WISE M NEY

Bra

nd

sm

c 2

63

2014: Issue 440, Week: 15th - 18th 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 : pankaj@smccomex.com

smcdmcc@gmail.com

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 : smc@smcindiaonline.com

Printed at: S&S MARKETING

102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India)

Ph.: +91-11- 43035012, 43035014, Email: ss@sandsmarketing.in

espite a smart rally in the global markets, investors look somewhat

skeptical before the end of bond purchase program by U.S. Federal DReserve. Also there is a fear that early rise in interest rate decision by Fed

may jeopardize the recovery in U.S. and affect the rally in stock markets. During

the week, European Central Bank (ECB) 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. Japanese policy

makers are expecting the slide in Yen to the dollar along with monetary stimulus

by Bank of Japan would support the economy. There are expectations that the

economy would not see expansion this year. European Union governments are

scheduled to meet in Brussels on 10th September to discuss tougher economic

sanctions on Russia against its stance for Ukraine. Exports from China for the

month of August rose by 9.4% higher than the expectations but at the same time

imports dropped 2.4%, as compared to a year before highlighting the weakness in

the economy. Money growth and consumer inflation came lower in China

suggesting that the economy continues to see lower growth.

Though the undercurrent of the stock market is looking strong supported by huge

foreign institutional investors buying interest, but sectoral correction or some

correction with consolidation cannot be ruled out. Investors who are picking

stocks for long term should not get distracted of the short term fluctuations in

the markets as stock specific activity would continue to rule on the bourses.

Ongoing correction in the crude prices is acting as a boon for the Indian markets

as it will help in curtailing inflation and trade deficit. Petrol and diesel rates are

due for revision on September 15 and for the first time in last seven years it is

expected that in a short while India would see cut in diesel prices. Any cut in the

diesel price would have positive impact on the food article prices. Moreover,

revival in monsoon would also ease the concern over escalating food prices and

favorably affects the Kharif crops. Report from IMD showed that rain deficit for

the period between June-September narrowed to 11 percent from 15 percent

until the previous week.

On the commodities front, selling pressure continued further in commodities

counter due to surge in dollar index amid strong confidence in equity market. In

coming days, bullion counter may carry on last week losses as rising greenback

and fear of interest rates hikes by Fed in 2015 may keep the prices under selling

pressure. Yellow metal, gold is heading for the first quarterly loss this year on

easing of tensions in Ukraine and the Middle East, amid strong performance by

dollar index and equity market, which cut safe haven demand. Crude oil prices

may trade in the range of 5500-5850 in MCX and $89-96 in NYMEX. Base metals

counter can witness some short covering after the recent steep fall. Many

important data points and events such as New Yuan Loans, German ZEW Survey,

CPI of UK, Bank of England Minutes, CPI of US, Fed Pace of Treasury Purchase,

FOMC rate decision, Swiss National Bank Rate Decision, GDP of Newzealand, and

CPI of Canada etc, which are scheduled this week are expected to keep market

participants on toes throughout the week.

From The Desk Of Editor

(Saurabh Jain)

NEWS

DOMESTIC NEWSPower• NTPC has approved investment of over `10,000 crore for executing two

thermal plants. The company recently signed an agreement with Andhra Pradesh government for setting up a mega solar power unit with a capacity of 1,000 MW at Ananthapur. NTPC aims to set up 3,000 MW of solar power projects over the next 3-3.5 years.

Diamond, Gems & Jewellery• Titan Company Limited commissioned its new stainless steel watch case

plant on the outskirts of Coimbatore in Tamil Nadu. Set up at a cost of over `75 crore, the new plant will manufacture around one million cases per annum and scale it up to two million cases annually.

Realty & Construction• Godrej Properties has completed the phase I of Godrej Anandam project in

Nagpur. Godrej Anandam is an integrated township project with 22 acres of residential development. Phase I of the project, comprising approximately 200 apartments over 3 towers, recently received occupancy certificate from the Nagpur Municipal Corporation. Phase II of the project, bookings for which are currently open, consists of 2, 3 and 4 BHK luxury apartments and penthouses.

• IRB Infrastructure Developers Ltd won the contract to operate and maintain Mumbai Pune Expressway and old Mumbai Pune highway for four additional years till 2023. The concession period for the project is over eight years and the company will be allowed to collect toll for four years beginning 2019. IRB's previous contract was to operate the two roads runs till 2019.

