a weekly update from smc 2014: issue 454, week: 22nd ... · a weekly update from smc (for private...
TRANSCRIPT
2014: Issue 454, Week: 22nd - 25th DecemberA Weekly Update from SMC
(For private circulation only)
Bra
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Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
Fixed Deposit 16
Mutual Fund 17-18
SMC RESEARCH TEAM
REGISTERED OFFICES:
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Tel: 91-11-30111000, Fax: 91-11-25754365
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Malad (West), Mumbai 400064
Tel: 91-22-67341600, Fax: 91-22-28805606
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Tel : 91-33-39847000 Fax No : 91-33-39847004
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C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03
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Tel: 044-39109100, Fax -044- 39109111
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Secunderabad - 500003
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Ph.: +91-11- 43035012, 43035014, Email: [email protected]
arkets across the globe saw huge selling after seeing cracks in the oil prices,
strength in dollar, fall in ruble and slowdown in major economies. However, on MWednesday they got some relief after U.S. Federal Reserve in its monetary policy
meeting indicated that it is better to be patient before acting on interest rate hikes.
Germany's producer prices surprised on the upside in November as energy prices remained
unchanged from October. Producer prices in Europe's largest economy were stable on the
month in November and fell 0.9% on the year. Bank of Japan maintained its stimulus by
expanding its monetary base at an annual pace of 80 trillion to boost inflation as the
challenges have increased in view of the fall in oil prices. Japanese economy is expected to
see moderate recovery. The expectations of cut in the Reserve ratio requirement by the
Chinese central bank also moved markets higher. On the data front, Chinese manufacturing
activity for HSBC/Markit fell to 49.5 in December from November's 50.0, adding to pressure
for further stimulus
Back at home, government has planned to get key bills like Insurance Bill and the Coal Mines
(Special Provisions) Bill, 2014 in parliament during the current winter session which ends on
23 December 2014. There may be some disappointment as just only three days are left for
the winter session of Parliament to end. The finance ministry has reportedly said in a mid-
term economic review that the Indian economy is slated to grow at a pace of around 5.5% in
the fiscal year ending March 2015. No doubt, with higher forex reserves, low Current
Account Deficit (CAD), easing inflation and firm commitment of the government to fiscal
consolidation, the interest rate hike by the Fed in any passage of time does not appear to
shock more to the domestic markets. The RBI meeting on interest rates and Union budget
will be the key events to watch out for.
On the commodities front, commodities were under pressure from many sides.
Nevertheless in domestic market downside was comparatively lower on fresh weakness in
rupee. Nonstop dovish comments by many oil producing countries to maintain their
production despite massive fall resulted in further plunge in the crude prices. Recently
base metals prices dipped lower as demand concerns mounted amid further signs of slowing
economic growth in China. Expect a thin trading week as festive fever is everywhere on
approaching Christmas and New Year. Indian market may lack cues this week. Gold can
move sideways with weak bias tracking subdued international markets due to stronger
greenback. Gold can move in the range of 26300-27300 while Silver can move in range of
35000-38000. Crude oil can move in the range of $50-$60 in NYMEX and 3200-3900 in MCX.
Even world has few important economic releases; some of them are GDP of Canada,
Durable Goods Order of US and CPI of Japan.
From The Desk Of Editor
(Saurabh Jain)
SMC Global Securities Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a further public offering of its equity shares and has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (“SEBI”) and the Stock Exchanges. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and on the websites of the Book Running Lead Manager i.e., ICICI Securities Limited at www.icicisecurities.com and the Co- Book Running Lead Manager i.e., Elara Capital (India) Private Limited at www.elaracapital.com . Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please see the section titled “Risk Factors” of the aforementioned offer document.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is in the process of making an application with SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, 2014. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.
NEWS
DOMESTIC NEWSEconomy•India's wholesale price inflation slowed more-than-expected in October.
Annual wholesale price inflation eased to 0 percent in November from 1.77 percent in October. Prices were forecast to rise 1.08 percent.
•India's trade deficit rose to $16.86 billion from $9.57 billion in the same month last year. Exports grew 7.27 percent annually and imports surged 26.79 percent.
Pharmaceuticals•Strides Arcolab has received approval from the United States Food & Drug
Administration for Calcitriol Softgel Capsules, 0.25 mcg and 0.5 mcg. The product will be manufactured at the Company's Oral dosage factory in Bangalore and marketed by Strides in the US market.
•Dr Reddy's Laboratories has launched valganciclovie tablets USP 450 mg, a generic version of Valcyte (owned by Hoffmann-La Roche Inc) tablets in the US market on December 15, 2014, approved by the United States Food & Drug Administration (USFDA).
•Ranbaxy Laboratories Limited has received the regulatory approval to launch India's first new chemical entity (NCE), Synriam (arterolane maleate 150 mg + piperaquine phosphate 750 mg drug) in seven African countries - Nigeria, Uganda, Senegal, Cameroon, Guinea, Kenya and Ivory Coast. The company has already launched the product in Uganda, while it is planning to introduce the product in other countries towards end of January 2015.
Construction•IVRCL has entered into a binding agreement on 18 December 2014 with
Dubai- based Utico FZC to sell equity stake in Chennai Water Desalination with a total project cost of ̀ 550 crores.
Automobile/ Auto Ancillary•Tata Motors is in the process of developing vehicles for the defence sector,
which are capable of carrying weapons. Tata Motors have been supplying vehicles to the defence sector for long, but the models were mainly troop carriers and that the company has bagged an order for around 585 units of its 'Minusma' vehicles from the United Nations as part of its support mission in East and North Africa.
•Motherson Sumi Systems Ltd would buy assets of Germany's Scherer & Trier group for about 36 million euros ($44.8 million) through a subsidiary.
Tyre•Ceat Ltd has commenced construction work for its new tyre
manufacturing unit in Buti Bori near Nagpur. The company is investing `420 crores in the plant, which will manufacture 2-3 wheeler tyres and have a capacity of 120 metric tonne per day.
Information Technology•Tech Mahindra is learnt to have entered into a strategic alliance with a
German start-up The Enquiss GmbH & Co KG, to expand its reach in the connected devices segment. As part of this agreement, Tech Mahindra and Enquiss GmbH have jointly developed solutions using the latter's intellectual property and platform, to address the automotive segment. The Mumbai-based company however said its engagement with the German company is not an acquisition.
FMCG•Emami group announced a partnership with German homeopathic
company Hevert-Arzneimittel. The partnership between the Frankfurt-based company and Emami's homeopathic vertical M Bhattacharya & Co will enable the company to import and market Hevert's products in India.
Power•Tata Power announced commissioning of the remaining 8 MW of the 32 MW
wind farm at Girijashankarwadi in Maharashtra. The wind farm is expected to generate approximately 62 million units (MUs) per year which will be procured by Tata Power-Distribution towards fulfilment of its Renewable Purchase Obligations (RPO).
INTERNATIONAL NEWS•US leading economic index rose by 0.6 percent in November following a
downwardly revised 0.6 percent increase in October. Economists had expected the index to climb by 0.6 percent compared to the 0.9 percent advance originally reported for the previous month.
•US jobless claims slipped to 289,000, a decrease of 6,000 from the previous week's revised level of 295,000. The drop came as a surprise to economists, who had expected jobless claims to inch up to 295,000 from the 294,000 originally reported for the previous week.
•US consumer price index dropped by 0.3 percent in November after coming in unchanged in October. Economists had expected the index to edge down by 0.1 percent.
•US housing starts fell 1.6 percent to a seasonally adjusted annual rate of 1.028 million in November from the revised October estimate of 1.045 million. Economists had expected housing starts to climb to a rate of 1.038 million from the 1.009 million originally reported for the previous month.
•Eurozone construction output grew in October after declining in the previous month. Production in construction rose 1.3 percent from September, when it declined 1 percent, which was revised from 1.8 percent fall. Building activity grew 1.4 percent and civil engineering work rose 1.4 percent.
