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It is a weekly newsletter, which is an epigrammatic on investment opportunities escorted by sound technical and fundamental analysis of existing and forthcoming stocks that keep investors updated about the market developments. It includes all the segments say Equity, Commodity, Mutual Fund, Currency and Fixed Deposits. It is a complete handy guide, which helps all the investors to multiply their wealth.
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May the spirit of Onam appears everywhere all the time
WISE M NEY
HAPPY ONAM7th SEPTEMBER 2014
Bra
nd
sm
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62
2014: Issue 439, Week: 8th - 11th SeptemberA Weekly Update from SMC
(For private circulation only)
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 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
Research Executive Sonia Bamba
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,
5th Floor, Kolkata-700001
Tel : 91-33-39847000 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:
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,
Chetpet, Chennai - 600031.
Tel: 044-39109100, Fax -044- 39109111
SECUNDERABAD OFFICE:
206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,
Secunderabad - 500003
Tel: 91-40-30780298/99, 39109536
DUBAI OFFICE:
312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E.
Tel: 97143963120, Mobile : 971502612483
Fax : 9714 3963122
Email ID : [email protected]
Printed and Published on behalf of
Mr. Saurabh Jain @ Publication Address
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com
Investor Grievance : [email protected]
Printed at: S&S MARKETING
102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India)
Ph.: +91-11- 43035012, 43035014, Email: [email protected]
lobal stock markets continued to rise on the back of further monetary
accommodation from Europe to Japan and possibilities of pro growth Gmeasures by Chinese authorities. During the week European Central Bank
in the monetary policy review meeting decided to cut benchmark and deposit
rates by 10 basis points and minus 0.1 percent respectively and decided to start
buying assets to support the Euro area. Bank of Japan too maintained its asset
purchase program to boost growth and keep interest rates low. Economic data
out of U.S. continues to show that the economy is on course of growth. Recently
data showed that the manufacturing activity in the region expanded at a fastest
pace since March 2011. Strength in the dollar is also pointing towards the rise in
interest rates going down next year and is exerting pressure on the commodity
prices. Chinese stock market touched fifteen months high on strong rebound in
the service sector as it eased concern that the economy would miss the 7.5%
growth target owing to weak manufacturing activity and real estate sector.
On the domestic front, Narendra Modi led government is strengthening
relationship with the neighboring countries and the recent visit of Prime Minister
Narendra Modi to Japan is seen as a big positive to double the Japanese
investment in the country and expand defense cooperation. Economic expansion
for the quarter ending June surprised positively coming at 5.7% over
corresponding period a year ago. However, it would be too early to predict
sustain revival as the service growth, which play significant role in the economic
expansion, grew at its weakest pace in three months in August. The PMI for
service sector though remained above 50 point mark but was down to 50.6 point
as compared to 52.2 in July. Meanwhile, the sharp fall in the crude oil prices
boosted investor's sentiment in the domestic market. Brent crude oil futures are
hovering around $101 a barrel, which is at 16-month low. Fall in oil prices would
benefit the country in terms of improvement in fiscal deficit, current account
deficit and fuel price inflation. But some concern was seen as report from the
global credit rating agency Moody's said India's fiscal deficit and inflation outlook
at this point in time could prevent any upgrades in the country's sovereign rating.
As the US economy improved, it encouraged the investment in equity market
while commodities took a pause in the recent week. Bullion and energy turned
downside but some industrial metals especially nickel outshined others. News
regarding Nickel ore export ban from Philippines have supported the Nickel
prices recently. In coming days, it may move on positive note and may test 1220 in
MCX. As regards energy counter, the US economy has entered into hurricane
season and peak demand for oil occurs over the northern hemisphere winter. So,
much downside is not expected in crude. Crude oil prices may trade in the range
of 5600-5950 in MCX and $92-97 in NYMEX. Lower demand is certainly the base
case scenario for agri commodities, but it is unlikely that the sellers will get too
aggressive at this current lower levels. New Yuan Loans, Reserve Bank of New
Zealand Rate Decision, CPI of China, Unemployment Rate of Australia, Advance
Retail Sales and university of Michigan Confidence are few data points and
events, which should be taken into account while trading in commodities.
From The Desk Of Editor
(Saurabh Jain)
NEWS
DOMESTIC NEWSEconomy• According to a survey data from Markit Economics, India's manufacturing
sector expanded for the tenth consecutive month in August but the pace of growth slowed from July's 17-month high. The HSBC manufacturing Purchasing Managers' Index fell to 52.4 in August from July's 17-month high of 53.
Automobile• Tata Motors has received orders for over 2,700 'urban' buses under the
Jawaharlal Nehru National Urban Renewal Mission (JNNURM) - II scheme.Finance• Rural Electrification Corporation (REC) would provide funds to the tune of
`20,000 crore for power projects of the Telangana generation and transmission corporations and distribution companies.
Consumer Durables• Symphony has decided to set up an additional unit at Special Economic
Zone (SEZ), Kandla, Gujarat. In this connection, the Company is applying to Kandla Specialized Economic Zone.
• Bharat Electronics Ltd (BEL) has formed a new joint venture company with France-based Thales Air Systems SA and Thales India Pvt Ltd for radar business. The joint venture company is named as BEL-Thales Systems Limited.
Textile• Himatsingka Seude is looking to double turnover from its branded portfolio
to ̀ 1,200 crore by next fiscal. Himatsingka's branded portfolio consists of 10 brands, including Calvin Klein, Esprit, Barbara Barry and Bellora.
Pharmaceuticals• Wockhardt said its new drug discovery programme in anti-infective
research has received a major boost after two of its drugs, WCK 771 and WCK 2349, received the Qualified Infectious Disease Product (QIDP) status from the US FDA.
• Suven Life Sciences Limited has secured one product patent each from South Korea, China and Canada corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.
Healthcare• Apollo Hospitals Enterprise plans to add 3 more 'Reach hospitals' with a
total bed capacity of 500 beds in the country at an investment of `400 crore in the current financial year.
Engineering• GMR Infrastructure Limited has signed a Memorandum of Understanding
(MoU) with Japan Bank for International Cooperation (JBIC) for providing financial assistance to Japanese companies investing in infrastructure projects of GMR Group.
Information Technology• Infosys has signed a five-year group-wide IT outsourcing services contract
with BP (formerly British Petroleum). The scope of the engagement will include application support, development as well as enhancing business applications for all of BP's key IT operations.
Miscellaneous• Greenply Industries has commenced the commercial production of a new
product line "Engineered Wood Floors, also commonly known as multi-layer parquet" at the Company's manufacturing unit at Behror, Rajasthan.
INTERNATIONAL NEWS• Labor productivity in the U.S. increased by less than previously estimated
in the second quarter. The report said productivity increased by 2.3 percent in the second quarter compared to the preliminary estimate of 2.5 percent growth. Economists had expected the pace of growth to be revised to 2.4 percent.
• U.S. initial jobless claims edged up to 302,000, an increase of 4,000 from the previous week's unrevised level of 298,000. Jobless claims had been expected to tick up to 300,000. The Labor Department said its less volatile four-week moving average also inched up to 302,750 from the previous week's unrevised average of 299,750.
• U.S. trade deficit narrowed to $40.5 billion in July from a revised $40.8 billion in June. The report said the value of exports climbed 0.9 percent to $198.0 billion in July, while the value of imports rose 0.7 percent to $238.6 billion.
• US non-manufacturing index climbed to 59.6 in August from 58.7 in July, with a reading above 50 indicating growth in the service sector. The modest increase by the non-manufacturing index came as a surprise to economists, who had expected the index to dip to a reading of 57.5.
• The European Central Bank has cut its benchmark interest rate to 0.05%, and introduced new stimulus measures. The ECB had earlier cut its rate from 0.25% to 0.15% in June, and also became the first major central bank to introduce negative interest rates.
• The Bank of Japan, or BoJ, kept its monetary policy unchanged at its September meeting. The Bank also announced its decision to retain its policy of expanding monetary base at an annual rate of 60-70 trillion yen. Also, the Bank lefts its asset purchase policy unchanged.