• Sadbhav Engineering (SEL) has signed definitive agreement for acquisition of the stake from the joint venture partner by SEL and/or its subsidiaries in the following SPVs- Hyderabad-Yadgiri Tollway (HYTPL) and Mysore-Bellary Highway (MBHPL) upon completion of the proposed acquisition, SEL and/or its subsidiaries will hold 100% of the share capital in HYTPL and 74% of the share capital in MBHPL.

Automobile• Tata Motors and Microlise, one of Europe's leading Telematics and Fleet

Management solutions providers, announced their partnership to bring in the latest global Fleet Telematics solutions to the Indian Market.

• Ashok Leyland has received orders for around 4,000 buses from State Transport Undertakings (STUs) under the JNNURM-II scheme. The orders are worth around ̀ 1,500 crore.

Finance• Bajaj Finance Ltd will set a wholly-owned subsidiary to run housing

finance business where it plans to invest about ̀ 200 core.Information Technology• KPIT Technologies Ltd has acquired the 50 per cent stake held by Bharat

Forge in Impact Automotive Solutions for ̀ 10.80 crore.Engineering• Larsen & Toubro (L&T) has bagged contracts worth `1,920 crore in its

hydrocarbon business in the offshore and onshore segments.Capital Goods• Bharat Heavy Electricals Limited's city-based Electronics Division has

bagged an order from National Power Training Institute for design, engineering, testing, supply, installation and commissioning of Operator Training Simulator for 800MW Super Critical Power Plant.

Miscellaneous• Jubilant FoodWorks announced the launch of Dunkin' Donuts restaurant at

Mota Royal Arcade in Bengaluru. This is the 36th restaurant in India and marks the entry in the South India market.

INTERNATIONAL NEWS• US initial jobless claims climbed to 315,000, an increase of 11,000 from the

previous week's revised level of 304,000. The continued increase came as a surprise to economists, who had expected jobless claims to edge down to 300,000 from the 302,000 originally reported for the previous week.

• U.S. wholesale inventories rose less-than-expected in July. U.S. wholesale inventories increased by a seasonally adjusted 0.1% in July, below expectations for a 0.5% increase.

• According to a quarterly survey published by the Cabinet Office, Japanese large manufacturers' confidence turned positive during July to September. The business survey index for large manufacturers rose to 12.7 in July to September from -13.9 in the prior three months. The index is forecast to improve further to 15.1 in October to December.

• China's Consumer price inflation slowed to a four-month low of 2 percent in August. It was forecast to ease moderately to 2.2 percent from the 2.3 percent in July.

