarity and ease of participation as the debt segment is in
nascent stage of evolution and needs further impetus to bring it at par with the other segments of the Exchange. In view of market this, the Board considered
and approved the following proposals:
(a) For membership of debt segment, the net worth of regulated entities shall be computed as specified by their sectoral regulator.
(b) In respect of stockbrokers or clearing members/ self clearing members who are already members of clearing corporation, no additional deposit shall be
required. For those entities who are not already a stock broker/ clearing member/ self clearing member and seek to be clearing members/ self clearing
members of the debt segment, the deposit requirement shall be Rs.10 lakhs. This requirement may be reviewed after a period of five years.
(c) Similarly, in respect of stockbrokers or clearing members/ self clearing members who are already members of clearing corporation, no annual fee shall
be payable for taking membership of debt segment of clearing corporation. Any new entity which does not have membership as stock broker/ clearing
member/ self clearing member in any segment and seeks membership on debt segment of clearing corporation for the first time, annual fee of rupees
fifty thousand shall be applicable every financial year till its registration is in force.
4. Single Self Regulatory Organization (SRO) for Distributors of Mutual Fund Products
The Board approved the proposal to have single SRO for Distributors of Mutual Fund Products after following a fair and transparent procedure. Further, in order to
facilitate the recognition of single SRO for Distributors of Mutual Fund Products and to avoid delay, it has been decided to have a cut off time for accepting
applications for being recognized as SRO.
5. Amendment to SEBI (Mutual Fund) Regulations, 1996, regarding direct trading in debt segment of Stock Exchanges
The Board has approved the proposal to permit the asset management companies managing schemes of mutual funds to take membership of debt segment of
stock exchanges under 'Proprietary Trading Member' (PTM) category. However, this will be only to undertake trades directly on behalf of such schemes managed
by them.
15
®
16
®
MUTUAL FUND
NEWS
MF AUM touches new high; rises for 5th consecutive quarter
Indian mutual funds' average assets under management (AUM) rose to a new high of 8.47 trillion in the April-June 2013 quarter, up by 3.68% or 300 bn from 8.17 trillion in the previous quarter (excluding fund of funds) as per the latest numbers released by the Association of Mutual Funds in India (AMFI). It marks the industry's fifth successive quarterly AUM gain. The rise was led by heavy inflows into debt mutual funds on the back of interest rate cuts by the Reserve Bank of India (RBI).
Equity funds' assets saw highest fall in past six quarters
Equity mutual funds' average AUM fell for the sixth quarter in a row by around 5% or ̀ 100 bn in the June quarter to ̀ 1.99 trillion led by heavy outflows despite mark to market gains seen during the quarter. The underlying market, represented by the CNX Nifty, rose by 3% during the quarter on hopes of monetary easing and the subsequent repo rate cut by 25 bps in May 2013 by the RBI; internationally, positive economic cues from US also helped domestic equities.
Gold ETFs' average AUM saw a record fall
Average AUM of gold exchange traded funds (ETFs) witnessed a record fall (down ̀ 13 bn or 11%) to ̀ 106 bn in the June quarter due to outflows as well as mark to market losses. Investors withdrew their investments from the category in recent months amid a weak trend in underlying asset prices. Local gold prices, represented by the CRISIL Gold Index, fell by 15% in the June quarter. Gold prices fell in the quarter on worries of supply glut, a sharp rise in the dollar internationally, and weak domestic demand. Measures by the Indian government and the RBI to reduce gold import in the country in their bid to reduce the current account deficit (CAD) also dampened sentiments for gold prices.
HDFC Mutual Fund AUM retains its top position
HDFC Mutual Fund's average AUM retained its top position across fund houses in the June quarter with respect to total assets managed. The fund's average AUM was up by ̀ 33 bn or 3.2% to ̀ 1.05 trillion. Reliance Mutual Fund maintained the second position at ̀ 978 bn, up by 3.4% or ̀ 32 bn. ICICI Prudential Mutual Fund was ranked third in the asset tally at ̀ 917 bn; its average assets were up ̀ 39 bn or 4.4%. Share of the top five mutual funds' assets was 53% in the June quarter (same as previous quarter) while the share of top 10 funds' assets was 78% (higher than 77% in the previous quarter). The bottom 10 fund houses continued to occupy less than 1% of the average AUM.
HDFC MF introduces FMP 370D July 2013 (1)
HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC FMP 370D July 2013 (1), a Close Ended income scheme. The NFO opens for subscription on July 4, 2013, and closes on July 9, 2013. The investment objective of the scheme is to generate income through investments in Debt / Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).
ICICI Prudential MF introduces Interval Fund- Series VI - Annual Interval Plan - F
ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Interval Fund - Series VI - Annual Interval Plan - F, an open ended income scheme. The NFO opens for subscription on July 4, 2013, and closes on July 8, 2013. The investment objective of the scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities maturing on or before the opening of the immediately following Specified Transaction Period (STP). However, there can be no assurance that the investment objective of the Scheme will be realized.