EX-DATE SYMBOL PURPOSE
8-SEP-14 HINDALCO DIVIDEND - RE 1/- PER SHARE
8-SEP-14 BHEL FINAL DIVIDEND - RS 1.52/- PER SHARE
9-SEP-14 PIDILITIND DIVIDEND - RS 2.70/- PER SHARE
9-SEP-14 LAKSHMIMIL DIVIDEND - RS 15/- PER SHARE
9-SEP-14 ORIENTREF FINAL DIVIDEND - RS 1.25/- PER SHARE
9-SEP-14 GMRINFRA DIVIDEND - RE 0.10/- PER SHARE
10-SEP-14 PFC FINAL DIVIDEND - RE 0.20/- PER SHARE
10-SEP-14 MMTC FIANL DIVIDEND - RE 0.15/- PER SHARE
10-SEP-14 ABAN DIVIDEND RS.3.60 PER SHARE
10-SEP-14 MUTHOOTFIN DIVIDEND - RE 1/- PER SHARE
11-SEP-14 WONDERLA FINAL DIVIDEND - RS 1.50/- PER SHARE
11-SEP-14 RCF FINAL DIVIDEND - RS 1.50/- PER SHARE
11-SEP-14 ONGC DIVIDEND RE.0.25 PER SHARE
11-SEP-14 NAHARSPING DIVIDEND RE 1 PER SHARE
11-SEP-14 NEYVELILIG FINAL DIVIDEND - RS 1.80/- PER SHARE
11-SEP-14 DREDGECORP DIVIDEND - RS 3/- PER SHARE (BC START DATE REVISED)
11-SEP-14 NHPC FINAL DIVIDEND - RE 0.30/- PER SHARE
11-SEP-14 SYMPHONY FINAL DIVIDEND - RS 11/- PER SHARE
11-SEP-14 TALWALKARS DIVIDEND - RS 1.50 PER SHARE (BC DATES REVISED)
11-SEP-14 TBZ DIVIDEND - RS 1.50/- PER SHARE + SPECIAL DIVIDEND - RE 0.75/- PER SHARE
11-SEP-14 MCX DIVIDEND RS.3/- PER SHARE
11-SEP-14 SUNPHARMA DIVIDEND - RS 1.50/- PER SHARE
11-SEP-14 JISLJALEQS DIVIDEND - RE 0.50/- PER SHARE
11-SEP-14 TAKE DIVIDEND - RE 0.40/- PER SHARE
11-SEP-14 JUSTDIAL DIVIDEND - RS.2/- PER SHARE
12-SEP-14 PURVA DIVIDEND - RS 1.92/- PER SHARE
12-SEP-14 BEL FINAL DIVIDEND - RS 17.30/- PER SHARE
FORTHCOMING EVENTS
NOTES:
1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name
of "Morning Mantra ".
2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength
coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and
taking a long-term view and not a short-term view.
TREND SHEET
Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing
Price Trend Trend
Changed Changed
SENSEX 27026 UP 12.09.13 19317 25800 25400
S&P NIFTY 8086 UP 12.09.13 5728 7700 7600
CNX IT 11026 UP 12.06.14 9448 10400 10200
CNX BANK 15982 UP 08.03.14 11278 15000 14800
ACC 1522 UP 15.05.14 1377 1450 1420
BHARTIAIRTEL 401 UP 24.07.14 355 375 365
BHEL 223 UP 27.08.14 241 220 210
CIPLA 558 UP 12.06.14 416 520 510
DLF 175 DOWN 31.07.14 198 190 200
HINDALCO 168 DOWN 27.08.14 170 180 185
ICICI BANK 1547 UP 08.03.14 1134 1450 1420
INFOSYS 3731 UP 19.06.14 3312 3550 3500
ITC 351 UP 10.07.14 342 345 340
L&T 1613 UP 05.09.14 1613 1550 1520
MARUTI 2881 UP 19.09.13 1480 2650 2600
NTPC 143 DOWN 17.07.14 150 152 155
ONGC 444 UP 31.10.13 294 410 400
RELIANCE 1026 DOWN 10.07.14 997 1040 1050
TATASTEEL 513 DOWN 27.08.14 513 540 550
S/l
4
®
Closing Price as on 04.09.14
BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)
SECTORAL INDICES (% Change)
SMC Trend
SMC Trend
FMCGHealthcare
FTSE 100CAC 40
Auto BankRealty
Cap GoodsCons Durable
Oil & GasPower
NasdaqDow jonesS&P 500
NikkeiStrait times
Hang SengShanghai
ITMetal
Down SidewaysUp
SMC Trend
Nifty BSE Midcap S&P CNX 500
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
BSE SmallcapSensex Nifty Junior
5
®
9.64
8.357.29
6.07
4.87
-5.71
-2.20-1.30 -0.84 -0.65
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Bharti Airtel Hero Motocorp
Cipla Coal India Axis Bank B H E L Tata Motors ITC Tata Steel Hind. Unilever
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
-209.20
555.79
873.08
1314.71
164.0099.80
-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 / FPI Activity MF Activity
1.78 1.68
3.40
2.25
3.54
2.22
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
2.29
1.94
2.52
5.04
-0.26
2.822.64
1.60
2.132.01
1.04
-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
-0.39-0.17
-0.29
1.63
0.58
2.25
4.04
0.85
2.60
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
9.388.44
7.416.44 6.30
-5.75 -5.53
-2.30-1.82
-1.38
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Bharti Airtel Hero Motocorp
Cipla Coal India UltraTech Cem.
B H E L DLF Tata Motors Jindal Steel ITC
Beat the street - Fundamental Analysis
Above calls are recommended with a time horizon of 1 year. Source: Company Website Reuters Capitaline
VALUE PARAMETERS
% OF SHARE HOLDING
Investment Rationale Europe & Asia to cater to a number of clients. •Amtek India Limited is a leading provider of iron •Significant investments in India by major Original
cast automotive components in India. The Equipment Manufacturers (OEMs) are expected to Company's product portfolio consists of a range of reinforce near term prospects of the domestic components for 2/3 wheelers, cars, tractors, light automotive industry. Over the years, the company commercial vehicles (LCV), heavy commercial has also successfully implemented its strategy of vehicles (HCV) and stationary engines. The expanding the Non-Automotive Business.categories of components manufactured are •Net profit of the company rose 16.88% to `63.44 connecting rod assemblies, cylinder blocks, crore in the quarter ended June 2014 as against flywheel assemblies and turbo charger housing. `54.28 crore during the previous quarter ended
•Recently, the company has formed an equal JV with June 2013. Sales rose 72.61% to `757.95 crore in Tokyo-based Riken Corporation to build an iron the quarter ended June 2014 as against `439.11 casting foundry at Bhiwadi in Rajasthan. The JV, crore during the previous quarter ended June 2013.Amtek Riken Casting Pvt Ltd, will consolidate ValuationAmtek's hold over the iron foundry business. The The Company has significant expertise in the new company will initially produce 15 lakh iron Automotive and Non-Automotive Components Sector. camshafts a year for the automobile industry. It has proven foundry capabilities in vertical and
•The company has successfully completed the horizontal moulding, in addition to machining and acquisition of substantial interest of Germany- assembly, we expect the stock to see a price target of based Kuepper Group through its 100% step-down `135 in one year time frame on a current P/E of 12.3x subsidiary Amtek Kuepper GmBH. Kuepper Group is and FY15 (E) earnings of ̀ 10.99.engaged in the business of iron, aluminium casting and integrated machining having 5 manufacturing facilities across Germany and Hungary.
•Management is focused on achieving operating excellence by reinforcing lean manufacturing and quality improvement programmes across all production facilities. This will result in further productivity improvements.
•Company's clientele includes BMW, Daimler, Renault Nissan and Volkswagen. The company has a successful track record of partnering with its high profile customer base, which is essential for managing its business going forward. The company has registered its presence across North America,
` in cr
Actual Estimate
FY Sep-13 FY Sep-14 FY Sep-15
Revenue 2,171.97 3,085.80 3,764.60
EBITDA 751.18 957.60 1,135.50
Pre-tax Profit 300.85 368.60 438.80
Net Income 210.29 253.90 305.00
EPS 7.59 9.15 10.99
BVPS 80.41 88.25 96.01
ROE 7.83 10.40 11.50
Face Value (`) 2.00
52 Week High/Low 137.85/54.50
M.Cap (`Cr.) 2968.58
EPS (`) 8.68
P/E Ratio (times) 12.30
P/B Ratio (times) 1.33
Dividend Yield (%) 0.09
Stock Exchange BSE
AMTEK INDIA LIMITED CMP: 106.80 Upside: 27%Target Price: 135
P/E Chart
Face Value (`) 10.00
52 Week High/Low 88.40/40.70
M.Cap (`Cr.) 2080.56
EPS (`) 6.11
P/E Ratio (times) 13.58
P/B Ratio (times) 1.89
Stock Exchange BSE
` in cr
Actual Estimate
FY Mar-14 FY Mar-15 FY Mar-16
Net Total Inc. 507.00 632.00 760.00
Pre-tax Profit 151.40 214.20 275.90
Net Income 151.40 176.20 195.60
EPS 5.99 6.74 7.53
BVPS 46.11 52.03 59.73
ROE 12.41 13.40 13.20
% OF SHARE HOLDING
Investment Rationale •Retail deposits constituted 79% of the total
deposits, while the CASA ratio of the bank stood at •Business growth of the bank increased by 27% to
25.38% at end June 2014. The CASA ratio eased `18843.30 crore at the end June 2014. Advances
during the quarter ended June 2014, but the increased by 28% on yoy basis at `8291.40 crore, growth in CASA deposits was healthy at 17% at end while the deposits moved up by 27% on yoy basis June 2014.to ̀ 10551.90 crore at end June 2014.