MEETING DATE COMPANY PURPOSE
22-Dec-14 JBF Inds. Private Placement Basis,Postal Ballot22-Dec-14 Lloyd Electric Ra i s ing funds th rough Debt
Instr.,Qualified Institutions Placements22-Dec-14 Gokul Refoils Scheme of Arrangement23-Dec-14 Bank of Baroda Preferential Issue, Issue of Equity Shares23-Dec-14 NTPC Scheme of Arrangement24-Dec-14 Mold-Tek Pack. Increase in Authorised Capital,
Preferential Issue,Issue of Warrants30-Dec-14 Nectar Lifesci. Preferential Issue,FII Investment,
Raising funds through Debt Instr., Issue of Equity Shares,Issue of GDR/GDS
30-Dec-14 Bajaj Corp FII Investment30-Dec-14 Central Bank Raising of Capital, Preferential
Issue,Raising of Capital5-Jan-15 Guj Gas Company Other Purpose,Scheme of Arrangement6-Jan-15 SPML Infra Raising funds through Debt Instr.7-Jan-15 Arvind Ltd Scheme of Arrangement, Demerger7-Jan-15 ING Vysya Bank Amendmen t s i n A r t i c l e s o f
Assoc.,Change in Directors, Preferential Issue,Qualified Institutions Placements
7-Jan-15 Kotak Mah. Bank Employee Stock Option,Increase in Authorised Capital,Preferential Issue,Private Placement Basis,Revision in Directors Remuneration,Issue of Equity Shares
9-Jan-15 Infosys Results9-Jan-15 United Spirits Scheme of Amalgamation, Issue of
FCCB, Other Purpose
EX-DATE COMPANY PURPOSE
24-Dec-14 Ahmednagar Forgings Final Dividend - Re 1/- Per Share24-Dec-14 Amtek India Final Dividend - Re 0.10/- Per Share24-Dec-14 Amtek Auto Final Dividend - Re 0.50/- Per Share26-Dec-14 R Systems Int. Fourth Interim Dividend
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* 27371 UP 12.09.13 19317 - 26900
S&P NIFTY 8225 UP 12.09.13 5728 8200 8050
CNX IT 11176 DOWN 12.12.14 10929 11400 11600
CNX BANK 18478 UP 08.03.14 11278 17600 17200
ACC 1380 DOWN 19.12.14 1380 1440 1460
BHARTIAIRTEL 343 DOWN 05.12.14 368 370 385
BHEL 259 DOWN 12.12.14 247 265 270
CIPLA** 619 UP 12.06.14 416 - 600
DLF 132 DOWN 19.12.14 132 150 155
HINDALCO 158 DOWN 12.12.14 154 166 170
ICICI BANK 356 UP 08.03.14 227 335 325
INFOSYS 1999 DOWN 12.12.14 1939 2060 2120
ITC*** 369 UP 10.07.14 342 - 365
L&T 1535 DOWN 12.12.14 1511 1590 1620
MARUTI 3359 UP 19.09.13 1480 3200 3100
NTPC 136 DOWN 17.07.14 150 145 150
ONGC 349 DOWN 17.10.14 397 380 390
RELIANCE 901 DOWN 12.12.14 882 940 970
TATASTEEL 405 DOWN 27.08.14 513 440 455
S/l
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*SENSEX has broken the support of 27400 levels.**CIPLA has broken the support of 620 levels***ITC has broken the support of 375 levels
Closing as on 19-12-2014
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
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
5
®
SMC Trend
Nifty BSE Midcap S&P CNX 500BSE SmallcapSensex Nifty Junior
-803.93
-397.71
-1208.65
-1610.85
481.50
317.10 395.60
-2000.00
-1500.00
-1000.00
-500.00
0.00
500.00
1000.00
Friday Monday Tuesday Wednesday Thursday
FII / FPI Activity MF Activity
4.14 4.04
3.09 2.76 2.68
-10.62
-6.71
-5.63 -5.27
-3.99
-12.00
-10.00
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
Zee Entertainmen
B H E L Punjab Natl.Bank
HCL Technologies
H D F C DLF Dr Reddy's Labs
Sesa Sterlite ITC Hind. Unilever
4.17
2.59 2.59 2.42
1.40
-6.62
-5.47 -5.31
-3.98-3.47
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
B H E L H D F C GAIL (India) O N G C Infosys Dr Reddy's Labs
Sesa Sterlite ITC Hind. Unilever
Sun Pharma.Inds.
-0.79 -0.82
-1.42
-1.88
-0.17
-0.82
-2.00
-1.80
-1.60
-1.40
-1.20
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
-1.52
-0.22
-0.76
-4.13
-3.75
-1.38
0.06
0.590.43
-0.60
-5.00
-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index Healthcare Index
IT Index Metal Index Oil & Gas Index
Power Index Realty Index
-0.93
-2.42
-1.79
2.04
2.88 2.94
4.06
2.62
3.42
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
Investment Rationale fiscal.
•The business of the bank has increased 12% yoy to •As on September 2014, the Return on Assets (ROA) `2716422 crore at end September 2014, showing of the bank stood at 0.71% and Return on Equity moderation in growth from 13% increase at end (ROE) stood at 11.49%.June 2014. Deposits increased at higher pace of Valuation14% at `1473785 crore, while advances growth
With a strong branch network and strong penetration decelerated to 9% at `1242637 crore at end
the bank is well poised to cash the strong economic September 2014.
growth outlook of the country. The bank has been •The bank has posted 8% increase in Net Interest underpressure interms of deteriorating asset quality
Income (NII) at `13274.6 crore for quarter ended for quite sometime but the same is expected to September 2014. Interest earned moved up 10% to improve with revival in the industrial activities and `37262.61 crore on the back of 10% increase in the improved corporate performance going forward. The interest earned on advances at `27869.18 crore. recent statement by the Resrve Bank of India (RBI) is Bank proposes to maintain NIMs at current levels. also singnaling towards rate cut in the neat future
which will have positive impact on the bank, It is •Gross Non Performing Assets (NPA) was flat qoq, expected that the stock may see a price target of while declined 5% yoy to `60712.38 crore at end `369 in one year time frame on target P/BV of 1.65x September 2014, while Gross NPA ratio eased 01 bp and FY16 (E) BVPS of ̀ 237.7.qoq to 4.89% at end September 2014. Net NPAs rose
3% qoq to ̀ 32997.16 crore, while the Net NPA ratio rose 07 bps qoq to 2.73% at end September 2014.
•Bank has conducted fresh restructuring of `4351 crore of advances in Q2FY2015, while bank has a restructuring pipeline of ̀ 3000 crore.
•The Current Account Savings Account (CASA) ratio fell marginally to 42.79% as on 2QFY2015 from 43.58% during the quarter ended September 2013 due to healthy growth of term deposits.
•Capital Adequacy Ratio (Basel III) of the bank stood at 10.06% as on September 30, 2014. Provision Coverage Ratio increased to 63.18% from 60.16% during the corresponding period in the previous
Face Value (`) 1.00
52 Week High/Low 327.10/145.60
M.Cap (`Cr.) 229234.31
EPS (`) 15.70
P/E Ratio (times) 19.56
P/B Ratio (times) 1.94
Stock Exchange BSE
Investment Rationale share of 70 per cent in commercial vehicle •Recently, Gabriel India has signed a license supplies, and about 20-30 per cent in two-
agreement with Netherland based company KONI wheelers and cars.to develop and manufacture shock absorbers for •The company is one of the few companies in the all types of cars and commercial vehicles. With its auto components space that managed growth in presence across India in luxury vehicles, it aims to sales and net profit (adjusted) amid the slowdown grow with increased focus on Indian luxury bus in the sector.The company's market leadership and commercial vehicles segment. position and diversified clientele at a time when
•The management sees early signs of recovery in the the industry is on the verge of a turnaround auto sector, especially in the Medium and Heavy provides good visibility to earnings growth over Commercial Vehicles (M&HCV) segment. The the next two-three years.company being able to repay all debt barring public Valuationdeposits sees further green shoots. It reduced With the strong market share across business working capital debt and consequently interest verticals, improving outlook of Commercial Vehicle/ expense will lead to higher profit before tax. Passenger Vehicle (CV/PV) segments and KONI co-
•Going forward the company will focus on export, operation will help deliver new generation shock-inorganic growth and global manufacturing absorbers required for enhancing the ride and footprint to increase sales. The company has performance, harnessing the capabilities of both the created Strategic Business Units for each companies. We expect the stock to see a price target automotive segment namely 2 Wheeller / 3 of ̀ 131 in one year time frame on a target P/E of 21x Wheeller , Passenger car & Commercial Vehicle. It and FY16 (E) earnings of ̀ 6.26.hopes to derive benefits in the form of customer & product focus, export and After Market expansion.
•The company is trying to increase its market share in railways. It makes shock absorbers for the Indian railways for high comfort coaches. Its focus on railways coincides will the new government's increased focus on the railways. Though the company's sales to the railways is not big, the business is highly profitable.