EX-DATE SYMBOL PURPOSE

15-SEP-14 NESTLEIND INTERIM DIVIDEND

15-SEP-14 AARTIIND FINAL DIVIDEND - RS 1.50/- PER SHARE

16-SEP-14 GLOBOFFS FINAL DIVIDEND RE.1.20 PER SHARE

16-SEP-14 IBULHSGFIN 2ND INTERIM DIVIDEND

17-SEP-14 SUNTV FINAL DIVIDEND - RS 2.25/- PER SHARE

17-SEP-14 GESHIP FINAL DIVIDEND - RS 5/- PER SHARE

17-SEP-14 COX&KINGS DIVIDEND RE.1/- PER SHARE

17-SEP-14 CEATLTD DIVIDEND RS.10/- PER SHARE

18-SEP-14 PTC DIVIDEND RS 2/- PER SHARE

18-SEP-14 OIL FINAL DIVIDEND - RE 0.50/- PER SHARE

18-SEP-14 RELCAPITAL DIVIDEND - RS 8.50/- PER SHARE

18-SEP-14 PENINLAND DIVIDEND RE.0.40 PER SHARE

18-SEP-14 NOIDATOLL DIVIDEND - RE 1/- PER SHARE

18-SEP-14 PVR FINAL DIVIDEND - RS 2.50/- PER SHARE

18-SEP-14 JAGRAN FINAL DIVIDEND - RS 3/- PER SHARE

18-SEP-14 RELINFRA DIVIDEND RS.7.50 PER SHARE

18-SEP-14 KALPATPOWR DIVIDEND - RS 1.50/- PER SHARE

18-SEP-14 ANANTRAJ DIVIDEND - RS 0.24/- PER SHARE

18-SEP-14 ESSARPORTS DIVIDEND - RE 0.50/- PER SHARE

18-SEP-14 CUMMINSIND INTERIM DIVIDEND

18-SEP-14 GMDCLTD DIVIDEND - RS 3/- PER SHARE

18-SEP-14 IDEA FINAL DIVIDEND - RE 0.40/- PER SHARE

18-SEP-14 GSPL DIVIDEND - RE 1/- PER SHARE

18-SEP-14 FINANTECH FINAL DIVIDEND - RS 2/- PER SHARE

18-SEP-14 BGRENERGY DIVIDEND - RS 3/- PER SHARE

19-SEP-14 MONNETISPA DIVIDEND - RE 1/- PER SHARE

19-SEP-14 LIBERTSHOE DIVIDEND RS.1.50 PER SHARE

19-SEP-14 DABUR INTERIM DIVIDEND

22-SEP-14 HINDZINC 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 27061 UP 12.09.13 19317 25800 25400

S&P NIFTY 8105 UP 12.09.13 5728 7700 7600

CNX IT 10958 UP 12.06.14 9448 10400 10200

CNX BANK 16254 UP 08.03.14 11278 15000 14800

ACC 1534 UP 15.05.14 1377 1450 1420

BHARTIAIRTEL 414 UP 24.07.14 355 390 380

BHEL 221 UP 27.08.14 241 220 210

CIPLA 613 UP 12.06.14 416 560 530

DLF 176 DOWN 31.07.14 198 190 200

HINDALCO 169 DOWN 27.08.14 170 180 185

ICICI BANK 1564 UP 08.03.14 1134 1450 1420

INFOSYS 3670 UP 19.06.14 3312 3550 3500

ITC 356 UP 10.07.14 342 345 340

L&T 1579 UP 05.09.14 1613 1550 1520

MARUTI 2972 UP 19.09.13 1480 2800 2750

NTPC 138 DOWN 17.07.14 150 147 150

ONGC 429 UP 31.10.13 294 410 400

RELIANCE 1016 DOWN 10.07.14 997 1040 1050

TATASTEEL 516 DOWN 27.08.14 513 540 550

S/l

4

®

Closing Price as on 12.09.14

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

®

3.05

4.55

1.190.81

-0.01 -0.11-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

-66.90

327.30

1136.15

540.80

216.77

73.20

-283.70

-145.40

-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

4.674.39

3.473.17 3.17

-4.87

-4.14

-3.17

-2.58 -2.42

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

I D F C Bank of Baroda

St Bk of India Cipla Punjab Natl.Bank

NMDC Sun Pharma.Inds.

O N G C Coal India M & M

3.42 3.323.00 2.95 2.86

-4.08

-2.97 -2.86

-2.33-1.89

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

St Bk of India Cipla Tata Power Co.

Hind. Unilever

Hindalco Inds.

Sun Pharma.Inds.

O N G C Coal India M & M NTPC

1.37 1.39

0.52

1.28

0.12

1.53

-0.27

-0.47

-0.68 -0.69

-0.08

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index Healthcare Index

IT Index Metal Index Oil & Gas Index

Power Index Realty Index

0.19

1.54

0.17

0.81-1.02

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

Nasdaq Comp.

-0.52 -0.51

-2.29

-0.63-

Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.

FTSE 100 CAC 40

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 slipped into NPA was ̀ 106 crore.•The Karur Vysya Bank Limited is a banking company •Recently, the bank has raised `625 crore through

engaged in providing a range of banking and the Qualified Institutional Buyers (QIBs) at a price

financial services, including commercial banking of ̀ 466 per share (including a premium of ̀ 456 per

and treasury operations. The bank has 588 branches Equity Share). The fund raising is to support its

and 1630 ATMs covering 18 states and 2 union growth in the near future.•The presence of branches in rural and semi urban Territories and during the quarter ended June 2014.

•Business growth of the bank increased by 10.08% to areas provide a scope for the Bank to improve its

`80136 crore at the end June 2014. Advances exposure to Agriculture and Retail business, to

increased by 11.86% on yoy basis at `34658 crore, register a balanced growth in retail portfolio in

while the deposits moved up by 8.75% on yoy basis synch with wholesale banking business. Valuationto ̀ 45478 crore at end June 2014. The bank is expected to improve its earnings going •During the quarter ended June 2014, Net Interest forward considering the business growth, we expect Margin (NIM) improved to 2.73% as compared to the stock to see a price target of `624 in one year 2.67% during the quarter ended March 2014.