•Bank has board approval to raise `300 crore of •Bank has targeted the corporate book loan growth equity capital via QIP or preference route. of 15-20%. Banks also expects the growth in SME However, the capital base is sufficient for the book at 5-7% for FY2015. Bank would add 30-40 business growth till end of the current financial branches every year.year.•During the quarter ended June 2014, Net Interest
ValuationMargin (NIM) improved to 3.71% as compared to
3.56% during the quarter ended March 2014. As DCB bank, which is steadily growing advances and
per the bank, the ideal range of the NIM would be fairly maintaining its asset quality, reported decent
3.25-3.5%. Bank expects to maintain the NIM at earnings performance, we expect the stock to see a
higher level in Q2FY2015, while anticipate NIM to price target of `98 in one year time frame on a
be below 3.5% for full FY2015. Bank proposes to current P/BV of 1.89x and FY15 (E) BVPS of ̀ 52.03.
reduce cost-to-income ratio below 60% mark in
FY2015.
•During the quarter ended June 2014, the % Gross
Non Performing Assets (GNPA) of the bank has
improved to 1.78% as compared to 3.41% during
the same period last year. The Net NPA stood at
0.97% during the quarter ended june 2014.
•The fresh slippages of advances stood at `24 crore
in Q1FY2015, which were mainly contributed by
SME and retail segments. The fresh slippage ratio
was stable at 1.2% for the quarter ended June 2014.
•The Bank's Capital Adequacy Ratio [Basel III] stood
at 12.77% as at end-June, 2014.
P/B Chart
DCB BANK CMP: 83.00 Upside: 18%Target Price: 98
VALUE PARAMETERS
16.18 1.02
6.6
71.23
4.98 Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
21.69
14.63
12.7818.45
32.45
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
6
®
Charts by Spider Software India Ltd
7
The stock closed at `218.20 on 05thSeptember 2014. It made a 52-week low at
`81.45 on 04th September 2013 and a 52-week high at `219.50 on 11th June
2014.The 200 days Exponential Moving Average (EMA) of the stock on the daily
chart is currently at ̀ 167.20.
Looking at the momentum of the stock, one can easily anticipate that it is in
uptrend and has the potential to sustain upwards in the near term. So, one can
buy in the range of 214-216 levels for the upside target of 230-235 levels with
strict closing below SL of 205.
EQUITY
Above calls are recommended with a time horizon of 1-2 months
The stock closed at ̀ 130.00 on 05th September 2014. It made a 52-week low at
`77 on 04th September 2013 and a 52-week high of `150.70 on 26th May 2014.
The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is
currently at ̀ 122.15.
After testing 150 levels, it traded in a tight range of 125-150 and made a fresh
buying pivot near to its 200 EMA, which is a strong support for it. So, one can buy
in the range of 125-127 levels for the upside target of 140-145 levels with closing
below SL of 118.
The stock closed at 855.05 on 05th September 2014. It made a 52-week low at
`416.35 on 04th September 2013 and a 52-week high at ̀ 1010 on 03rd July 2014.
The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is
currently at ̀ 768.65.
It has formed higher highs and higher lows formation, which is bullish in nature.
So, one can use every dip as a buying opportunity. One can buy in the range of
849-854 levels for the upside target of 880-885 levels with closing below SL of
827.
`
CROMPTON GREAVES
SIEMENS
KTK BANK
®
DERIVATIVES
BASIS GAP IN NIFTY
This week bulls kept the momentum up on the back of positive domestic data and consistent FII buying. Nifty is at new all time high and trading in uncharted territory but strength is driven by only few sectors. Sector rotation and stock specific mood remained taste of the market. Nifty closed above the crucial level of 8100 mark but many sectors like PSU banking, metals and reality traded below their 50 days moving averages whereas Cement, Auto, Pharma and IT were in momentum. For the Sept series, the basis increased to a premium of 36 points from 32 points over the week. The Implied Volatility (IV) of call rose and closed at 12.13% while calls for put options closed at 12.18%. The Nifty VIX for the week closed at 13.08% and is expected to rise from current levels. Overall market's cost-of-carry is up on the back of addition in open interest indicating long build up. Among Nifty Call options, the 8200-strike call has the highest open interest of 59 lakh shares followed by the 8100-strike call, which have OI of over 50 lakh shares. On put side, 8000-strike put has the highest open interest of over 72 lakh shares in open interest respectively. The PCR OI for the week closed at 1.20 from 0.96, which indicates aggressive put writing. On the technical front, the Nifty is in strong up trend with 8000 as strong support for current expiry and dips should be use to build new longs. Market will face resistance at 8200-8250 levels which can use as profit booking levels.
WEEKLY VIEW OF THE MARKET
NIFTY TOTAL OPEN INTEREST (in share)
®
FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS
(Derivative segment) `(Cr)
COLPAL (SEP FUTURE)
Buy: Above `1575
Target: `1625
Stop loss: `1555
HEROMOTOCO
Buy SEP 2750. PUT 55.00
Sell SEP 2700. PUT 35.00
Lot size: 125
BEP: 2730.00
Max. Profit: 3750.00 (30.00*125)
Max. Loss: 2500.00 (20.00*125)
OPTIONSTRATEGY
FUTURESTRATEGY
SBIN
Buy SEP 2600. CALL 30.5
Sell SEP 2650. CALL 18.5
Lot size: 125
BEP: 2612.00
Max. Profit: 4750.00 (38.00*125)
Max. Loss: 1500.00 ( 12.00*125)
LT
Buy SEP 1650. CALL 24.00
Sell SEP 1700. CALL 11.00
Lot size: 250
BEP: 1663.00
Max. Profit: 9250.00 (37.00*250)
Max. Loss: 3250.00 ( 13.00*250)
BULLISH STRATEGY
DERIVATIVE STRATEGIES
BPCL (SEP FUTURE)
Sell: Below `686
Target: `666
Stop loss: `696
APOLLOHOSP (SEP FUTURE)
Sell: `1160
Target: `1127
Stop loss: `1176
Below
BEARISH STRATEGY
FIIs ACTIVITY IN INDEX FUTURE (F&O) IN LAST WEEK
(Derivative segment) `(Cr)
847.03
190.46
-41.99
-333.51
-591.32-800.00
-600.00
-400.00
-200.00
0.00
200.00
400.00
600.00
800.00
1000.00
28-Aug 01-Sep 02-Sep 03-Sep 04-Sep
993.50 1024.20
530.27692.39
2175.87
1050.22
478.20
-85.99 -108.87
-988.43-1500.00
-1000.00
-500.00
0.00
500.00
1000.00
1500.00
2000.00
2500.00
21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 01-Sep 02-Sep 03-Sep 04-Sep
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 01-Sep 02-Sep 03-Sep 04-Sep
424750753700 672450
537250
10474001382500
2897200
4458900
5088200
4501250
3879900
1298800
2199400
3177050
4109250
4489700
5625550
6969550
2559950
1048650
455650 289550
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
7400 7500 7600 7700 7800 7900 8000 8100 8200 8300 8400
Call Put
8
9
BHARTIARTL 7822000 8029000 2.65 0.45 0.72 0.27 25.70 29.34 3.64
DLF 34504000 35426000 2.67 0.54 0.52 -0.02 43.35 50.20 6.86
HINDALCO 25542000 27144000 6.27 1.11 0.75 -0.36 41.53 44.03 2.51
HINDUNILVR 5130500 4721000 -7.98 0.52 0.59 0.07 18.58 20.74 2.16
ICICIBANK 6034000 6961250 15.37 0.83 0.69 -0.13 25.77 25.86 0.09
IDEA 11620000 15458000 33.03 0.24 0.63 0.39 31.44 34.27 2.84
INFY 2383500 2536250 6.41 0.63 0.74 0.10 19.46 20.14 0.68
ITC 17084000 17839000 4.42 0.39 0.36 -0.03 17.03 18.59 1.56
JPASSOCIAT 121824000 162056000 33.02 0.79 0.44 -0.36 50.91 82.28 31.37
NTPC 52016000 52852000 1.61 0.51 0.43 -0.08 24.83 26.69 1.86
ONGC 19743000 19545000 -1.00 0.46 0.47 0.01 31.61 32.38 0.77
RANBAXY 7422000 7204000 -2.94 0.88 0.85 -0.03 25.53 30.03 4.50
RCOM 43632000 46954000 7.61 0.59 0.37 -0.22 37.70 44.38 6.68
RELIANCE 27285000 27557250 1.00 0.37 0.41 0.04 22.80 22.86 0.07
NIFTY 15951200 15909850 -0.26 0.96 1.20 0.24 11.99 12.13 0.14
SAIL 49616000 48624000 -2.00 0.93 0.50 -0.43 31.53 35.01 3.49
SBIN 4176625 4517375 8.16 0.51 0.47 -0.05 25.90 25.65 -0.25
TATASTEEL 16385000 19570000 19.44 0.68 0.60 -0.07 28.54 31.44 2.91
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 increased to
1.20 from 0.96. 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 12.13% from 11.99%. The IV of the stock futures has changed this
week ranging from 31.37% to -0.25%.