•Gabriel is a tier I supplier to almost all the leading manufacturers such as Maruti, Tata Motors, Ford, GM, Toyota, Volkswagen, M&M, Ashok Leyland, Honda, Bajaj, Yamaha and TVS. It has a market
Face Value (`) 1.00
52 Week High/Low 99.25/19.45
M.Cap (`Cr.) 1267.99
EPS (`) 3.96
P/E Ratio (times) 22.30
P/B Ratio (times) 4.45
Dividend Yield (%) 0.96
Stock Exchange BSE
` in cr
% OF SHARE HOLDING
P/E Chart
GABRIEL INDIA LIMITED CMP: 88.30 Upside: 49%Target Price: 131
VALUE PARAMETERS
VALUE PARAMETERS
% OF SHARE HOLDING
STATE BANK OF INDIA CMP: 307.05 Upside: 28%Target Price: 392
P/B Chart
` in cr
Beat the street - Fundamental Analysis
Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline
6
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Actual Estimate
FY Mar-14 FY Mar-15 FY Mar-16
Revenue 12,745.00 15,375.00 18,196.00
EBITDA 90.39 123.30 155.20
EBIT 63.32 86.90 127.30
Pre-tax Profit 59.96 87.33 116.90
Net Income 46.80 67.15 89.65
EPS 3.26 4.68 6.26
BVPS 19.85 22.97 26.68
ROE 15.72 20.60 23.20
Actual Estimate FY Mar-14 FY Mar-15 FY Mar-16
N.Total Income 105,465.50 119,139.00 138,347.90
EBIT 42,096.80 35,718.50 41,618.80
Pre-tax Profit 21,325.50 25,219.60 31,826.40
Net Profit 14,173.80 16,686.90 21,351.80
EPS 20.40 22.24 28.25
BVPS 197.37 217.26 237.70
ROE 10.00 11.90 13.10
13.55
20.04
2.58
58.6
5.24 Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
8.44
0.54 5.05
54.63
31.34
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
Charts by Spider Software India Ltd
7
The stock closed at `285.75 on 19thDecember 2014. It made a 52-week low at
`165.55 on 21st February 2014 and a 52-week high at ̀ 357 on 26th May 2014. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at ̀ 283.37
It appears from daily chart that stock is forming an Inverted Head and Shoulder
pattern, which is bullish in nature. In the last traded week, stock has given the
price crossover of 200EMA on weekly chart and also managed to close above the
same. One can buy in the range of 277-279 levels for the upside target of 300-305
levels with closing below SL of 267.
EQUITY
Above calls are recommended with a time horizon of 1-2 months
The stock closed at ̀ 202.65 on 19TH DECEMBER 2014. It made a 52-week low at
`122 on 20th December 2013 and a 52-week high at `230.50 on 04th December
2014. The 200 days Exponential Moving Average (EMA) of the stock on the weekly
chart is currently at ̀ 120.54
Stock was trading in higher highs and higher lows on weekly chart since July,
2014. Due to correction in the broader indices, stock also corrected from Yearly
high of 230 and tested 195 levels, which falls the upward sloping support line. It
bounced back from that levels so, we anticipate that stock can give decent
upside move from current levels. One can buy in the range of 195-197 levels for
the upside target of 212-217 levels with SL of 190.
Disclaimer : research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.The analyst, not any of its affiliated companies, not any of their members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its
®
HEXAWARE
BANKINDIA
DERIVATIVES
CHANGE IN NIFTY OPTION OI (IN QTY)
WEEKLY VIEW OF THE MARKET
NIFTY OPTION OI CONCENTRATION (IN QTY)
CHANGE IN BANKNIFTY OPTION OI (IN QTY)BANKNIFTY OPTION OI CONCENTRATION (IN QTY)
®
TECHM (DEC FUTURE)
Buy: Above `2610
Target: `2690
Stop loss: `2570
JSWSTEEL
Buy DEC1150. PUT 16.00
Sell DEC1100. PUT 5.50
Lot size: 250
BEP: 1139.50
Max. Profit: 9875.00 (39.50*250)
Max. Loss: 2625.00 (10.50*250)
OPTIONSTRATEGY
FUTURE
HCLTECH
Buy DEC1600. CALL 17.60
Sell DEC1640. CALL 6.50
Lot size: 125
BEP: 1611.00
Max. Profit: 3625.00(29.00*125)
Max. Loss: 1250.00 ( 11.00*125)
POWERGRID
Buy DEC135. CALL 2.00
Lot size: 2000
BEP: 137.00
Max. Profit: Unlimited
Max. Loss: 4000.00 ( 2.00*2000)
BULLISH STRATEGY
DERIVATIVE STRATEGIES
RELINFRA (DEC FUTURE)
Sell: Below `490
Target: `472
Stop loss: `498
HINDUNILVR (DEC FUTURE)
Sell: Below `748
Target: `728
Stop loss: `757
BEARISH STRATEGY
Nifty opened on a flat note last week around 8160 however, it came under intense selling pressure, however strongly recovered from major support of 8000 levels. Bank Nifty outperformed Nifty last week. Also, majority of frontline stocks saw short covering as indicated by liquation of open interest with rise in price. On the F&O front, the overall market open interest decreased with rise in price indicating short covering. Among Nifty options, the 8000-strike put has the highest open interest of 60 lakh shares followed by the 8300-strike call which have OI of over 50 lakh shares. Last week, the 8300-strike call saw the highest addition in open interest indicating call writing. The PCR OI for the week closed at 0.78. The Nifty VIX for the week traded in a narrow range of 12.5-13.5 levels thereafter given breakout above 13.5%. It is currently trading above its 5-day EMA at 14.51. The implied volatility (IV) of call options closed higher at 13.62% while the average IV of put options ended at 13.20%. On the technical front, the Nifty closed above 8200 levels last week. It is likely to see sideways movement this week. As per option data Nifty trading range is 8000-8300 levels. On the upside, traders should watch for 8250 levels, above which short covering can come in.
In lakhs
In 10000 In 10000
Call Put
5.2
3
14
.14
23
.09
24
.50
52
.64
50
.25
49
.31
54
.36
36
.50
32
.08
32
.07
27
.33
31
.36
51
.70
44
.18
31
.05
17
.80
19
.36
18
.26
5.4
8
3.6
5
2.4
3
0.00
10.00
20.00
30.00
40.00
50.00
60.00
7500 7900 8000 8100 8200 8300 8400 8500 8600 8700 8800
Call Put
- 1.3
7
0.2
8 5.4
2
20
.07
41
.42
21
.43
0.5
3
- 16
.66
- 21
.60
- 6.2
3
- 3.0
0
- 1.6
8
16
.44
13
.75
2.0
2
- 11
.75
- 23
.26
- 15
.84
- 6.5
7
- 4.6
2
- 0.7
4
- 1.3
6
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
7500 7900 8000 8100 8200 8300 8400 8500 8600 8700 8800
Call Put
3.0
8
2.5
7 6.8
4
16
.79
7.0
6
8.9
8
11
.16
33
.27
15
.12
77
.67
24
.12
59
.47
64
.13
12
.80
62
.44
14
.43
13
.02
6.0
5 10
.63
2.0
4
1.7
5
0.2
3
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
17000 17500 17800 18000 18200 18300 18400 18500 18700 19000 19500
Call Put
- 0.4
5
- 0.2
4
5.8
8
5.98
2.7
6 7.0
2
6.2
0
0.8
3
- 4.5
2
- 21
.24
- 19
.07
18
.22
22
.27
- 0.9
0
- 13
.28
6.8
1
6.0
3
1.1
1
- 12
.65
- 1.5
4
- 0.7
4
0.0
2
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
17000 17500 17800 18000 18200 18300 18400 18500 18700 19000 19500
8
In lakhs
9
DERIVATIVES
®
FII’s ACTIVITY IN DERIVATIVE SEGMENT
SENTIMENT INDICATOR (NIFTY)
18-Dec 17-Dec 16-Dec 15-Dec 12-Dec
Discount/Premium 21.50 31.05 48.40 47.60 52.80
PCR(OI) 0.78 0.74 0.77 0.82 0.81
PCR(VOL) 0.99 0.93 0.98 0.89 0.88
A/D RATIO(Nifty 50) 6.14 0.47 0.14 0.61 0.48
A/D RATIO(All FO Stock)* 16.38 0.59 0.10 0.50 0.25
Implied Volatality 13.62 13.83 14.75 13.75 13.07
VIX 14.60 16.93 16.31 14.02 14.02
HISTORY. VOL 16.51 15.47 15.61 13.41 13.82
*All Future Stock
SENTIMENT INDICATOR (BANKNIFTY)
18-Dec 17-Dec 16-Dec 15-Dec 12-Dec
Discount/Premium 62.95 85.70 86.20 113.35 114.10
PCR(OI) 1.06 0.89 0.79 0.89 0.82
PCR(VOL) 1.14 0.94 0.97 1.05 0.75
A/D RATIO (BANKNIFTY)* 11.00 1.40 0.00 0.71 0.20
# #A/D RATIO 20.00 2.00 0.00 0.40 0.11
Implied Volatality 19.00 22.73 19.32 18.77 19.97
HISTORY. VOL 26.15 24.33 25.08 21.00 21.58
*All Future Stock
FII’S ACTIVITY IN NIFTY FUTURE
Top 10 long build up Top 10 short build up
LTP % Price Change Open interest* %OI Chng
KOTAKBANK 1258.6 0.80% 4716500 12.24%
CANBK 437.15 5.02% 8232000 10.48%
HDFC 1101.1 2.20% 10803750 8.31%
ZEEL 378.15 3.93% 11678000 3.29%
GAIL 435.1 1.97% 5829000 1.76%
EICHERMOT 14482.4 2.45% 267500 1.71%
IBREALEST 70.25 3.92% 36636000 1.57%
TITAN 377.9 0.69% 8957000 1.54%
AXISBANK 488.7 0.59% 25832500 1.12%
INFY 1968.2 0.88% 11775250 0.31%
**The highest call open interest acts as resistance and highest put open interest acts as support.# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup # Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
LTP % Price Change Open interest* %OI Chng
BOSCHLTD 19160.35 -2.80% 110625 35.53%
SRTRANSFIN 1124.9 -0.52% 1044250 23.07%
ITC 375.75 -5.71% 33369000 17.47%
DRREDDY 3161.25 -7.00% 1340750 16.25%
HINDUNILVR 769.2 -4.23% 6181500 15.82%
M&M 1217.85 -3.19% 3879250 15.46%
CESC 633.15 -3.77% 1637500 12.93%
ICICIBANK 346.65 -0.56% 55275000 11.77%
TATAPOWER 81.85 -3.65% 29548000 11.69%
TATAMOTORS 487.35 -3.09% 25636500 11.33%
## All BANKING Stock
In Cr. In Cr.