•During the quarter ended June 2014, the % Gross time frame on a target P/BV of 1.8x and FY15 (E) BVPS

Non Performing Assets (NPA) of the bank has of ̀ 346.62.

decreased to 1.30% as compared to 1.4% during the

same period last year. The Net NPA stood at 0.53%

during the quarter ended june 2014.•The Bank's Capital Adequacy Ratio [Basel III] stood

at 12.49% as at end-June, 2014. The Provision

Coverage (PCR) Ratio stood at 75.04% compared to

75.01% during the quarter ended March 2014.•Return on Assets (RoA) stood at 0.94 percent and the

Return on Net Worth (RoNW) is stood at 14.15%.•Outstanding restructured advances stood at `1491

crore as on June 2014 from ̀ 1390 crore as on March

2014. During the quarter ended June 2014, amount

` in cr

Actual Estimate

FY Sep-14 FY Sep-15 FY Sep-16

Net Total Income 1,848.20 2,134.50 2,573.50

EBIT 837.80 1,000.30 1,248.70

Net Profit 429.60 565.20 708.20

EPS 39.78 51.46 64.34

BVPS 310.09 346.62 391.10

ROE 13.40 16.10 17.30

Face Value (`) 10.00

52 Week High/Low 520.00/307.00

M.Cap (`Cr.) 5555.67

EPS (`) 40.17

P/E Ratio (times) 12.88

P/B Ratio (times) 1.67

Stock Exchange BSE

KARUR VYSYA BANK CMP: 517.35 Upside: 21%Target Price: 624

P/B Chart

Face Value (`) 10.00

52 Week High/Low 668.80/432.90

M.Cap (`Cr.) 38364.12

EPS (`) 45.29

P/E Ratio (times) 14.09

P/B Ratio (times) 1.87

Dividend Yield (%) 3.37

Stock Exchange BSE

` in cr

Actual Estimate

FY Mar-14 FY Mar-15 FY Mar-16

Revenue 9,229.80 11,656.80 13,104.00

EBITDA 4,108.10 5,420.30 6,634.40

EBIT 2,824.60 4,650.40 5,449.60

Pre-tax Profit 4,362.00 5,434.00 6,394.40

Net Profit 2,942.00 3,648.20 4,310.50

EPS 48.94 60.53 71.09

BVPS 340.72 375.89 416.69

ROE 14.80 16.60 18.30

% OF SHARE HOLDING

Investment Rationale offshore, Mumbai offshore, and Krishna Godavari offshore in India and also has participating •Oil India is a public sector oil and gas company interests in various overseas projects in the US, under the administrative control of the Ministry of Venezuela, Gabon, Egypt, Iran, Libya, Nigeria, Petroleum and Natural Gas, Government of India Timor Leste and Yemen.(GoI). The company is engaged in the business of

exploration, development and production of •Net profit of the company rose 39.86% to `851.87 crude oil and natural gas, transportation of crude crore in the quarter ended June 2014 as against oil and production of liquid petroleum gas. `609.08 crore during the previous quarter ended

June 2013. Sales rose 26.95% to `2514.77 crore in •Company expects the domestic capex for FY15 to the quarter ended June 2014 as against `1980.88 be around ̀ 3000 crore and ̀ 3500 crore for FY'16. crore during the previous quarter ended June 2013.The fund will be mainly utilised for exploration

drilling at Mizoram and Krishna Godavari D6. Valuation

•Company's crude oil production stood at 0.844 The company is expected to achieve 3.7 million Million Metric Tonne (MMT) during Q1FY'15 and metric tonne (mmt) of output in the current fiscal. In the natural gas production stood at 0.677 Billion the current fiscal it hopes to spend `3,000 crore on Cubic Metres (BCM) in Q1FY'15. Crude oil the capex. The company is sitting on cash reserves of production for FY'14 was 3.502 MMT while Natural `9,400 crore, we expect the stock to see a price gas production was 2.626 BCM. Company expects target of ̀ 787 in one year time frame on a target P/E the crude oil production of 3.7 MMT and 2.8 BCM of 13x and FY15 (E) earnings of ̀ 60.53.of natural gas in FY'15.