Open Interest Analysis : The open interest for the index at the end of this week
has decreased by 0.26% as compared to the previous week. All future stocks saw
changes in their open interest ranging from -7.93% to 33.03%. IDEA has the
maximum increase in open interest as compared to other stocks.
Statistical Analysis·
Open 7985.00 High 8173.00
Low 7975.20 Close 8132.40
NIFTY & IV CHART NIFTY ANALYSIS
®# 30 Days ATM IV
11
12
13
14
7900
8000
8100
8200
28-Aug 01-Sep 02-Sep 03-Sep 04-Sep
Nifty Close IV
Jeera futures (Sept) would possibly fall towards 10650 levels due to lackluster inquiry from overseas market. In European market, cumin offered at $1,975/tonne, while it was available at $1,950 for Singapore 1% on FOB basis. Factors such as increasing arrivals along with higher production and carry forward stocks in the current season may add to the bearish sentiments. Turmeric futures (Sept) may decline towards 6300 levels, breaching 6400 levels. It is said that the recent rainfall in turmeric growing regions has revived plants and yield too. On the other hand, demand for the yellow spice is lower due to shortage of good quality arrivals. Cardamom futures (Sept) is expected to trade in the range of 900-960 levels. The supplies continue to outstrip demand at auctions in Kerala and Tamil Nadu on account of rise in arrivals with harvesting catching pace in all the estates. The first round of picking is almost over and the second round is to begin next week. On the demand side, the export buying has surged & may give support to the counter. During the current season of the crop from August 1, production stood at 1,191 tonnes against 1,867 tonnes last year. Sales were at 1,162 tonnes against 1,846 tonnes. Chilli futures (Sept) is expected to consolidate in the range of 10100-10400 levels. In the current scenario, the major buyers are staying away from fresh buying, whereas small buyers are buying in limited quantity. The sowing of chilli is over in Andhra Pradesh and Karnataka. The cold storages in Guntur have a stock of 40-45 lakh bags (each bag weighs 40 kg), which could last till November when the new chilli arrives from Madhya Pradesh.
SPICES
Bullion counter may trade on volatile path as rising greenback and improving US economy is keeping prices under pressure while global geopolitical tensions in Iraq and Ukraine are supporting the prices. On the domestic bourses, movement of local currency rupee will give further direction to the bullion counter which can move in the range of 60-61. Gold may move in the range of 27000-28200 in MCX. White metal silver can hover in the range of 41000-43000. Recently, ECB cut the bank's main refinancing rate to a record low to 0.05% from earlier 0.15% and stated that it would buy asset-backed securities to bolster the economy, while the Bank of Japan kept its record stimulus unchanged, sending the yen to an almost six-year low against the dollar. Mario Draghi signaled at least 700 billion Euros ($906 billion) of fresh aid for his moribund economy. Minutes of the Federal Reserve last meeting, when monthly bond buying was cut for a sixth time, signaled that policy makers may raise interest rates sooner than anticipated. Meanwhile festive season demand has lifted gold imports in India. The gold intake in India has increased with manufacturers stocking up to meet increased demand during festive and marriage season gold purchase. The cumulative gold imports by India during the three-month period from June to August this year has totaled 214 tonnes. The imports had declined from 97 tonnes in June '14 to 47 tonnes in July '14. However, the August '14 gold imports rose to 70 tonnes.
BULLIONS
10
®
Copper may witness some recovery and its prices can move in the range of 420-445 in near term. Growth in China's vast factory sector slackened in August as foreign and domestic demand slowed, stoking speculation that further policy easing would be needed to prevent the economy from stumbling once more. China is the world's largest copper consumer, accounting for as much as 40 percent of global demand. Zinc can continue its upside momentum and it may hover in the range of 138-149. Battery metal lead can move in the range of 131-141 in MCX. Global supply and demand conditions for 'refined' zinc are in 'deficit' in 2014 (that is, world consumption of slab zinc exceeds production), pulling down LME & Shanghai Futures Exchange stocks by 20.8% since late 2013. Nickel prices may move on positive note as it can test 1220 in MCX. News regarding ore export ban from Philippines have supported the Nickel prices recently. Philippines government should move toward a ban on mineral ore exports, Ramon Paje, the environment secretary, said last week from Manila, backing a proposed bill in the Philippines calling for restrictions aimed at boosting domestic downstream metals industry. The Philippines accounted for about 9 percent of global mined supplies in 2013. Aluminum may continue its bullish momentum as it can move in the range of 123-132. Aluminum scrap prices in Japan, where about 97 percent of beverage cans are collected for recycling or reuse, surged to the highest since 2008 as rising car sales in China and the U.S. boost demand.
BASE METALS
Crude oil may move with sideways path with some short covering cannot be seen at current levels. Crude oil prices may trade in the range of 5600-5950 in MCX and $92-97 in NYMEX. The tensions in Ukraine and Iraq may also give further direction to the crude oil prices in near term. U.S. refineries reduced operating rates at the end of the peak season for gasoline demand in the world's biggest oil consumer. According to the Energy Information Administration “Refineries operated at 93.3 percent of their capacity last week, down 0.2 percentage points” Processing plants schedule maintenance during September and October as a transition to making winter-grade fuels. Libyan crude output was steady at 725,000 barrels a day. Hurricane season have started in US and the first hurricane of the season named Norbert is moving toward Mexico's Baja California Sur after strengthening in the Pacific Ocean, according to the U.S. National Hurricane Center. Natural gas prices may move in the range of 225-245 in MCX. Recently Energy Information Administration reported earlier that U.S. natural gas storage rose to a seasonally adjusted annual rate of 79 billion cubic feet in the week ending Aug. 29 from 75 billion cubic feet in the preceding month. Stocks were 471 billion cubic feet less than last year at this time and 495 billion cubic feet below the five-year average of 3.204 trillion cubic feet. In the East Region, stocks were 228 billion cubic feet below the five-year average following net injections of 59 billion cubic feet.
ENERGY COMPLEX
The bearish trend in Soybean futures (Oct) might get extended towards 3095 levels. The factors are weak global markets and lackluster demand from crushers due to weak meal demand. In the current scenario, Indian meal is costlier in the international markets and hence export from India is negligible. In the physical market, the domestic buyers are buying soymeal as per their requirement and the crushers are staying away from fresh buying of soybean as the plants are under annual maintenance. On CBOT, U.S soybean futures (Nov) may fall towards 985 levels as the USDA has unexpectedly lifted condition ratings. In days to come, the investors would take cues for price direction from series of data namely crop progress report on 8th Sept along with weekly export sales, weekly weather and crop bulletin, world agricultural supply and demand estimates report on 11th Sept to be released by the U.S Dept. of Agriculture. CPO futures (Oct) is expected to fall towards 425 levels, pressurized by ample availability of edible oil at various Indian ports and regular arrivals of imported oils. The market participants would remain cautious ahead of the Malaysia's end-August palm oil stocks, exports and production data to be released by the Malaysian Palm Oil Board on 10th Sept. A Reuter's survey showed that Malaysian palm oil stocks at the end of August likely jumped to their highest in seven months to 1.96 MT. Mustard futures (Oct) is expected to maintain its stability & consolidate in the range of 3500-3650 levels. At the spot markets, the farmers are not keen to sell their stocks at the prevailing prices.