* OI (Dec Series+Jan Series) * OI (Dec Series+Jan Series)
30
0
60
21
0
- 84
5 - 72
4
35
2
17
9
- 55
7
- 49
4
36
-1000
-800
-600
-400
-200
0
200
400
600
04-Dec 05-Dec 08-Dec 09-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec
28
6
31
1
- 25
5
- 19
15
- 13
35
55
5
- 17
43
- 18
01
- 46
0
16
28
-2500
-2000
-1500
-1000
- 500
0
500
1000
1500
2000
04-Dec 05-Dec 08-Dec 09-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec
The bull-run in jeera futures (Jan) may continue to persist & may test 14100 levels owing to reports of lower acreage this season. Due to lower irrigation facilities as well as unsuitable weather conditions in major growing areas, the sowing in Rajasthan has been completed and is about 30% lower compared to last year. In Gujarat, cumin seed has been sown in about 1,86,000 hectares till December 8 compared to 3,44,500 hectares in the corresponding period last year, out of which 70,600 hectares was in Saurashtra, 94,500 hectares in north Gujarat and 16,800 hectares in central Gujarat. Turmeric futures (Apr) is expected to rise for the third consecutive week towards 8280 levels. The reason for this uptrend is attributed to the apprehension of limited availability of the yellow spice in the days to come. The recent unseasonal rains during past week in certain parts of Tamil Nadu, Maharashtra, Madhya Pradesh has caused damage to the crop & has affected the quality also. Secondly, the demand is increasing from the upcountry buyers as they have received orders from merchants of North India. The uptrend may prevail in cardamom futures (Jan) taking support above 900 levels. Aggressive buying is being witnessed by upcountry dealers from northern pockets of the country before the commencement of the fourth round of picking, as the quality dips. Coriander futures (Jan) would possibly fall towards 12000 levels owing to selling pressure & profit booking from higher levels. The market participants are cautious & keeping a watch on the condition of the crop as the actual situation will be known by the end of this month. On other hand farmers and stockist are releasing their stocks on expectations of lower prices in days to come. Stock of around 15-20 lakh bags has been estimated in Rajasthan and Madhya Pradesh.
SPICES
Gold can move sideways with weak bias tracking subdued international markets due to stronger greenback. Meanwhile weaker local currency rupee can cap the downside on domestic bourses. Gold can move in the range of 26300-27300 while Silver can move in the range of 35000-38000. Gold retreated as a rally in global equities and the dollar dampened demand for an alternative investment. While oil prices at five-year lows have raised concerns that inflation may fall further below the Fed's 2% target, Chair Janet Yellen stated that the impact will probably be transitory. Meanwhile Swiss gold exports rose to the highest level this year and flows from the UK suggest Swiss refineries are working at full capacity to meet demand from Asia. Switzerland exported 232.3 metric tonnes last month. India, China and Hong Kong accounted for 63% of the overseas shipments. The World Gold Council (WGC), which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014. Easing import curbs, the government early this month withdrew the 16-month-old '80:20' scheme, under which at least a fifth of any import consignment had to be supplied to jewellery exporters. Last week Fed stated that it would start raising rates as long as it was “reasonably confident” that inflation would move back to the 2% goal. According to new fed statement Fed would be “patient” before raising rates, adding that the overall outlook hadn't much changed from earlier assurances that rates would stay low for a “considerable time.”
BULLIONS
10
Base metals counter is expected to move sideways with weak bias. Recently base metals prices dipped lower as demand concerns mounted amid further signs of slowing economic growth in China. Copper may move in the range of 390-425. According to China National Bureau of Statistics new home prices dropped last month in 67 of the 70 cities tracked by the government. Construction accounts for 21% of China's copper demand. The International copper study group forecasts a deficit of refined copper this year of about 270,000 tonnes, before swinging to a surplus next year of an estimated 390,000 tonnes. Production of refined copper in China, the world's biggest market for the metal, rose 3.1% from the previous month in November, hitting a record for the fourth straight month. Discovery Metals Ltd stated that it will suspend copper mining in Botswana within the next six months, citing a deteriorating world copper price. Meanwhile workers at the Peruvian copper and zinc mine Antamina have ended a strike recently. While Zinc moved in the range of 130-143. Recently China Customs reported that refined zinc imports in October stood at 25,000 metric tonnes, down 66.36% as compared to same month last year. Aluminum may move in the range of 115-124. Russian aluminium giant Rusal last week ruled out restarting of its production capacity because it did not want to repeat mistakes made after the 2008 global financial crisis, when many producers stepped up production despite large inventories. Meanwhile lead can move in the range of 115-126 in MCX while Nickel prices may trade in the range of 950-1030.
®
BASE METALS
Crude oil may continue its downward momentum intact amid global supply glut scenario due to shale discoveries in US and low demand estimates. Crude oil can move in the range of $50-$60 in NYMEX and 3200-3900 in MCX. OPEC, which supplies about 40% of the world's oil, pumped 30.56 million barrels a day in November. WTI and Brent have slumped about 45% from this year's peaks in June as a surge in shale drilling lifted U.S. output to the fastest pace in three decades amid slowing growth in world demand. Members of the Organization of Petroleum Exporting Countries including Saudi Arabia, the world's largest exporter, have resisted calls from producers such as Venezuela and Ecuador to reduce output to stem the price drop. Saudi Arabia, the largest producer in OPEC, will stick to its policy to maintain output, as per the statement of Oil Minister Ali Al-Naimi. The Organization of Petroleum Exporting Countries last month refused to cut production at a meeting in Vienna. Natural gas prices may remain sideways as some lower level buying can be seen at current levels. Overall it can move in the range of 220-245 in MCX. Colder weather at this time of the year can give some support to the prices. Meanwhile U.S. gas output may advance 5.5% this year to a record 74.26 billion cubic feet a day, the EIA said Dec. 9 in its monthly Short-Term Energy Outlook report. Production from the top seven U.S. shale fields in the U.S. will climb 1.4 percent to 44.7 billion cubic feet a day in January from this month.
ENERGY COMPLEX
Mustard futures (Jan) is expected to witness the bullish trend & may test 4325 levels on reports of lower production & declining inventories. This season, the acreage has come down as compared to previous year as farmers in Rajasthan and Gujarat shifted to other lucrative crops such as barley and coriander. Another reason for the decline in sowing acreage is late harvesting of kharif crop. As per the latest data from Solvent Extractors' Association the progress of sowing of Rabi (2014-15) crop as on 11th December, 2014 is 61.48 lakh hectares as compared to 58.17 lakh hectares same time last year. On the other hand, the total carryover stocks of mustard seed in local mandies have been reported at 13 lakh tonnes, down 6 lakh tonnes from the last year in the same period. The fundamentals of the demand side gives an idea that India's mustard meal exports are likely to surpass the previous year's level of 9.16 lakh tonnes to reach around 10 lakh tonnes on the account of strong demand from South Korea and Iran. Soybean futures (Jan) might show a down trend & fall towards 3200 levels, breaching the support level of 3250. The reason is that the demand for the soymeal is fading away & crushers are involved in limited buying as per their immediate requirement due to crushing disparity. The U.S soybean market is being weighed down by expectations of record production in Brazil. CPO futures (Jan) is likely to breach the support of 420 levels & fall towards 410 levels. The counterpart on the Bursa Malaysia Derivatives is attracting negative sentiments from the bearish crude oil prices & global melt down in world commodities market. Back at home, it is estimated that India's vegetable oil import is likely to hit a new record this year.
OIL AND OILSEEDS
OTHER COMMODITIES
Kapas futures (Apr) will possibly remain trapped in a consolidation phase in the range of 790-820 levels. The latest U.S. Department of Agriculture (USDA) projections for 2014/15 indicate that global cotton trade is forecast to decrease for the second consecutive season as exporting countries are finding few opportunities to offset the sharp decrease in demand by China this season. The fundamentals of the domestic market depict that domestic mills are indulged in buying to meet their immediate requirements only due to poor demand. It is projected by the U.S Department of Agriculture, India is expected to hold 14.6 million bales at the end of 2014/15, or nearly 14% of the total global cotton stocks. Sugar futures (Mar) is likely to trade in a broader range of 2600-2700 on account of mixed fundamentals hovering over the counter. Firstly, the expectations of positive outcome for subsidy on raw sugar exports are rising among market participants. In a recent development, the government has given approval to ratify the methodology adopted to recalculate the incentive rate for bi-monthly periods of April-May 2014, June-July 2014 and August-September, 2014 for fixing the export subsidy on raw sugar. On the contrary, the concerns of higher output & mounting inventories are lending a bearish hand to the sweetener. As per the latest statistic from Indian Sugar Mills Association, production as 15th December 2014, in the current 2014-15 sugar season is 42.25 lakh tonnes, higher by 13.5 lakh tonnes as compared to corresponding period in the previous sugar season. The upside momentum in wheat futures (Jan) is likely to extend further surpassing 1700 levels. In the current scenario, there are expectations that a steady trend can be seen in exports of wheat and wheat products to be shipped to neighboring markets. Consequently, MY 2014/15 exports are likely to reach 3.0 MMT.