UTI MF declares dividend under Fixed Income Interval Fund Monthly Interval Plan – II
UTI Mutual Fund has declared dividend under dividend sub option of UTI Fixed Income Interval Fund Monthly Interval Plan - II. The record date for dividend is July 9, 2013. The rate of dividend will be 100% of distributable surplus as on the record date on the face value of ̀ 10 per unit.
` ` `
17
®
NFOs WATCH
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount
04-Jul-2013 08-Jul-2013 Close-Ended Growth `5000/-ICICI Prudential Interval Fund Sr VI-Annual Interval Plan-F-Direct (G)
Manish Banthiato generate optimal returns consistent with
moderate levels of risk and liquidity by
investing in debt securities and money
market securities maturing on or before the
opening of the immediately following
Specified Transaction Period
04-Jul-2013 09-Jul-2013 Close-Ended Growth `5000/-HDFC Fixed Maturity Plan - 370D - July 2013 Series 26 (1) Direct Plan (G)
Anil Bambolito generate regular income through
investments in debt / money market
instruments and government securities
maturing on or before the maturity date of
the plan
01-Jul-2013 15-Jul-2013 Close-Ended Growth `5000/-Union KBC Capital Protection Oriented Fund - Series 3 (G)
Parijat AgrawalTo seek to generate income / capital
appreciation by investing in a portfolio of
Debt and Money Market Instruments maturing
on or before the maturity of the Scheme.
08-Jul-2013 22-Jul-2013 Close-Ended Growth `5000/-BNP Paribas Capital Protection Oriented Fund - Series II (G)
Puneet Pal / Shreyash Devalkar
To seek capital protection by investing in
fixed income securities maturing on or
before the maturity of the scheme and
seeking capital appreciation by investing in
premium of exchange traded options.
18
MUTUAL FUND Performance Charts
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Birla Sun Life India GenNext Fund - G 32.00 05-Aug-2005 150.15 9.55 -0.78 25.00 13.10 15.82 1.74 0.74 0.16 47.62 40.31 4.72 7.35
ICICI Prudential Service Industries Fund - G 20.20 30-Nov-2005 140.95 4.34 4.39 22.20 7.17 9.70 1.61 0.63 0.18 58.69 32.58 1.37 7.36
Axis Equity Fund - Growth 12.62 05-Jan-2010 547.42 5.25 2.19 19.51 5.79 6.88 1.72 0.83 0.15 79.01 5.86 3.76 11.37
Franklin India Smaller Companies Fund - G 16.40 13-Jan-2006 297.29 3.75 -5.84 18.44 6.02 6.84 1.78 0.60 0.12 21.65 59.10 8.74 10.51
Morgan Stanley Growth Fund - Growth 65.78 18-Feb-1994 1312.82 5.53 -2.29 17.59 3.32 11.92 1.72 0.80 0.09 71.48 22.41 0.75 5.37
Franklin India Prima Fund - Growth 316.06 01-Dec-1993 772.93 3.59 -5.88 17.16 6.20 19.26 1.62 0.57 0.11 31.98 54.42 5.23 8.37
Tata Ethical Fund - Plan A - Growth 74.48 24-May-1996 103.22 4.52 0.54 16.69 6.25 16.28 1.24 0.48 0.12 63.50 27.37 -- 9.14
EQUITY (Diversified)
BALANCED
INCOME FUND
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 04/07/2013Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%
ULTRA SHORT TERM
SHORT TERM FUND
Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns
Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
SBI Magnum Balanced Fund - Growth 56.20 09-Oct-1995 398.82 3.23 -2.53 16.89 4.71 15.49 1.19 0.09 28.37 31.85 6.56 33.22
ICICI Prudential Balanced - Growth 55.45 03-Nov-1999 501.94 2.97 -2.45 13.37 9.58 13.34 1.21 0.03 42.43 21.77 2.34 33.46
Tata Balanced Fund - Plan A - Growth 96.99 08-Oct-1995 545.88 4.04 -3.06 11.36 7.32 15.65 1.40 0.02 51.91 20.01 2.02 26.07
FT India Balanced Fund - Growth 54.65 10-Dec-1999 206.99 3.96 -1.63 10.54 5.83 13.33 1.27 0.02 52.79 18.83 1.26 27.12