OIL AND OILSEEDS
OTHER COMMODITIES
Kapas futures (Apr) will possibly remain in bearish zone facing & extending downside towards 780 levels. It is reported that this year, the cotton yield is estimated at around 531 kg per hectare, higher than the five year average of 522 kg per hectare. Moreover, with the arrival of monsoon rains, the pace of planting since the beginning of August has been the fastest in the past four years. The International Cotton Advisory Committee has cited that in 2014/15, the world cotton industry is expected to enter its 5th consecutive season in which production of 26.05 million tonnes would exceed consumption of 24.4 million tonnes, leaving a surplus of 1.7 million tonnes. Mentha oil futures (Sept) might witness a consolidation in the range of 660-690 levels. Factors such as poor off takes from consuming industries, stockist in panic, while releasing their stocks at current lower prices & mint consuming segments shifting towards synthetic may weigh on the Mentha counter. Wheat futures (Sept) is expected to trade in the range of 1530-1565 levels. The global wheat market is in a surplus state and the opportunity for Indian exporters remains still unfavorable. The International Grains Council raised its forecast of 2014/15 world wheat production to 713 million tonnes, from 702 million estimated earlier. Chana futures (Sept) is likely to trade with a downside bias and test 2750-2725 levels. Large stocks of chana & weak demand from millers may keep any gains capped. It is estimated that there are total stocks of around 70-80 lakh tonnes of chana in local mandies, sufficient enough to meet the chana requirement in the current season.
11
TECHNICAL RECOMMENDATIONS
COMMODITY
CRUDE OIL MCX (SEPTEMBER) contract closed at `5745 on 4th Sep '14. The contract made its high of
`6374 on 01st July '14 and a low of ̀ 5651 on 2nd Sep '14. The 18-day Exponential Moving Average of the
commodity is currently at ̀ 5921. On the daily chart, the commodity has Relative Strength Index (14-day) value of 42.38. One can buy in
the range 5700-5670 with the stop loss of ̀ 5640 for a target of ̀ 5850.
KAPAS NCDEX (APRIL) contract closed at 796 on 4th Sep '14. The contract made its high of 1003 on
30th June '14 and a low of ̀ 781 on 3rd Sep '14. The 18-day Exponential Moving Average of the Commodity
is currently at ̀ 825.45.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 33.11. One can sell in
the range 803-810 with the stop loss of ̀ 825 for a target of ̀ 750.
` `
NATURAL GAS MCX (SEPTEMBER) contract closed at 231 on 4th September '14. The contract made its
high of `250 on 12th Aug '14 and a low of `228.40 on 28th July '14. The 18-day Exponential Moving
Average of the Commodity is currently at ̀ 239.18.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 39.51. One can buy in
the range 230-227 with the stop loss of ̀ 224 for a target of ̀ 245.
`
®
CRUDE OIL MCX (SEPTEMBER)
KAPAS NCDEX (APRIL)
NATURAL GAS MCX (SEPTEMBER)
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 3225.00 05.06.14 DOWN 4401.00 - 3500.00 3600.00
NCDEX JEERA SEP 10945.00 22.05.14 UP 11125.00 10900.00 - 10500.00
NCDEX CHANA SEP 2758.00 15.05.14 DOWN 3233.00 - 2960.00 3050.00
NCDEX RM SEEDS SEP 3578.00 06.03.14 UP 3564.00 3400.00 - 3350.00
MCX MENTHA OIL SEP 673.70 29.05.14 SIDEWAYS
MCX CARDAMOM SEP 932.90 21.08.14 UP 989.60 920.00 900.00
MCX SILVER DEC 42076.00 21.08.14 SIDEWAYS
MCX GOLD OCT 27461.00 19.06.14 UP 27611.00 27600.00 - 27500.00
MCX COPPER NOV 427.15 26.06.14 UP 424.95 425.00 - 420.00
MCX LEAD SEP 134.60 24.07.14 UP 134.65 132.00 - 130.00
MCX ZINC SEP 145.45 23.04.14 UP 126.45 138.00 - 136.00
MCX NICKEL SEP 1172.20 03.07.14 UP 1181.80 1135.00 - 1125.00
MCX ALUMINUM SEP 126.75 17.07.14 UP 119.65 123.00 - 120.00
MCX CRUDE OIL SEP 5745.00 21.08.14 DOWN 5745.00 - 5950.00 6000.00
MCX NATURAL GAS SEP 231.00 10.07.14 DOWN 249.10 - 245.00 250.00
TREND SHEET
Closing as on 04.09.14
COMMODITY
NEWS DIGEST
As the US economy improved, it encouraged the investment in equity market while commodities
took a pause in the recent week. Ceasefire news gave a downside to bullion as well as energy
counter. Dollar index rose to a 14-month high as against the euro, because there raised an
expectation that FED may increase its interest rates in the next years, while ECB introduces
additional measures to support growth. It made commodities lackluster. In bullion counter, both
gold and silver took a downside across the board owing to strength in dollar index and ceasefire in
Ukraine. Unexpected ECB rate cut gave another jolt to the prices. Silver traded near the level of
$19 in COMEX and below 42000 in MCX. Gold surged 70% from December 2008 to June 2011 as
global central banks printed money on an unprecedented scale, spurring inflation concerns.
Similar to bullion, energy counter shed its previous gain for the same reasons. WTI witnessed
decline as U.S. refineries reduced operating rates at the end of the peak season for gasoline
demand in the world's biggest oil consumer. Natural gas couldn't sustain at higher levels. In
industrial metals counter, zinc and nickel closed the week on green territory on fresh buying
whereas rest of the metals showed weak performance. Prices also moved down as the ECB had cut
rates. Nickel enjoyed the terrific rise on concern that ore supply will decline as the Philippines
considers banning exports of unprocessed minerals. Prices surged more than 40% this year, the
most among the six main metals on the LME, after Indonesia banned ore exports in January.
Multi year lows noticed in many agri commodities last week. Swelled inventories and record
production gave huge selling pressure to the oil seeds and edible oil counter. Palm oil inventories
in Malaysia, the top supplier after Indonesia, probably rose in August by the most in almost two
years as production climbed and exports fell. Palm, used in food, detergents and biofuels,
tumbled into a bear market in July on swelling global supplies of edible oils, including a record
U.S. soybean harvest. Malaysia, the world's largest palm oil producer after Indonesia, scrapped an
export tax on the crude variety for two months to boost shipments and reverse a decline in prices
to a five-year low. The government earlier set the tax at 4.5% for September. Though mustard saw
some lower level buying. Wheat trimmed some weekly drop as investors weighed slowing harvest
progress in the U.S., the world's top exporter, with signs of easing tension in the Black Sea region
amid cease-fire talks.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 27.08.14 04.09.14 DIFFERENCEQTY. QTY.
BARLEY MT 3952 3600 -352CASTOR SEED MT 113976 111928 -2048CHANA MT 114899 107101 -7798CORIANDER MT 620 610 -10COTTONSEED OILCAKE MT 17841 17037 -804GUARGUM MT 2445 1591 -854GUARSEED MT 3198 2889 -309JEERA MT 291 213 -78MAIZE MT 27586 27636 50RAPE MUSTARD SEED MT 26496 23800 -2696SOYABEAN MT 0 0 0SUGAR MT 15009 9483 -5526TURMERIC MT 1310 1489 179WHEAT MT 8207 8207 0
COMMODITY UNIT 27.08.14 04.09.14 DIFFERENCE
QTY. QTY.
CARDAMOM MT 2.20 4.70 2.50
COTTON BALES 0.00 0.00 0.00
KAPASIA KHALLI MT 0.00 0.00 0.00
GOLD KGS 31.00 51.00 20.00
GOLD MINI KGS 25.80 313.80 288.00
GOLD GUINEA KGS 7.54 12.49 4.95
MENTHA OIL KGS 4689809.85 4717892.85 28083.00
SILVER (30 KG Bar) KGS 8670.29 10856.93 2186.64
•The new clearing house of the London Metal Exchange will launch on Sept. 22 after it received approval from U.K. and European regulators.
•Aluminum buyers in Japan, Asia's biggest importer, agreed to pay premiums of $420 a metric ton in the coming quarter.
•SPDR Gold Trust, the world's largest gold-backed exchange traded fund holdings stood at 790.51 tonnes.
•Codelco, the world's No. 1 copper producer produced 788,000 tonnes of copper in the January to June period, a 4% rise from 2013.
•U.S. factory goods posted a record gain in July and auto sales last month appeared to increase at their fastest annualized pace since early 2006.
•The seasonal rainfall from 1 June to 3rd September, 2014 is recorded at 622.5mm, down by 15% as compared to normal of 734.7mm.
•NCDEX announced the launch of a long staple (29 mm) cotton bales contract.
•The International Sugar Organization forecasted a global sugar surplus of 1.3 million tonnes in 2014/15, down from a 4.0 million tonnes in 2013/14 due in part to rising consumption.
•The International Grains Council raised its forecast for global wheat production in 2014/15 to reflect larger-than-expected crops in Russia, the European Union and China.