11
TECHNICAL RECOMMENDATIONS
COMMODITY
COPPER MCX (FEBRUARY) contract closed at ̀ 401.95 on 18th December '14. The contract made its high
of `423.65 on 21st November '14 and a low of `390.40 on 1st December '14. The 18-day Exponential
Moving Average of the commodity is currently at ̀ 407. On the daily chart, the commodity has Relative Strength Index (14-day) value of 43. One can buy in the
range 402-400 with the stop loss of ̀ 397 for a target of ̀ 420.
NATURAL GAS MCX (DECEMBER) contract closed at 230.60 on 18th December '14. The contract made
its high of `291.70 on 21st November '14 and a low of `224.30 on 8th December '14. The 18-day
Exponential Moving Average of the Commodity is currently at ̀ 239.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 41. One can buy in the
range 230-228 with the stop loss of ̀ 225 for a target of ̀ 242.
`
NICKEL MCX (DECEMBER) contract closed at 981.10 on 18th December '14. The contract made its high
of `1066.30 on 5th December '14 and a low of `961.50 on 18th December '14. The 18-day Exponential
Moving Average of the Commodity is currently at ̀ 1010.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 40. One can buy in the
range 975-965 with the stop loss of ̀ 950 for a target of ̀ 1010.
`
®
COPPER MCX (FEBRUARY)
NATURAL GAS MCX (DECEMBER)
NICKEL MCX (DECEMBER)
NOTES : 1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of Daily report- commodities (Morning Mantra).
2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the commodity. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.
EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN JAN 3295.00 05.06.14 DOWN 4401.00 - 3380.00 3450.00
NCDEX JEERA JAN 13625.00 13.11.14 UP 12090.00 11800.00 11300.00
NCDEX CHANA JAN 3271.00 30.10.14 UP 3131.00 3000.00 2950.00
NCDEX RM SEEDS JAN 4219.00 06.03.14 UP 3564.00 3800.00 3700.00
MCX MENTHA OIL JAN 735.60 29.05.14 SIDEWAYS
MCX CARDAMOM JAN 929.90 25.09.14 DOWN 849.70 - 935.00 940.00
MCX SILVER MAR 36555.00 11.12.14 UP 38668.00 36000.00 35000.00
MCX GOLD FEB 26815.00 11.12.14 UP 27191.00 26300.00 25800.00
MCX COPPER FEB 401.95 16.10.14 DOWN 409.00 - 415.00 420.00
MCX LEAD DEC 116.45 11.09.14 DOWN 128.95 - 123.00 127.00
MCX ZINC DEC 133.75 30.10.14 UP 141.30 132.00 130.00
MCX NICKEL DEC 981.10 04.12.14 UP 1059.10 975.00 970.00
MCX ALUMINUM DEC 119.25 18.12.14 SIDEWAYS
MCX CRUDE OIL JAN 3567.00 21.08.14 DOWN 5745.00 - 4000.00 4100.00
MCX NATURAL GAS JAN 234.30 04.12.14 DOWN 226.80 - 250.00 275.00
TREND SHEET
Closing as on 18.12.14
COMMODITY
NEWS DIGEST
In the week gone by, almost all the commodities remained under pressure from many sides.
However downside in the domestic market was comparatively lower due to fresh weakness in
rupee. Nonstop dovish comments by many oil producing countries to maintain their production
despite massive fall resulted in further plunge in the crude prices. Oil has slumped more than 20%
since OPEC decided at a meeting last month to maintain its output quota, resisting calls from
members including Venezuela to cut supply. Crude stockpiles in the U.S., the world's largest oil
consumer, fell by 847,000 barrels last to last week, the Energy Information Administration
reported. It gave temporary respite to the crude prices, but ultimately it closed the week on
negative note. Natural gas mirrored the trend of crude oil and saw further correction in the
prices. Bears dominated bullion counter as well. Both gold and silver witnessed wild swings. Gold
was down on weaker crude and jump in dollar index. On Wednesday, gold rose as prices that fell to
a two-week low spurred purchases and investors assessed a decision by U.S. policy makers to drop
a pledge to keep borrowing costs low for a “considerable time.” But overall it was weak. Silver
touched the high of 38889 but couldn't sustain at higher level and prices melted down. Industrial
metals were not in exception. Weak PMI data from China amid rise in equity and dollar index
exerted pressure on industrial metals.
In agri, guar prices revived as big groups have started to build up the guar stocks at current levels.
As export demand is concerned, it was weak considering upcoming Christmas festival. Mentha
continued its upward journey. Castor was up but the upside was limited as arrival of the new crop
is likely to increase by mid January and stake holders may release stock from new months. In
spices, turmeric, dhaniya, jeera and cardamom prices strengthened. In Gujarat growing regions,
around 65 – 70% sowing has completed till date. Jeera sowing current year delay by 20 – 25 days
due to hot weather conditions during normal sowing period. RM seed continued upward trend on
supportive buying from millers and the stockists with improved mustard oil demand in the major
consuming centers like West Bengal and Kashmir. Chana continuously surge on weak rupees and
also on expected 10% import duty. Forward market commission revised DPL (Daily price limit) for
agricultural commodities future contracts to 4%.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 18.12.14 DIFFERENCEQTY. QTY.
BAJRA MT 20 20 0CASTOR SEED MT 173880 194037 20157CHANA MT 38255 39912 1657CORIANDER MT 5174 6277 1103COTTON (29MM) BALES 400 400 0GUARGUM MT 9990 10927 937GUARSEED MT 15874 16425 551JEERA MT 1995 2474 479MAIZE MT 7594 7008 -586RAPE MUSTARD SEED MT 5758 7915 2157SOYABEAN MT 17492 17557 65SUGAR M (OLD) MT 969 1059 90TURMERIC MT 2210 2110 -100WHEAT MT 815 815 0
11.12.14 COMMODITY UNIT 10.12.14 17.12.14 DIFFERENCE
QTY. QTY.
CARDAMOM MT 27.40 28.80 1.40
COTTON BALES 7200.00 10600.00 3400.00
GOLD KGS 79.00 38.00 -41.00
GOLD MINI KGS 31.70 26.40 -5.30
GOLD GUINEA KGS 33.07 32.41 -0.66
MENTHA OIL KGS 4882222.50 4658686.35 -223536.15
SILVER (30 KG Bar) KGS 317.00 12555.36 12238.36
•China average home prices in 70 major Chinese cities fell by an annual 3.7% in November, following a 2.6% fall in October.
•Global unwrought aluminum inventories at the end of October were up 31,000 million tonnes from September and up 297,000 million tonnes from October 2013.
•International copper study group forecasts world refined copper production is likely to increase by about 5% year-on-year to 22.1 million tonnes in 2014 and by a further 4% to 23.1 million tonnes in 2015.
•Mining companies are set to increase their outstanding net forward gold sales by between 42 and 52 tonnes in 2014, the largest expansion of the global gold hedge book of any year since 1999.
•Indian Gold imports jumped 34% in November to $5.61 billion, sending India's trade deficit to a 18 month high.
•FMC has given permission to NCDEX to launch futures contracts in mustard seed in 2015.
•FMC has decided to revise policy for Daily Price Limits (DPL) in agricultural futures contracts. For details refer circular FMC/3/2014/C/0138 F. No.6/3/2013-MKT-I.
•FMC has raised the open interest limit for 18 commodities i.e castor seed, chana, cotton, cotton seed oil cake, crude palm oil, dhaniya, jeera, mentha oil, RM seed, soybean, soya refined oil, aluminum, copper, gold, lead, nickel, zinc, silver.