•Recently, the company has completed the acquisition of 50% shareholding in WorldAce Investments, a Cyprus based wholly owned subsidiary of PetroNeft Resources (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia.

•During April 2014, the company has signed definitive agreements with PTR to take 50 per cent non-operating interest in Licence 61 in Tomsk Oblast in Russia. The deal has now been completed.

•The company has participating interests in exploration blocks in Ganga valley, Mahanadi

P/E Chart

OIL INDIA LIMITED CMP: 638.20 Upside: 23%Target Price: 787

VALUE PARAMETERS

9.737.95

11.48

67.64

3.2 Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

25.88

12.56

7.37

2.51

51.69

Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

6

®

Charts by Spider Software India Ltd

7

The stock closed at `944.60 on 12thSeptember 2014. It made a 52-week low at

`483.20 on 30th September 2013 and a 52-week high at `1010 on 16th MAY

2014.The 200 days Exponential Moving Average (EMA) of the stock on the daily

chart is currently at ̀ 784.04

It appears from chart that stock consolidated in the range of 85-920 levels from

past few weeks with positive bias and gave the breakout of same, by registering

gains over 7% in last traded week. Therefore, one can buy in the range of 940-943

levels for the upside target of 990-1000 levels with closing below SL of 910.

EQUITY

Above calls are recommended with a time horizon of 1-2 months

The stock closed at `79.75 on 12th September 2014. It made a 52-week low at

`39.85 on 30TH JANUARY 2014 and a 52-week high of ̀ 86.90 on 02ND JULY 2014.

The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is

currently at ̀ 66.63

After a decent rally, stock continued to consolidate in the wide range of 70-85

levels, which led to form the Diamond pattern on weekly charts. As of now, we

don't have the pattern breakout but its consolidation indicates that there will be

strong spurt in near term. Therefore, one can buy in the range of 78-79 levels for

the upside target of 86-88 levels with closing below SL of 74.

The stock closed at 71.35 on 12th September 2014. It made a 52-week low at

`62.30 on 08th MAY 2014 and a 52-week high at ̀ 88.25 on 13TH MARCH 2014. The

200 days Exponential Moving Average (EMA) of the stock on the daily chart is

currently at ̀ 70.86

Stock has recovered sharply from the recent low of 65 levels and started moving

higher. Last traded week, it went up by over 7% and formed long bullish candle

on weekly charts accompanied by good volume which indicates that buying is

more aggressive at current levels. Therefore, one can buy in the range of 69-70

levels for the upside target of 77-80 levels with SL of 65.

`

BANKBARODA

L&TFH

JSWENERGY

®

DERIVATIVES

BASIS GAP IN NIFTY

Markets remained up trending and volatile throughout the week. Hereafter, the range of 8000-8300 will remain crucial for the current expiry and the move is

expected to remain volatile. If Nifty slips below the 8070 mark, it could slide to 8030 levels due to increased selling pressure. On the contrary, the index may face

stiff resistance at 8200 levels. The put-call ratio of open interest closed at 1.17 levels. The options open interest concentration continued to be at the 8300-

strike call with the highest open interest of above 60 lakh shares. Among put options, the 8000-strike taking the total open interest above 80 lakh shares, with the

highest open interest among put options. Nifty put options' Implied Volatility (IV) closed at 12.10%, while Nifty call options' IV closed at 11.95%. The Nifty is

expected to remain in a broad range of 8000-8300 levels, with an intermediary support at around 8070 levels. Short term indicators are indicating upside

momentum to continue above 8150. The Index is likely to test the 8250 level.

WEEKLY VIEW OF THE MARKET

NIFTY TOTAL OPEN INTEREST (in share)

®

FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS

(Derivative segment) `(Cr)

HEROMOTOCO (SEP FUTURE)

Buy: Above `2775

Target: `2835

Stop loss: `2748

NTPC

Buy SEP 135. PUT 1.35

Lot size: 2000

BEP: 133.65

Max. Profit: Unlimited

Max. Loss: 2700.00 (1.35*2000)

OPTIONSTRATEGY

FUTURESTRATEGY

CANBK

Buy SEP 420. CALL 9.30

Sell SEP 440. CALL 3.90

Lot size: 1000

BEP: 425.40

Max. Profit: 14600.00 (14.60*125)

Max. Loss: 5400.00 ( 5.40*125)