•Malaysia scrapped an export tax on the crude variety for two months to boost shipments and reverse a decline in prices to a five-year low.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
4.363.97
2.50
1.110.92
-7.28
-5.69-5.35
-5.07 -4.91
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
GUAR GUM GUAR SEED 10 MT
BARLEY STEEL LONG COMMERCIAL
CRUDE OIL CRUDE PALM OIL SOYAMEAL COTTON SEED O.C AKOLA
KAPAS MAIZE RABI
5.41
-3.30
-3.00
-2.66-2.54
-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
3.222.99
2.43
0.48 0.44
-
NICKEL (MINI) KAPAS ZINC (MINI) ALUMINIUM (MINI) ALUMINIUM NATURAL GAS MENTHA OIL KAPASKHALI CPO SILVER
COMMODITY
COMMODITY EXCHANGE CONTRACT 28.08.14 04.09.14 CHANGE%
ALUMINIUM LME 3 MONTHS 2081.00 2105.00 1.15
COPPER LME 3 MONTHS 6934.00 6930.00 -0.06
LEAD LME 3 MONTHS 2241.00 2226.00 -0.67
NICKEL LME 3 MONTHS 18650.00 19365.00 3.83
ZINC LME 3 MONTHS 2343.00 2398.00 2.35
GOLD COMEX DEC 1290.40 1266.50 -1.85
SILVER COMEX DEC 19.61 19.14 -2.40
LIGHT CRUDE OIL NYMEX OCT 94.55 94.45 -0.11
NATURAL GAS NYMEX OCT 4.04 3.82 -5.56
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
27.08.14 04.09.14
ALUMINIUM 4833925 4786125 -47800
COPPER 146225 154825 8600
NICKEL 326220 331068 4848
LEAD 217200 224550 7350
ZINC 734125 739000 4875
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 28.08.14 04.09.14 CHANGE(%)
Soya CBOT NOV Cent per Bushel 1028.75 1003.25 -2.48
Maize CBOT DEC Cent per Bushel 369.25 346.50 -6.16
CPO BMD OCT MYR per MT 1976.00 2033.00 2.88
Sugar LIFFE OCT 10 cents per MT 425.90 417.60 -1.95
13
®
SPOT PRICES (% change) India's Q2 gold demand drops: WGC report
Gold demand in India for the second quarter of 2014 calender year declined by 39 per
cent to 204.1 tonnes as compared to the overall demand in the same quarter last year
on expectations of prices going down, according to World Gold Council report. The
total demand for the corresponding quarter of 2013 stood at 337.0 ton.
The key findings from the report are as follows:
• India's Q2 2014 gold demand value fell by 41 per cent to `50,564.3 crore,
compared to ̀ 85,533.8 crore in Q2 2013.
• The total jewellery demand for Q2 2014 also saw a decline of 18 per cent at
154.5 ton compared to 188 ton in the same quarter of last year.
• The value of jewellery demand was at ̀ 38,269.5 crore, a fall of 20 per cent from
Q2 2013 (`47,716.2 crore).
• Total investment demand for Q2 2014 was down by 67 per cent at 49.6 ton
compared to 149 tons in Q2 2013.
• In value terms, gold investment demand during the quarter under review was
`12,294.8 crore, a drop of 67 per cent as compared to `37,817.6 crore in Q2
2013, the report said.
• According to WGC Managing Director, India, Somasundaram, “The consumer
expectations of prices to drop to `25,000 and uncertainty created by the
general elections also affected the demand during the quarter.
• The recycling during Q2 this year increased to 16.4 ton compared to 9.5 ton in
the same quarter last year.
Global demand trend
• Total global gold demand in Q2 stood at 964 tons, down 16% from 1,148 ton of
the same period last year, as consumers and investors pulled back and
consolidated their activity.
• Jewellery remains the biggest component of gold demand, representing more
than half of all demand at 510 ton although it is down 30% from 727 ton year on
year.
• Central banks increased purchasing by 28% to 118 tonnes compared with the
same period last year, as they continued to use gold as a hedge against risk and
diversify away from the US dollar.
• Total investment demand (combined investment in bars and coins and ETFs) was
up 4% to 235 ton. However, there was a 56% decrease in bar and coin demand
from 628 ton in Q2 2013 to 275 ton in Q2 2014 following unprecedented levels of
demand last year.
• ETF outflows were 40 ton, a tenth of the outflows seen in the same period last
year.
• Gold jewelry demand in china fell 45 percent to 143.4 tons. Hong Kong also
experienced a similar decline (52 percent to 9.1 tons) due to a drop in mainland
China consumers.
Now Considering the better official supply and lower premiums the third quarter is
likely to be better demand due to the coming wedding season.
-5.22
-2.77
-1.91
-1.40
-1.21
-1.01
-0.92
-0.79
-0.47
-0.19
0.08
0.54
1.21
1.39
1.61
3.44
3.67
3.77
-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00
SOYABEAN (INDORE)
CRUDE PALM OIL (KANDLA)
JEERA (UNJHA)
REFINED SOYA OIL (INDORE)
RUBBER (KOCHI)
GOLD 10 GMS (MUMBAI)
SILVER 5 KG (DELHI)
PEPPER MALABAR GAR (KOCHI)
GUR (MUZAFFARNGR.)
CHANA (DELHI )
MUSTARD (JAIPUR)
CORIANDER (KOTA)
BARLEY (JAIPUR)
RAW JUTE (KOLKATA)
TURMERIC (NIZAMABAD)
GUAR SEED (JODHPUR)
MASOOR (INDORE)
GUAR GUM (JODHPUR)
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 60.86 61.05 60.63 60.63
EUR/INR 79.86 80.09 79.60 79.61
GBP/INR 100.95 101.14 99.60 99.69
JPY/INR 58.44 58.48 57.75 57.77
(Source: FX Central, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)
News Flows of last week
03rd Sep U.S. trade deficit smallest in six months on rising exports
03rd Sep U.S. companies hired 204,000 workers in August
03rd Sep The pace of growth in the U.S. services sector dipped in August
04th Sep ECB unveiled surprise package to shore up euro zone
04th Sep The pace of growth in the U.S. services sector rose in August to its highest level since at least 2008
04th Sep Fed survey highlights widened U.S. wealth, income gap
04th Sep ECB cuts rates to ward off euro zone deflation threat
EUR/INR (SEP) contract closed at 79.61 on 04th September'14. The contract made its high of `80.09 on 02nd September'14 and a low of `79.60 on 04th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 80.14.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 24.58. One can sell around 79.30 for a target of 78.00 with the stop loss of 80.00
`
JPY/INR (SEP) contract closed at 57.77 on 04th September'14. The contract made its high of 58.48 on 01st September'14 and a low of `57.75 on 03rd September'14 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 58.42.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 30.80. One can sell around 58.15 for a target of 56.75 with the stop loss of 58.80
Market Stance
Rupee hits five week high as against dollar on the domestic bourses in the
week gone by after Ukraine said that it has agreed on a ceasefire with Russia.
Gains in the domestic shares to record highs also helped sentiment for the
rupee. However, sharp gains in local currency remain capped, as dollar gained
against other overseas currencies along with increased demand from
importers for the American unit. According to RBI data, NRIs parked 57% less
money in the first quarter of the current fiscal, at $2,409 million, than $5,542
million in the corresponding period of the previous year. In overseas market,
euro languished near a 14-month low versus the dollar after the European
Central Bank delivered a fresh round of stimulus and promised even more, if
needed. The ECB also cut interest rates to record lows and announced plans to
buy Asset-Backed Securities (ABS) and covered bonds in October. Against the
Yen, dollar tested its highest level in nearly six years.
EUR/INR
USD/INR (SEP) contract closed at `60.63 on 04th September'14. The contract made its high of `61.05 on 01st September'14 and a low of `60.63 on 04th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 60.80.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 49.20. One can sell below 60.50 for a target of 59.50 with the stop loss of 61.10
GBP/INR (SEP) contract closed at 99.69 on 04th September'14. The contract made its high of 101.14 on 02nd September'14 and a low of `99.60 on 04th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 100.67.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 27.12. One can sell around 99.65 for a target of 98.50 with the stop loss of 100.15.