•National Bulk Handling Corporation (NBHC) has joined hands with NCDEX for providing warehousing services to the exchange's members and clients.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
7.43
1.86
0.22
-6.50
-5.77 -5.59
-4.00
-3.15
-8.00
-6.00
-4.00
- 2.00
0.00
2.00
4.00
6.00
8.00
10.00
CARDAMOM MENTHA OIL GOLD PETAL (DEL) LEAD MINI NICKEL MINI SILVER MICRO BR. CRUDE OIL CRUDE OIL
5.72
4.754.28
2.76 2.75
-6.10
-4.28-4.07
-2.91-2.52
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
CHANA TURMERIC RM SEEDS MAIZE KHARIF JEERA SILVER HEDGE CRUDE OIL SILVER NEW BARLEY COPPER
COMMODITY
COMMODITY EXCHANGE CONTRACT 12.12.14 18.12.14 CHANGE%
ALUMINIUM LME 3 MONTHS 1935.00 1911.00 -1.24
COPPER LME 3 MONTHS 6490.00 6315.00 -2.70
LEAD LME 3 MONTHS 1995.00 1865.00 -6.52
NICKEL LME 3 MONTHS 16675.00 15650.00 -6.15
ZINC LME 3 MONTHS 2191.00 2126.00 -2.97
GOLD COMEX FEB 1222.50 1194.80 -2.27
SILVER COMEX MAR 17.06 15.93 -6.58
LIGHT CRUDE OIL NYMEX DEC 57.81 54.11 -6.40
NATURAL GAS NYMEX DEC 3.80 3.64 -4.03
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
11.12.14
ALUMINIUM 4302525 4272100 -30425
COPPER 166075 172675 6600
NICKEL 407568 405174 -2394
LEAD 220350 219825 -525
ZINC 681850 687450 5600
18.12.14
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 12.12.14 18.12.14 CHANGE(%)
Soya CBOT JAN Cent per Bushel 1047.25 1035.00 -1.17
Maize CBOT DEC Cent per Bushel 407.50 419.50 2.94
CPO BMD MAR MYR per MT 2171.00 2148.00 -1.06
Sugar LIFFE FEB 10 cents per MT 390.40 391.20 0.20
13
®
SPOT PRICES (% change) Sugar… Rising Surplus
India is the world's second largest producer and biggest consumer of sugar. Sugar is
the highly politically sensitive commodity in India. If sugar prices sky rockets, it
hurts everyone & if prices fall too much, and goes lower than sugarcane
procurement price then it hurts farmers and mills. According to the data compiled
by the Indian Sugar Mills Association, Sugar production rose by 47% to 42.25 lakh
tonnes till December 15 of this marketing year, which started in October this year.
Sugar production of India, stood at 28.77 lakh tonnes in the same year-ago period.
Recent development about sugar production
• According to ISMA, the sugar production is estimated to rise to 250-255 lakh
tonnes in 2014-15 marketing year as compared to 244 lakh tonnes in the
previous year.
• The annual domestic demand is pegged at 230-240 lakh tonnes, while the
opening stock was 75 lakh tonnes at the start of the current marketing year.
• According to ISMA the rising and surplus production is creating supply glut
situation in fifth straight year is leading to a fall in ex-factory prices.
• The association attributed that early start of crushing in this season compared
to last year and crushing started by more mills than last year till 15thth
December is the main reason for increase in sugar output.
• According to ISMA, 442 sugar mills have started their operations as on
December 15, 2014 as against 426 sugar mills on 15th December last year.
• Maharashtra has produced 20.73 lakh tonnes of sugar till 15th December, 2014
as compared to 12.96 lakh tonnes in the year-ago period.
• 7.94 lakh tonnes of sugar has been produced by UP sugar mills in the current
season upto 15th December, 2014, as compared to 3 lakh tonnes in the
corresponding period last year.
• Karnataka have produced 7 lakh tonnes upto 15th December 2014, as
compared to 7.57 lakh tonnes in the corresponding period last year.
• The other States have produced 6.58 lakh tons of sugar upto 15th December
2014, which was 5.24 lakh tons in the corresponding period last year
• The association said that the current ex-mill prices are at its lowest in the last
3 years and around ̀ 500-700 per quintal below the cost of producing the sugar.
• Therefore, mills are facing huge challenges to even be able to pay the FRP (Fair
and Remunerative Price) of ̀ 220 per quintal of sugarcane linked to 9.5% sugar
recovery.
• According to ISMA, ex-mill sugar prices are lower than last year but the
sugarcane prices are higher, so the cane price arrears which had crossed
`12,500 crore in March 2014, in the last sugar season may be higher unless the
sugar prices improve.
• Meanwhile, the global sugar prices have only fallen further (even below 15
cents/lb), making sugar exports from India unviable.
• ISMA also said that it was anxiously waiting for the announcement of
continuation of the incentive scheme on raw sugar production and exports
soon, so that mills could produce raw sugar for the purpose.
-3.27
-1.60
-1.54
-1.39
-0.84
-0.28
-0.07
0.00
0.15
0.27
0.64
0.78
1.09
1.52
1.55
1.89
2.29
2.30
3.44
4.16
4.37
4.46
-4.00 -2.00 0.00 2.00 4.00 6.00
SILVER 5 KG (DELHI)
CRUDE PALM OIL (KANDLA)
SOYABEAN (INDORE)
BARLEY (JAIPUR)
CHILLI (GUNTUR)
COTTON (KADI)
PEPPER MALABAR GAR (KOCHI)
GUAR SEED (JODHPUR)
REFINED SOYA OIL (INDORE)
SUGAR (KOLKATA)
CORIANDER (KOTA)
WHEAT (DELHI)
COTTON SEED OIL CAKE (AKOLA)
MENTHA OIL (BARANBAKI)
RAW JUTE (KOLKATA)
MUSTARD (JAIPUR)
GUR (MUZAFFARNGR.)
GUAR GUM (JODHPUR)
JEERA (UNJHA)
CHANA (DELHI )
TURMERIC (NIZAMABAD)
MASOOR (INDORE)
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 62.66 64.10 62.63 63.24
EUR/INR 78.00 80.07 77.89 77.96
GBP/INR 96.71 100.76 98.37 98.97
JPY/INR 52.72 54.89 52.25 53.36
(Source: FX Central, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)
News Flows of last week
17th Dec British retail sales surged at their fastest annual rate in more than a decade last month
17th Dec The U.S. services sector expanded in December at its slowest rate since February
18th Dec Factory activity in the U.S. mid-Atlantic region grew at a slower pace in December, a survey showed
18th Dec Swiss central bank announced negative interest rates to stem flight into franc
18th Dec China has revised up the estimated size of its economy for 2013 by 3.4 percent
18th Dec The number of Americans filing new claims for unemployment benefits unexpectedly fell last week
19th Dec Russian ruble weakens as traders see no major measures in Putin speech
EUR/INR (DEC) contract closed at 77.96 on 18th December'14. The contract made its high of `80.07 on 17th December'14 and a low of `77.89 on 18th December'14 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 77.89.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 49.08. Technically, the pair has bounced sharply from its lows and managed to breach its weekly resistance of 77.90 but could not manage to hold at higher levels. Now, as seen from charts the pair has retrace more than 50% of its high and any sustainability below 61.8% retracement can further drag the prices down. So, one can sell on bounce around 77.90 for a target of 76.80 with the stop loss of 78.50.
`
JPY/INR (DEC) contract closed at 53.36 on 18th December'14. The contract made its high of 54.89 on 17th December'14 and a low of `52.25 on 15th December'14 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 53.10.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 47.23. The pair has given sharp rise in the week gone following its previous week gains. However, pair could not hold it gains and once again fell below its 14 EMA. Now, we expect pair to take support at 50% retracement level; as can be seen in charts. So, one can buy above 53.15 for a target of 54.30 with the stop loss of 52.50
Market Stance
The rupee fell to a 13-month low as against the dollar in the week gone by as
broader gains in dollar were seen. The benchmark bond yields also hit their
highest level in two weeks as the brewing financial crisis in Russia continued to
raise concerns about foreign fund outflows. Global currencies are facing a
rout as investors shift funds to the US on expectations of higher interest rates,
and therefore better returns, in the world's biggest economy. US Federal
Reserve signaled that it was on track to raise interest rates next year, altering
a pledge to keep them near zero for a considerable time in a show of
confidence in the US economy. Moreover, losses in local currency remain
capped as local stocks rose sharply at end of the week giving some hope to
investors.
EUR/INR
USD/INR (DEC) contract closed at `63.24 on 18th December '14. The contract made its high of `64.10 on 17th December'14 and a low of `62.63 on 15th December'14 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 62.82.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 63.59. Technically the pair has given break out of the rising channel as seen in chart. However prices could not managed to sustain at higher levels as result of profit booking. Now, the divergence in RSI is hinting for more profit booking. So we recommend to buy the pair on dips around 62.95 for the upside target of 63.90 with the stop loss of 62.45
GBP/INR (DEC) contract closed at 98.97 on 18th December'14. The contract made its high of 100.76 on 17th December'14 and a low of `98.37 on 15th December'14 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 98.54.On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 57.16. Technically, pair had made double bottom pattern on daily charts and bounced sharply from there. However pair retraced sharply from its highs made last week. Also it managed to take support at 14 EMA. So, one can buy above 99.70 for a target of 100.85 with the stop loss of 99.20.