HINDALCO

Buy SEP 165. PUT 2.95

Sell SEP 160. PUT 1.75

Lot size: 2000

BEP: 163.80

Max. Profit: 7600.00 (3.80.00*2000)

Max. Loss: 2400.00 (1.20.00*2000)

BULLISH STRATEGY

DERIVATIVE STRATEGIES

HDFC (SEP FUTURE)

Buy: Above `1060

Target: `1088

Stop loss: `1046

TATACOMM (SEP FUTURE)

Sell: `384

Target: `373

Stop loss: `388

Below

BEARISH STRATEGY

FIIs ACTIVITY IN INDEX FUTURE (F&O) IN LAST WEEK

(Derivative segment) `(Cr)

684150 610950404950

650800

1336800

2586150

4501950

6329200

5950850

3363800

17127502062300

2603200

3393550

4306350

6023950

8176650

4245000

1479100

600450354100 372800

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

7500 7600 7700 7800 7900 8000 8100 8200 8300 8400 8500

Call Put

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

28-Aug 01-Sep 02-Sep 03-Sep 04-Sep 05-Sep 08-Sep 09-Sep 10-Sep 11-Sep

692.39

2175.87

1050.22

478.20

-988.43

-441.83

844.33

-632.46 -662.71

9.75

-1500.00

-1000.00

-500.00

0.00

500.00

1000.00

1500.00

2000.00

2500.00

28-Aug 01-Sep 02-Sep 03-Sep 04-Sep 05-Sep 08-Sep 09-Sep 10-Sep 11-Sep

-593.93

192.71

-267.63

-827.97

32.41

-1000.00

-800.00

-600.00

-400.00

-200.00

0.00

200.00

400.00

05-Sep 08-Sep 09-Sep 10-Sep 11-Sep

8

9

BHARTIARTL 7665000 7394000 -3.54 0.61 0.62 0.01 29.23 29.32 0.09

DLF 31356000 30762000 -1.89 0.63 0.72 0.09 48.01 47.33 -0.68

HINDALCO 27770000 24446000 -11.97 0.72 0.92 0.20 44.02 37.90 -6.12

HINDUNILVR 4641000 4842000 4.33 0.51 0.82 0.31 20.63 20.25 -0.38

ICICIBANK 6783750 6570500 -3.14 0.59 0.53 -0.06 26.52 25.83 -0.69

IDEA 15798000 15958000 1.01 0.56 0.47 -0.09 32.69 33.53 0.84

INFY 2553500 3023500 18.41 0.63 0.46 -0.17 19.28 20.77 1.49

ITC 17415000 17981000 3.25 0.37 0.36 -0.01 18.23 18.88 0.65

JPASSOCIAT 151888000 142480000 -6.19 0.38 0.37 -0.01 65.48 59.43 -6.05

NTPC 52648000 55606000 5.62 0.39 0.35 -0.04 26.92 28.34 1.42

ONGC 19232000 19139000 -0.48 0.48 0.38 -0.10 32.83 33.08 0.26

RANBAXY 7148000 7114000 -0.48 0.81 0.57 -0.23 29.56 32.56 3.01

RCOM 47420000 48758000 2.82 0.39 0.43 0.04 43.12 41.31 -1.82

RELIANCE 27609750 28001000 1.42 0.41 0.39 -0.02 22.56 21.70 -0.86

NIFTY 15332050 13926450 -9.17 1.15 1.17 0.02 12.20 11.95 -0.25

SAIL 48724000 51656000 6.02 0.53 0.61 0.08 32.16 34.63 2.48

SBIN 4239625 4338000 2.32 0.51 0.53 0.02 24.96 26.34 1.38

TATASTEEL 19000000 19267000 1.41 0.68 0.68 0.00 30.25 30.05 -0.20

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

1.17 from 1.15. At the end of the week, the maximum stocks had a negative of

change in put call open interest ratio.

Implied Volatility Analysis : The Implied Volatility (IV) for Nifty futures this week

has decreased to 11.96% from 12.20%. The IV of the stock futures has changed

this week ranging from 3.01% to -6.12%.

Open Interest Analysis : The open interest for the index at the end of this week

has decreased by 9.17% as compared to the previous week. All future stocks saw

changes in their open interest ranging from -11.97% to 18.41%. INFY has the

maximum increase in open interest as compared to other stocks.