`
USD/INRTechnical Recommendation
GBP/INR JPY/INR
Economic gauge for the next week
Date Currency Event PREVIOUS
08th Sep EUR German Trade Balance (euros) 16.5B
08th Sep USD Consumer Credit $17.255B
09th Sep GBP Industrial Production (YoY) 1.20%
09th Sep GBP Manufacturing Production (YoY) 1.90%
09th Sep GBP NIESR Gross Domestic Product Estimate 0.60%
11th Sep EUR German Consumer Price Index - EU Harmonised (YoY) 0.80%
11th Sep EUR German Consumer Price Index (YoY) 0.80%
12th Sep EUR Euro-Zone Industrial Production w.d.a. (YoY) 0.00%
12th Sep EUR Euro-Zone Employment (YoY) 0.20%
12th Sep USD Advance Retail Sales 0.00%
12th Sep USD Retail Sales Less Autos 0.10%
12th Sep USD U. of Michigan Confidence
14
®
IPOIPO
Issue Composition
Total Issue for Sale 22,555,124
QIB 11,277,562
NIB 3,383,269
Retail 7,894,293
In shares
Business Overview
Incorporated in 2004, Sharda Cropchem Ltd is a crop protection chemical company engaged in the marketing and distribution of a wide range of formulations and generic active ingredients globally. The company is also involved in order based procurement and supply of Belts, general, chemicals, dyes and dye intermediates. Recently, the company has entered into the biocide segment and has acquired several registrations from the existing registration holders, primarily, in Europe. As of August 5, 2014, it had over 180 Good Laboratory Practices certified dossiers and as of July 15, 2014 it owned over 1,040 registrations for formulations and over 155 registrations for generic active ingredients across Europe, NAFTA, Latin America and Rest of the World.
Strengths
�Asset light business model: The company has an asset light business model whereby it focuses on identifying generic molecules, preparing dossiers, seeking registrations, marketing and distributing formulations through third party distributors or its own sales force.
�Core competency in registration: The company's core competency lies in identifying opportunities in generic molecules and corresponding formulations and generic active ingredients, preparing dossiers and seeking registrations in the relevant jurisdictions.
�Global distribution network: The Company undertakes the distribution of formulations and generic active ingredients through third party distributors based in Europe, NAFTA, Latin America and Rest of the World.
�Experienced management team and personnel: The Promoters of the company have strong combined 60 years experience in the agrochemical and non-agrochemical business.
�Financial strength: The Company has a consistent track record of profitability with more than `680.00 million in each year for the last three financial years.
Strategy
�Concentrate on forward integration through own sales force in its existing markets: The company intends to leverage its market presence and execution capabilities and set up its own sales force to begin forward integration of its operations.
�To strengthen its distribution presence in the existing and new markets: The Company plans to further expand its distribution presence geographically by marketing and distributing its existing portfolio of formulations and generic active ingredients.
�Continued focus on obtaining registrations across jurisdictions to increase its portfolio of formulations and generic active ingredients: The company will continue to identify generic molecules going off-patent and focus on seeking registrations to increase its portfolio of formulations and generic active ingredients across Europe, NAFTA, Latin America and Rest of the World.
�Increase the scale of biocide registration organically and inorganically and focus on their marketing and distribution: The Company continues to increase its registrations for biocide products. Moreover, it also intends to grow inorganically and in this regard, it has acquired registrations from existing biocide registration holders, primarily, in Europe.
�Pursue opportunities of inorganic growth through strategic acquisitions and partnerships: The Company intends to continue its evaluation and examination for the possibility of partnerships with other companies across different jurisdictions to increase its portfolio of registrations grow in such market or increase the presence of its generic agrochemicals.
Risks
�Agrochemical business is a highly regulated sector
�The process of seeking registrations for any formulation or generic active ingredient is complex, expensive and time consuming
�Dependency on third party manufacturer
Outlook
As this issue is the offer for sale, no fresh money is coming into the company. The offer for sale is offered by HEP Mauritius Limited of 14,320,495 equity shares along with other two promoters of 8,234,631. However, the HEP Mauritius has entered into the company first in the month of March 2008 buying 1718459 equity shares at `349.15, secondly in the month of May same year buying 1145640 equity shares at `349.15. However in the years 2011, the HEP Mauritius got allotted 1145639 equity shares by way of issuance of bonus in the ratio of 4:1. The meaning thereby is that it has bought at around `70. Moreover, its trading business, which constituted of 40% of the total revenue, witnessed decline in March 2014 after reporting a steady growth. While its revenue contribution from the manufactures goods has increased from 39.68% to 55.68% in FY14 as compared to the previous financial years. So, those investors who have high risk appetite can opt for the issue.
Book Running Lead Manager
Edelweiss Financial Services Limited
IDFC Securities Limited
Name of the registrar
Karvy Computershare Private Limited
Shareholding Pattern (%)
Particulars Pre-issue Post issue
Promoters & promoters group 84.13% 75.00%
QIB 0.00% 12.50%
NIB 15.87% 3.75%
Retail 0.00% 8.75%
Total 100.00% 100.00%
Issue Highlights
Industry Agro Chemical
Total Issue (Shares) - offer for sale 22,555,124
Total 22,555,124
Net Offer to the Public 22,555,124
Issue Size (` Cr.) 351.86 -327.05
Price Band (` ) 145-156
Offer Date 5-Sep-14
Close Date 9-Sep-14
Face Value 10
Lot Size 90
Objects of the Issue
1. Achieve the benefits of listing the Equity Shares on the BSE and the NSE and
2. To carry out the sale of 22,555,124 Equity Shares by the Selling Shareholders.
ValuationConsidering the P/E valuation on the upper end of the price band of `156, the stock is priced at pre issue P/E of 13.17x on its FY14 EPS of `11.85. Post issue, the stock is priced at a P/E of 13.17 x on its EPS of `11.85. Looking at the P/B ratio at `156, the stock is priced at P/B ratio of 2.53x on the pre issue book value of ̀ 51.60 and on the post issue book value of `98.10, the P/B comes out to 1.59x.
On the lower end of the price band of `145 the stock is priced at pre issue P/E of 12.24x on its FY14 EPS of `11.85 Post issue, the stock is priced at a P/E of 12.24x on its EPS of ̀ 11.85. Looking at the P/B ratio at `145, the stock is priced at P/B ratio of 2.35x on the pre issue book value of `61.60 and on the post issue book value of ̀ 98.10, the P/B comes out to 1.48x.
SHARDA CROPCHEM LIMITED SMC Ranking
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15
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16
MUTUAL FUND
NEWS
Reliance MF introduces Fixed Horizon Fund – XXVII
Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Fixed Horizon Fund - XXVII - Series 5, a close ended income scheme. The NFO
opens for subscription on Sep 05, 2014 and closes on Sep 15, 2014. The investment objective of the scheme is to generate returns and growth of capital
by investing in a diversified portfolio of the following securities maturing on or before the date of maturity of the scheme with the objective of limiting
interest rate volatility - Central and State Government securities and other fixed income/ debt securities.
LIC NOMURA MF introduces Fixed Maturity Plan Series 88 (1100 days)
LIC NOMURA Mutual Fund has launched the New Fund Offer (NFO) of LIC NOMURA Fixed Maturity Plan Series 88 (1100 DAYS), a close ended income
scheme. The NFO opens for subscription on Sep 05, 2014 and closes on Sep 16, 2014. The investment objective of the scheme is to minimize interest
rate risk by investing in a portfolio of fixed income securities which mature on or before the date of the maturity of the scheme.
ICICI Prudential MF introduces Capital Protection oriented Funds- series VI-1100 days
ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Capital Protection Oriented Fund - Series VI - 1100 Days Plan H,
a close ended income scheme. The NFO opens for subscription on Sep 05, 2014 and closes on Sep 15, 2014. The investment objective of the scheme is to
protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital
appreciation by investing the balance in equity and equity related securities.
HDFC MF introduces FMP 1134D September 2014 (1)
HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC FMP 1134D September 2014 (1), a close ended income scheme. The NFO opens for
subscription on Sep 05, 2014 and closes on Sep 11, 2014. 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).
Birla Sun Life Mutual Fund files offer document with SEBI to launch a Close ended Income Scheme as “Birla Sun Life Fixed Term Plan-Series Md to
Series Mh”
Birla Sun Life Mutual Fund has filed offer document with SEBI to launch a Close ended Income Scheme as “Birla Sun Life Fixed Term Plan-Series Md to
Series Mh”. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before
the duration of the scheme.
BOI AXA Mutual Fund files offer document for Cap
BOI AXA Mutual Fund has filed offer document with SEBI to launch a Close-ended capital protection oriented scheme as BOI AXA Capital Protection
Oriented Fund - Series 2. The New Fund Offer price is ̀ 10 per unit. The investment objective of the scheme is to seek capital protection on maturity by
investing in fixed income securities maturing on or before the tenure of the scheme and seeking capital appreciation by investing in equity and equity
related instruments.
Religare Invesco Mutual Fund files offer document with SEBI
Religare Invesco Mutual Fund has filed offer document with SEBI to launch an Interval Income Fund as “Religare Invesco Annual Interval Fund- Series 1 -
Plan A to D”. The New Fund Offer price is ̀ 10 per unit. The investment objective of the scheme is to generate income by investing in a portfolio of debt
and money market instruments maturing on or before the opening of the immediately following Specified Transaction Period.