`
USD/INRTechnical Recommendation
GBP/INR JPY/INR
Economic gauge for the next week
Date Currency Event PREVIOUS
22nd Dec USD Existing Home Sales (MoM) 1.50%
22nd Dec EUR Euro-Zone Consumer Confidence -11.6
23rd Dec EUR French Gross Domestic Product (YoY) 0.40%
23rd Dec GBP Gross Domestic Product (YoY) 3.00%
23rd Dec USD Gross Domestic Product (Annualized) 3.90%
23rd Dec USD Durable Goods Orders 0.40%
23rd Dec USD Durables Ex Transportation -0.90%
23rd Dec USD U. of Michigan Confidence
23rd Dec USD New Home Sales (MoM) 0.70%
23rd Dec USD Personal Spending 0.20%
25th Dec JPY Jobless Rate 3.50%
14
®
IPO
IPO NEWSIPO NEWS
Monte Carlo Fashions got listed on December 19
Ludhiana-based woollen and cotton apparel manufacturer Monte Carlo Fashions got listed its equity shares at ̀ 585 on the Bombay Stock Exchange and National
Stock Exchange (Capital Market segment) on December 19, 2014.The 54.33 lakh equity shares issue was opened for subscripion during December 3-5, 2014. The
issue price was fixed at ̀ 645 per share. Monte Carlo, the apparel retail chain, garnered ̀ 350 crore through the issue by diluting 25 percent shareholding. There
was no fresh issue of shares. Promoters (including Oswal family & members and other companies) reduced their stake from 81.06 percent to 63.63 percent and
Smara Capital, a Mauritius-based PE firm (through its affilliate, KIL had acquired stake in Monte Carlo in June 2012) cut its shareholding from 18.51 percent to
10.94 percent through this issue. The objects of the offer were to achieve the benefits of listing the equity shares on the stock exchanges and the sale of 54.33
lakh equity shares by the selling shareholders.
Standard Life to up exposure in HDFC Life before IPO
Standard Life plans to increase its stake in joint venture HDFC Standard Life Insurance Co to 33 per cent from the current 26 per cent after India amends its law
increasing the limit of foreign investment in the insurance sector, two people with knowledge of the matter said. The stake purchase will happen before HDFC
Life lists its shares, which internal discussions suggest would be at a valuation of ̀ 18,000-20,000 crore. India currently limits investment in insurance to 26 per
cent. A Bill to increase the cap to 49 per cent has recently been approved by the Cabinet. While Parliament has yet to clear the Insurance Amendment Bill, private
insurance companies have already started activities around raising FDI. UK-based Standard Life may have to spend `1,250-1,400 crore for the additional 7 per
cent to increase its stake to 33 per cent in the joint venture with Housing Development Finance Corp.
Cafe Coffee Day IPO estimated to fetch ̀ 1,500 cr, experts say it's right time for stake sale
Amalgamated Coffee Bean Trading Company, the owner of India's largest coffee retail chain Cafe Coffee Day(CCD), is seeking to raise `1,200-1,500 crore by
selling 20-25 per cent stake in the chain through a public offer that values the 18-year old company at about a billion dollars. The firm started its final discussions
— "kick off discussions" in industry parlance — on Thursday to finalise the draft prospectus with its three investment banks — Morgan Stanley, Citigroup and Kotak
Mahindra Capital Company — to manage the issue.
Sebi Restraints Grishma from Stock Broking Business for 3yrs
Capital Market regulator Sebi has restrained Grishma Securities from taking up new assignments for a period of 3 years as a stock broker for "fraudulent activities"
related to Tijaria Polypipes' IPO. Giving the ruling, Securities and Exchange Board of India (Sebi) noted that the prohibition on Grishma would take into account 2
years and 11 months restraint time already undergone by the entity 'in respect of its stock broking business' following an interim order in December 2011. Tijaria
Polypipes' IPO had opened on September 27, 2011 and closed on September 29, 2011. Sebi probe found that the firm had diverted substantial part of the IPO
proceeds, "through layered transactions". One of the entities Jivraj Zala had traded through Grishma in the company's shares on the listing day, Sebi said. Among
others, the probe found that Grishma had tried to send the investigation on a "wrong trail" by manipulating the client ledger of Zala to give an impression that
some funds were available in the client account on the day of trading by him in the scrip of Tijaria Polypipes.
The great Indian sale
The government is targeting to mop up ̀ 58,000 crore this financial year through divestment of its stake in certain PSUs like CIL, ONGC, NHPC, PFC, REC and CCI.
The process has already been kickstarted with a 5% stake sale in SAIL. Retail investors got a discount of 5% to the bid price in the SAIL offering, the offer for sale
(OFS) for which was subscribed over two times.
Sebi may revisit delisting norms, says IPO approval process expedited
The Securities and Exchange Board of India (Sebi) on Monday said it may consider changing some aspects of the recently announced delisting proposals, if need
arises, based on the feedback it received by market participants, Sebi chair UK Sinha said on the sidelines of an investment banking conference organised by the
Association of Investment Bankers of India (AIBI). On November 19, the market regulator announced various changes to delisting of shares regulations, among
other announcements such as insider trading, treatment of wilful defaulters, listing regulations, and e-IPO. In the delisting norms, Sebi changed the requirement
of public participation to 25% of the number of shareholders, instead of requirement of receiving participation from 50% of public shareholding. Data showed
that 85-90% of the 40 delisting offers in the past saw less than 25% of shareholders participate in the delisting offer.
*Closing prices as on 18-12-2014
IPO TRACKER
Shemaroo Ent. Entertainment 433.28 120 1-Oct-14 170.00 180.00 159.40 -6.24
Sharda Cropchem Agro Chemical 2226.19 351.86 23-Sep-14 156.00 254.10 246.75 58.17
Snowman Logistic Miscellaneous 1674.48 197.40 12-Sep-14 47.00 78.75 100.60 114.04
Wonderla Holidays Entertainment 1620.16 181.25 9-May-14 125.00 164.75 286.75 129.40
Just Dial service provider 8921.67 950.11 5-Jun-13 530.00 590.00 1267.40 139.13
Repco Home Fin Finance 3887.29 270.39 1-Apr-13 172.00 165.00 623.90 262.73
V-Mart Retail Trading 948.06 123.00 20-Feb-13 210.00 216.00 526.70 150.81
Bharti Infra. Telecom 66452.94 4533.60 28-Dec-12 220.00 200.00 351.50 59.77
PC Jeweller Jewellary 3583.79 609.30 27-Dec-12 135.00 135.50 200.10 48.22
CARE Rating Agency 4195.00 540.00 26-Dec-12 750.00 949.00 1446.55 92.87
Tara Jewels Jewellary 198.31 179.50 6-Dec-12 230.00 242.00 80.55 -64.98
Company Sector M.Cap(In `Cr.) Issue Size(in `Cr.) List Date Issue Price List Price Last Price %Gain/Loss(from Issue price)
*
15
®
16
MUTUAL FUND
NEWS
Birla Sun Life MF introduces Emerging Leaders Fund - Series 5
Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Emerging Leaders Fund - Series 5, a close ended income scheme. The NFO
opens for subscription on Dec 15, 2014 and closes on Dec 26, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription
amount is ̀ 5,000 and in multiples of Re. 1 thereafter. The scheme's performance will be benchmarked against S&P BSE Midcap Index and its fund managers
are Mahesh Patil and Milind Bafna. The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in
equity and equity related securities of Small & Mid Cap companies.
Sundaram MF introduces Long Term Tax Advantage Fund Series I (10 years)
Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Long Term Tax Advantage Fund Series I (10 years), a close ended income
scheme. The NFO opens for subscription on Dec 18, 2014 and closes on Dec 20, 2014. No entry load or exit load will be applicable for the scheme. The
investment objective of the scheme is to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related
instruments of companies along with income tax benefit.
Sundaram MF introduces Top 100 Series IV (3 years)
Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Top 100 Series IV (3 years), a close ended income scheme. The NFO opens for
subscription on Dec 18, 2014 and closes on Dec 20, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is
`5,000. The investment objective of the scheme is to generate capital appreciation from a portfolio that is substantially constituted of equity securities
specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2012. The Scheme may also invest a certain portion of its corpus in cash & cash
equivalent and money market instruments from time to time.
ICICI Prudential Mutual Fund files offer document for Value Fund-Series 6 to 8
ICICI Prudential Mutual Fund has filed offer document with SEBI to launch a close ended equity scheme as 'ICICI Prudential Value Fund-Series 6 to 8'. The New
Fund Offer price is `10 per unit. The investment objective of the scheme is to provide capital appreciation by investing in a well diversified portfolio of
stocks through fundamental analysis.
SBI MF introduces Debt Fund Series B - 6 (1111 Days)
SBI Mutual Fund has launched the New Fund Offer (NFO) of SBI Debt Fund Series B - 6 (1111 Days), a close ended income scheme. The NFO opens for
subscription on Dec 16, 2014 and closes on Dec 22, 2014. The investment objective of the scheme is to provide regular income and capital growth with
limited interest rate risk to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate
Bonds and Money Market Instruments maturing on or before the maturity of the scheme.
LIC NOMURA MF introduces G-SEC Long Term Exchange Traded Fund
LIC NOMURA Mutual Fund has launched the New Fund Offer (NFO) of LIC NOMURA G-SEC Long Term Exchange Traded Fund, a close ended income scheme.