Statistical Analysis·

Open 8132.60 High 8200.00

Low 8072.10 Close 8119.40

NIFTY & IV CHART NIFTY ANALYSIS

®# 30 Days ATM IV

11

12

13

14

7900

8000

8100

8200

05-Sep 08-Sep 09-Sep 10-Sep 11-Sep

Nifty Close IV

The downside in Jeera futures (Oct) might get extended towards 10550 levels. Factors such as higher production current year and carry forward stocks in the domestic market may pressurize the counter. The total inflow of bags in Unjha is around 10000 bags on average over the last few days. In European markets, cumin was offered at $1,975/ton, while it was available at $1,950 in Singapore 1% on FOB basis. Turmeric futures (Oct) is expected to slip further towards 6000 levels. At the spot market, lack of new orders has deterred the sale of the yellow spice in the Erode market. The traders, for want of new orders from North India, are buying limited quantities and keen on quality produce. Hence, higher stocks in major growing regions have added to the bearish sentiment. Cardamom futures (Oct) is likely to consolidate in the range of 920-970 levels with downside getting capped, supported by delayed harvest due to erratic rains in the producing region. Aggressive export buying has kept the counter stable even as there is lesser buying support from upcountry exporters. During the current season that began last month, arrivals are 1,503 tonnes against 2,245 tonnes as of September 6 during the last season. Sales were 1,465 tonnes against 2,241 tonnes. Coriander futures (Oct) would possibly remain sideways & trade in the range of 11250-11800 levels. The buyers in the domestic are not keen to procure due to increased moisture after the recent heavy rainfall. The demand is unlikely to pick up as major stockists have already purchased sufficient quantity, whereas small buyers are reluctant to procure coriander at the current rates.

SPICES

Bullion counter may continue last week losses as rising greenback and fear of interest rate hikes by fed in 2015 may keep the prices under selling pressure. Investors will look forward to the US fed meeting on 17 September in this week. The improving US economy is keeping prices under pressure while global geopolitical tensions in Iraq and Ukraine may cap the upside. On the domestic barest movement of the local currency rupee will give further direction to the billing counter, which can move in the range of 60.30-61.50. Gold may move in the range of 26200-27600 in MCX. White metal silver can hover in the range of 39500-42000. Gold has dropped 11 percent from this year's high after the U.S. economy improved and the dollar strengthened, cutting demand for the metal as an alternative asset. Recently demand for a safe haven declined after tensions in Ukraine and the Middle East eased. Global ETP holdings fell in four of the past five months. Money managers cut their bullish wagers on the metal for three straight weeks, while open interest in New York futures and options is close to the lowest in five years. According to World Gold Council “India's investment demand for gold slumped by 67 percent in the June quarter from a year ago to 49.6 tonnes” Based on industry and WGC estimates, investment demand could nearly halve to 190 tonnes this year. Indian gold exchange-traded funds, a financial product that sophisticated investors use to gain exposure to the metal, have suffered 15 straight months of outflows.

BULLIONS

10

®

A base metal counter may witness some short covering after the recent steep fall witnessed due to sluggish China economic slowdown, expectations of a U.S. interest rate increase and rising greenback. In China, consumer inflation touched a four-month low and factory-gate prices extended a decline to 30 straight months. Copper may witness range bound movement as it prices can move in the range of 410-435 in the near term. Zinc can trade in the range of 134-143. Zinc production is expected to fall short of demand this year for the first time since 2007, according to Goldman Sachs. Several large, aging mines are scheduled to close next year, and miners need higher prices to justify the cost of finding and developing new sources of metal. Battery metal lead can move in the range of 125-133 in MCX. Nickel prices may move in the range of 1080-1160 in MCX. Nickel prices may tumble recently after the news that Philippine may not propose to ban its ore exports. However, if we look at the price scenario and the old story of supply tightness possibly the metal may soon rebound higher. China imported 5.1 million tonnes of nickel ore and concentrate from the Philippines in July, which accounted for more than 98 percent of total imports. Aluminum may move in the range of 121-127. Recently Aluminum production has been affected by the lower availability of bauxite due to a ban on exports from Indonesia. An increase in China's production, in response to improving realizations, or a lower increase in the country's demand could affect the global demand-supply balance.