17
®
NFOs WATCH
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount
25-Aug-2014 08-Sep-2014 Open-Ended Growth `5000ICICI Prudential Constant Maturity Gilt Fund - Regular Plan (G)
Rahul GoswamiTo provide reasonable returns by investing in portfolio of Government Securities with average maturity of around 10 years.
28-Aug-2014 11-Sep-2014 Close-Ended Growth `5000Axis Hybrid Fund - Series 15 (1275 days) - Regular Plan (G)
Devang Shah
/Jinesh Gopani
To generate income by investing in high quality fixed income securities that are maturing on or before the maturity of the Scheme whilst the secondary objective is to generate capital appreciation by investing in equity and equity related instruments.
01-Sep-2014 15-Sep-2014 Close-Ended Growth `5000DWS Hybrid Fixed Term Fund - Series 29 (40 months) - Regular Plan (G)
Akash Singhania
/ Rakesh Suri
To generate income by investing in fixed income securities maturing on or before the date of the maturity of the Scheme and to generate capital appreciation by investing in equity and equity related instruments.
18
MUTUAL FUND Performance Charts
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Reliance Small Cap Fund - Growth 21.12 16-Sep-2010 566.21 22.38 72.52 144.96 33.07 20.73 2.56 0.74 0.41 4.18 48.30 29.40 18.12
HSBC Midcap Equity Fund - Growth 32.31 19-May-2005 127.72 15.31 54.89 130.17 23.62 13.44 2.90 0.90 0.18 8.31 79.33 7.03 5.34
Sundaram SMILE Fund - Reg - Growth 55.78 15-Feb-2005 335.87 15.94 82.83 125.25 25.30 19.71 3.02 1.04 0.17 2.59 63.50 32.62 1.29
ICICI Prudential MidCap Fund - Growth 59.81 28-Oct-2004 329.37 14.60 57.27 124.18 26.88 19.89 2.42 0.77 0.33 36.23 50.44 4.16 9.17
DSP BlackRock Micro Cap Fund - Reg - G 30.41 14-Jun-2007 522.43 20.13 61.79 122.18 27.12 16.63 2.37 0.69 0.31 3.06 66.43 22.21 8.30
UTI Mid Cap Fund - Growth 65.98 09-Apr-2004 963.98 24.54 59.74 121.93 29.94 20.94 2.30 0.80 0.35 21.08 67.87 7.30 3.76
Birla Sun Life Pure Value Fund - G 33.60 27-Mar-2008 109.15 4.11 72.23 118.81 28.29 20.69 3.06 1.01 0.31 20.33 53.25 16.11 10.31
EQUITY (Diversified)
BALANCED
INCOME FUND
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 04/09/2014Beta, 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 QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
HDFC Prudence Fund - Growth 353.91 01-Feb-1994 5833.88 9.09 43.60 74.69 19.72 20.42 2.12 0.13 35.07 29.52 8.73 26.69
HDFC Balanced Fund - Growth 95.93 11-Sep-2000 1502.72 10.75 33.93 64.92 20.07 17.54 1.52 0.17 26.51 40.56 1.45 31.49
Reliance RSF - Balanced - Growth 36.12 08-Jun-2005 570.58 12.80 36.72 62.35 20.74 14.90 1.67 0.10 55.03 15.05 3.87 26.04
ICICI Prudential Balanced - Growth 82.77 03-Nov-1999 777.19 10.17 31.84 56.08 21.71 15.30 1.50 0.18 39.84 29.12 1.48 29.55
Tata Balanced Fund - Plan A - Growth 143.44 08-Oct-1995 648.52 11.91 34.69 55.83 21.52 17.01 1.60 0.12 41.47 31.07 1.30 26.15
SBI Magnum Balanced Fund - Growth 82.92 09-Oct-1995 612.14 13.18 32.29 55.47 22.07 16.84 1.41 0.20 30.16 35.59 7.92 26.33
L&T India Prudence Fund - Growth 16.68 07-Feb-2011 59.97 10.14 32.76 54.58 20.71 15.39 1.47 0.15 39.56 26.14 5.39 28.91
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Franklin India Corporate Bond Opp. Fund - G 13.19 07-Dec-2011 6224.08 12.09 11.18 8.52 11.97 12.53 N.A 10.61 14.66 0.16 989.15 10.71
UTI Dynamic Bond Fund - Growth 14.56 23-Jun-2010 408.69 7.82 7.20 7.43 13.87 11.98 9.99 9.36 15.64 0.16 370.55 N.A
Franklin India Income Opp. Fund - G 15.07 11-Dec-2009 3991.55 12.04 10.67 8.72 11.34 11.82 9.65 9.04 13.78 0.16 883.30 10.63
UTI Income Opportunities Fund - G 11.68 19-Nov-2012 554.53 10.96 13.19 9.36 11.88 11.61 N.A 9.05 15.55 0.11 872.64 N.A
ICICI Prudential Regular Savings Fund - G 13.77 03-Dec-2010 4335.61 12.60 11.56 8.93 11.10 11.60 9.00 8.89 13.36 0.11 788.40 10.51
HDFC Medium Term Opp Fund - Growth 14.30 29-Jun-2010 2067.81 11.04 10.65 8.83 11.24 11.56 9.32 8.92 16.03 0.12 773.80 9.18
L&T Income Opportunities Fund - G 14.59 08-Oct-2009 555.72 10.93 9.76 9.41 11.57 11.55 8.57 7.99 13.07 0.05 598.60 8.20
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
ICICI Prudential STP - Growth 26.84 25-Oct-2001 2880.87 12.76 8.38 6.99 11.66 11.03 8.90 7.97 16.23 0.09 1142.45 9.47
Birla Sun Life Medium Term Plan - Reg - G 15.94 25-Mar-2009 2957.64 11.18 10.51 8.24 11.65 12.18 10.92 8.93 12.51 0.24 N.A 10.39
Birla Sun Life Treasury Optimizer Plan - Ret - G 242.67 19-Apr-2002 700.74 11.80 10.88 8.13 11.44 10.99 9.71 7.42 5.70 0.39 N.A 9.26
Kotak Income Opportunities Fund - G 14.10 11-May-2010 891.92 12.31 11.01 9.03 11.39 11.18 9.08 8.28 14.44 0.11 799.35 10.25
Birla Sun Life Treasury Optimizer Plan - DAP 149.81 22-Jun-2009 700.74 11.79 10.87 8.13 11.38 10.78 9.49 8.07 5.72 0.34 N.A 9.26
Birla Sun Life Dynamic Bond Fund - Ret - DAP 15.32 08-Apr-2009 9289.91 13.58 3.89 5.00 11.30 10.54 9.06 8.20 20.55 0.07 N.A 8.72
Birla Sun Life Dynamic Bond Fund - Ret - G 22.14 24-Sep-2004 9289.91 13.60 3.89 5.00 11.30 10.54 9.06 8.32 20.55 0.07 N.A 8.72
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Franklin India Low Duration Fund - G 14.53 26-Jul-2010 2032.05 10.46 10.59 9.57 10.29 10.59 9.87 9.52 4.02 0.56 175.20 9.68
Birla Sun Life Savings Fund - Ret - G 247.26 27-Nov-2001 6314.40 9.37 9.61 8.98 9.80 10.20 9.41 7.34 3.99 0.46 N.A 9.14
Birla Sun Life Savings Fund - Ret - DAP 146.27 23-Jun-2009 6314.40 9.33 9.57 8.95 9.77 10.04 9.04 7.58 4.00 0.41 N.A 9.14
IDFC Ultra Short Term Fund - Reg - G 18.58 17-Jan-2006 2204.38 9.19 9.56 8.82 9.71 10.29 9.74 7.44 3.79 0.53 155.00 9.10
Kotak Floater - LT - Growth 21.17 13-Aug-2004 2171.00 9.45 9.62 8.97 9.68 10.16 9.31 7.73 4.78 0.37 197.10 9.25
Franklin India Ultra Short Bond F - Retail - G 17.05 18-Dec-2007 4576.91 10.05 9.61 8.82 9.57 9.97 9.50 8.26 2.93 0.65 124.10 9.30
Reliance Medium Term Fund - Growth 27.46 14-Sep-2000 2248.34 8.69 8.86 8.04 9.56 10.26 9.10 7.49 7.13 0.20 240.00 9.05
Annualised
®
Mr. Ajay Garg (Director, SMC Group) during an Investor Awareness Seminar organized by SMC at Bhilwara, Rajasthan.
Mr. S C Aggarwal (CMD, SMC Group) sharing his thoughts with the audience during an event on social media organized by Assocham at New Delhi.