The NFO opens for subscription on Dec 17, 2014 and closes on Dec 22, 2014. No entry load or exit load will be applicable for the scheme. The minimum
subscription amount is ̀ 5,000 and in multiples of Re. 1 thereafter. The investment objective of the scheme is to provide returns that closely correspond to
the total returns of securities as represented by GSEC10 NSE Index, subject to tracking errors.
Deutsche Mutual Fund files offer document for Mid & Small Cap Fund
Deutsche Mutual Fund has filed offer document with SEBI to launch an Open Ended Equity Scheme as DWS Mid & Small Cap Fund. The New Fund Offer price is
`10 per unit. The scheme will be benchmarked against for the scheme is CNX Mid Cap Index. The minimum application amount is ̀ 5,000 per application and
in multiples of Re.1 thereafter. The investment objective of the scheme is to generate long term capital appreciation from a portfolio that is substantially
constituted of equity and equity related securities of mid and small cap companies.
17
®
NFOs WATCH
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount
01-Nov-2014 31-Jan-2015 Close-Ended Growth `500SBI Long Term Advantage Fund - Series I - Regular Plan (G)
Dinesh Ahujato generate capital appreciation over a
per iod of ten years by invest ing
predominantly in equity and equity-related
instruments of companies along with income
tax benefit.
However, there can be no assurance that the
investment objective of the Scheme will be
realized
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
Sundaram SMILE Fund - Reg - Growth 64.00 15-Feb-2005 500.71 9.94 31.12 109.17 39.25 20.75 3.14 1.08 0.33 1.88 71.58 23.81 2.73
SBI Small & Midcap Fund - Growth 26.66 09-Sep-2009 96.45 9.76 40.12 105.27 40.41 20.43 2.35 0.81 0.48 N.A 61.14 34.93 3.92
DSP BlackRock Micro Cap Fund - Reg - G 35.08 14-Jun-2007 1196.06 8.85 33.27 104.37 40.98 18.17 2.53 0.74 0.44 N.A 74.47 20.58 4.95
Birla Sun Life Pure Value Fund - G 37.10 27-Mar-2008 261.40 6.55 13.76 103.93 39.22 21.50 3.13 1.04 0.44 19.00 54.80 15.91 10.28
Reliance Small Cap Fund - Growth 23.14 16-Sep-2010 931.64 4.02 28.22 102.13 44.41 21.78 2.64 0.77 0.49 6.08 54.12 24.24 15.56
Canara Robeco Emerging Equities - G 53.80 11-Mar-2005 101.90 8.49 28.71 100.00 42.91 18.85 2.57 0.88 0.40 7.18 78.27 10.46 4.09
UTI Mid Cap Fund - Growth 72.60 09-Apr-2004 1361.20 5.33 31.87 91.71 41.80 21.40 2.41 0.83 0.44 24.22 56.54 6.32 12.91
EQUITY (Diversified)
BALANCED
INCOME FUND
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 18/12/2014Beta, 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, Short term funds and Ultra short term funds have been sorted on the basis of 6month and 3month returns respectively
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
Franklin India Balanced Fund - Growth 83.95 10-Dec-1999 266.17 7.06 19.58 45.00 24.14 15.20 1.51 0.18 53.94 13.75 N.A 32.31
DSP BlackRock Balanced Fund - Growth 101.64 27-May-1999 505.61 5.95 18.10 44.66 20.81 16.06 1.75 0.09 43.93 26.00 3.14 26.93
SBI Magnum Balanced Fund - Growth 87.95 09-Oct-1995 825.14 4.43 17.34 42.53 27.65 16.93 1.47 0.22 28.83 35.95 7.26 27.95
Tata Balanced Fund - Plan A - Growth 154.15 08-Oct-1995 907.07 5.39 17.06 48.76 26.96 17.18 1.65 0.19 44.57 27.82 1.34 26.28
Birla Sun Life 95 - Growth 532.84 10-Feb-1995 886.89 6.75 16.54 47.27 24.15 22.16 1.68 0.18 41.85 31.81 N.A 26.33
Canara Robeco Balance - Growth 105.67 01-Feb-1993 243.62 4.71 15.50 45.55 23.59 11.56 1.73 0.14 33.17 32.91 5.12 28.80
ICICI Prudential Balanced - Growth 88.18 03-Nov-1999 996.94 4.53 15.18 45.01 26.95 15.47 1.54 0.22 40.54 22.96 1.16 35.34
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
ICICI Prudential Income Fund -Growth 42.56 09-Jul-1998 2583.80 -30.64 16.02 30.16 17.16 17.09 8.83 9.20 47.53 0.05 5580.86 8.15
HDFC HIF - Dynamic - Growth 46.65 27-Apr-1997 831.84 -28.88 13.91 28.02 17.14 16.11 10.25 9.11 34.28 0.11 4916.55 8.28
Birla Sun Life Income Plus - DAP 15.44 06-Mar-2009 3381.24 -33.76 15.02 31.55 17.73 15.97 9.45 7.79 40.92 0.07 N.A 8.32
Birla Sun Life Income Plus - Reg - G 61.18 21-Oct-1995 3381.24 -33.79 15.02 31.55 17.73 15.97 9.43 9.91 40.92 0.07 N.A 8.32
HDFC Income Fund - Growth 30.99 11-Sep-2000 2186.47 -31.71 6.97 23.89 15.92 15.63 8.90 8.24 39.44 0.05 4707.59 8.40
UTI Bond Fund - Growth 40.59 04-May-1998 1977.00 -14.08 15.75 27.56 15.51 15.55 9.73 8.79 31.33 0.09 4225.03 N.A
IDFC SSIF - Invt Plan - Reg - Growth 33.02 14-Jul-2000 1662.84 -28.42 16.92 31.17 18.12 15.53 9.94 8.63 38.00 0.09 5288.86 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.
Birla Sun Life Dynamic Bond Fund - Ret - DAP 16.36 08-Apr-2009 8666.55 -15.85 16.30 28.44 15.80 14.48 10.50 9.03 22.49 0.16 N.A 8.20
Birla Sun Life Dynamic Bond Fund - Ret - G 23.66 24-Sep-2004 8666.55 -15.82 16.31 28.44 15.80 14.48 10.50 8.77 22.49 0.16 N.A 8.20
Birla Sun Life Treasury Optimizer Plan - DAP 156.31 22-Jun-2009 1394.84 -7.31 2.54 11.41 11.79 12.06 10.10 8.47 6.66 0.47 N.A 8.57
Birla Sun Life Tre. Optimizer Plan - Ret - G 253.18 19-Apr-2002 1394.84 -7.41 2.45 11.34 11.78 12.15 10.32 7.60 6.61 0.51 N.A 8.57
Franklin India STIP - Growth 2788.04 31-Jan-2002 9540.66 -2.47 1.48 8.73 11.37 11.50 10.14 8.28 12.29 0.24 945.35 10.49
IDFC SSIF - MTP - Plan F - Growth 15.08 10-Feb-2010 1735.31 -8.22 3.60 11.27 11.11 11.08 9.18 8.82 16.27 0.10 1460.00 8.65
IDFC SSIF - MTP - Reg - Growth 22.94 08-Jul-2003 1735.31 -8.42 3.42 11.09 10.92 10.77 8.78 7.52 16.28 0.08 1460.00 8.65
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 3M 1Y 3Y(`) Date (`Cr.) Launch Dev.
ICICI Prud. Ultra Short Term Plan - Ret - G 14.92 12-Jun-2009 1784.00 4.30 4.76 7.53 10.02 9.40 8.79 7.51 6.30 0.24 204.18 8.55
Birla Sun Life Floa. Rate Fund - LTP - Ret - G 236.40 05-Jun-2003 1330.56 5.43 6.77 9.05 9.76 9.54 9.62 7.74 3.84 0.55 N.A 8.67
LIC Nomura MF Savings Plus Fund - G 20.95 29-May-2003 377.48 0.67 4.10 6.54 9.72 8.48 8.48 6.60 3.26 0.35 357.65 8.24
Franklin India Low Duration Fund - G 14.94 26-Jul-2010 2318.86 5.66 7.02 8.54 9.70 10.10 9.92 9.55 4.01 0.59 229.95 9.68
DWS Cash Opportunities Fund - Growth 18.21 22-Jun-2007 425.73 4.53 6.29 7.36 9.64 9.38 9.49 8.33 4.58 0.42 229.95 9.90
Birla Sun Life Savings Fund - Ret - DAP 150.24 23-Jun-2009 7547.25 5.33 7.00 8.89 9.49 9.54 9.18 7.70 4.01 0.47 N.A 8.82
Birla Sun Life Savings Fund - Ret - G 253.97 27-Nov-2001 7547.25 5.34 7.01 8.89 9.48 9.61 9.46 7.39 3.99 0.52 N.A 8.82
Annualised
®
ANMI - 8th International Convention 2014 held at hotel ITC Grand Central, Parel, Mumbai on 13th Dec, 2014