Birla Sun Life 95 - Growth 339.30 10-Feb-1995 585.45 2.95 -3.91 10.53 5.40 21.10 1.42 N.A 52.24 15.86 0.72 31.18
Kotak Balance 18.43 25-Nov-1999 101.44 0.84 -1.79 9.04 5.38 15.10 1.28 0.01 54.87 9.70 0.47 34.96
UTI Balanced Fund - Growth 83.85 20-Jan-1995 913.59 0.36 -5.64 7.14 3.29 15.85 1.29 -0.03 50.83 21.71 0.80 26.66
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch AUM Since Std. SharpeMaturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Morgan Stanley Active Bond Fund - Reg - G 12.78 03-Jun-2009 411.42 19.50 -7.49 -15.15 14.52 14.24 8.13 6.18 23.53 0.24 2838.00 7.95
SBI Magnum Income Fund - Growth 30.27 25-Nov-1998 5266.21 32.57 -4.26 -14.36 12.25 13.95 9.95 7.83 20.06 0.32 3427.00 7.86
Templeton India IBA - Growth 41.55 23-Jun-1997 1372.28 20.76 5.12 -6.28 13.05 13.53 10.24 9.29 17.32 0.32 1905.00 8.56
Templeton India IBA - Plan B - Growth 41.55 23-Jun-1997 1372.28 20.76 5.12 -6.28 13.05 13.53 10.24 9.29 17.32 0.32 1905.00 8.56
Birla Sun Life Income Plus - DAP 14.03 06-Mar-2009 5143.96 31.45 -13.76 -19.99 13.34 13.46 9.32 8.12 22.01 0.25 N.A 7.76
Birla Sun Life Income Plus - Growth 55.59 21-Oct-1995 5143.96 31.44 -13.76 -19.99 13.28 13.42 9.30 10.17 22.00 0.25 N.A 7.76
SBI Dynamic Bond Fund - Growth 15.32 09-Feb-2004 6827.32 35.64 -4.15 -14.90 12.19 13.23 11.34 4.75 20.68 0.25 3741.00 7.84
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Birla Sun Life Medium Term Plan - G 14.34 25-Mar-2009 825.96 18.28 3.70 2.51 13.02 12.08 10.06 8.79 9.35 0.50 N.A 10.50
Birla Sun Life Short Term Opportunities Fund - G 19.35 24-Apr-2003 675.56 15.89 4.87 3.97 12.48 12.22 10.10 6.68 8.51 0.56 N.A 10.26
Birla Sun Life Dynamic Bond Fund - Ret - DAP 14.22 08-Apr-2009 16203.30 24.43 1.39 -1.42 11.20 11.39 9.27 8.65 8.85 0.40 N.A 8.62
Birla Sun Life Dynamic Bond Fund - Ret - G 20.55 24-Sep-2004 16203.30 24.44 1.38 -1.42 11.20 11.39 9.27 8.55 8.85 0.40 N.A 8.62
ICICI Prudential Dynamic Bond Fund - Reg - G 13.48 12-Jun-2009 882.48 28.00 -6.89 -13.46 11.04 11.05 9.08 7.63 15.36 0.23 2675.00 7.81
Templeton India STIP - Growth 2428.24 31-Jan-2002 6306.13 20.43 8.22 3.31 10.55 10.74 8.82 8.07 6.62 0.49 880.00 9.93
Tata Short Term Bond Fund - Plan A - G 22.27 08-Aug-2002 270.97 15.26 5.06 3.42 10.18 10.21 8.51 7.61 5.72 0.47 N.A 8.12
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Templeton India Low Duration Fund - G 13.04 26-Jul-2010 2367.30 13.07 10.70 9.22 9.56 9.73 N.A 9.44 1.99 1.19 117.00 8.81
DWS Treasury Fund - Investment - Reg - G 13.33 09-Oct-2009 616.66 9.64 9.44 8.18 9.37 9.23 8.39 7.99 3.11 0.68 281.00 8.31
Indiabulls Ultra Short Term Fund - G 1152.06 06-Jan-2012 939.83 9.83 8.95 8.12 9.30 9.63 N.A 9.94 1.44 1.60 164.00 8.17
IDFC Ultra Short Term Fund - Reg - G 16.71 17-Jan-2006 1974.22 10.79 9.73 9.05 9.26 9.39 9.31 7.12 2.22 1.08 91.00 8.50
Kotak Floater - LT - Growth 19.14 13-Aug-2004 4666.66 10.48 8.24 8.17 9.20 9.43 8.91 7.57 1.83 1.16 N.A 8.45
DWS Cash Opportunities Fund - Reg - G 16.02 22-Jun-2007 373.91 11.09 11.47 9.09 9.13 9.38 8.75 8.12 2.28 0.95 183.00 9.08
Templeton India Ultra Short Bond Fund - Retail - G 15.33 18-Dec-2007 4477.75 12.14 10.06 8.91 9.12 9.18 8.84 8.01 1.42 1.34 66.00 8.66
Annualised
®
Mr. Subhash C Aggarwal, Chairman & MD, SMC Group along with Ms Sheila Dixit, Chief Minister during the conclave 'Delhi – Kal, Aaj Aur Kal' held at New Delhi
Mr. Subhash C Aggarwal, Chairman & MD, SMC Group at the National Conference on Credit Ratings held at New Delhi