BASE METALS

Crude oil may move with volatile path as geopolitical tensions, fed meeting and EIA inventory data will give further direction to the prices. Crude oil prices may trade in the range of 5500-5850 in MCX and $89-96 on NYMEX. The tensions in Ukraine and Iraq may also give further direction to the crude oil prices in the near term. The IEA cut its forecasts for 2015 and stated that Saudi Arabia exported the least in almost three years as purchases slowed from China and Europe. Demand will increase by 1.2 million barrels a day, or 1.3 percent, to 93.8 million barrels a day next year. The expansion is 165,000 barrels a day less than it predicted a month ago. Oil prices are poised to decrease next year as U.S. crude production reaches a 45 year high, the Energy Information Administration stated last week. The Organization of Petroleum Exporting Countries expects it will need to pump an average of 29.2 million barrels a day of crude next year, 200,000 a day less than it forecasted a month ago. Natural gas prices may move in the range of 220-250 in MCX. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended September 5 rose by 92 billion cubic feet. Total U.S. natural gas storage stood at 2.801 trillion cubic feet. Meanwhile, updated weather forecasting models pointed to cooler-than-normal temperatures in some Northern Tier states along the Canadian border over the next two weeks.

ENERGY COMPLEX

The bearish trend in soybean futures (Oct) will possibly get extended towards 3080 levels on account of better crop prospects, lackluster demand from crushers and negligible export demand of soy meal. On CBOT, U.S soybean futures (Nov) may fall towards 960 levels. As cited by the U.S Dept. of Agriculture, soybean production is projected at a record 3,913 million bushels, while the ending stocks are projected at 475 million bushels which would be the highest since 2006/07. Any further short covering in CPO futures (Oct) may remain restricted facing resistance near 440 levels. The downside may prevail over the counter, on account of weakness in BMD CPO futures & smooth supply of palm oil in the domestic markets due to higher imports in the month of September. In the recent data cited by the Malaysian Palm Oil Board, Malaysia's palm oil stocks at the end of August rose 21.9% to 2,054,008 tonnes against a revised 1,684,732 tonnes at the end of July. Refined soy oil futures (Oct) may consolidate in the range of 565-585 levels amid weakness in the soy complex coupled with higher arrival of soybean oil at various ports. It is estimated that the import of soybean oil in August would be around 3.25 lakh MT, breaking the previous month's record import level of 3.06 lakh MT, highest in any single month since import opened up in OGL in 1994. Mustard futures (Oct) is expected to consolidate in the range of 3540-3640 levels. In the current scenario, the crushers are keeping away from buying in the spot market due to weakness in palm oil prices as well as weak sentiments in oilseeds complex.

OIL AND OILSEEDS

OTHER COMMODITIES

Kapas futures (Apr) is expected to remain in bearish zone facing resistance near 845 levels. According to the latest estimate of the Cotton Association of India (CAI), India's cotton production is likely to surpass the record output of 2013-14 and scale a new high at 403.75 lakh bales (170kg each) this season, if the weather remains favorable. The projected balance sheet for the year 2014-15 estimated that there would be an available surplus of 168.50 lakh bales. Mentha oil futures (Oct) is likely to rise towards 710 levels. Mentha Oil prices have increased in many markets of Uttar Pradesh owing to higher demand & thin supplies. The arrival of Mentha oil all over India is currently at 300 drums. The harvesting of the commodity is complete. It is estimated that the total area under Mentha planting has reported a decline of 20% to 1.75 lakh ha this season, resulting in a proportionate fall in Mentha oil production this year. Wheat futures (Oct) will possibly continue to witness consolidation in the range of 1540-1590 levels. India's wheat stocks at government warehouses on September 1 were 35.5 million tonnes, more than double the official targets for the quarter ending this month. Moreover, as the export disparity continues to hover in the range of $30 to $35 per tonne, the export volume is unlikely to improve in the days to come. Sugar futures (Oct) is expected to extend its bearish downtrend towards 2790 levels, tracking bearish sentiments of international market & over the supplied situation in the domestic physical market. In the global market, sugar prices are down to $405 - $410/tonne, which is enviable for India to export the sweetener.

11

TECHNICAL RECOMMENDATIONS

COMMODITY

NICKEL MCX (SEPTEMBER) contract closed at `1117.60 on 11th Sep '14. The contract made its high of

`1204 on 08th Sep '14 and a low of ̀ 1117.60 on 11th Sep '14. The 18-day Exponential Moving Average of

the commodity is currently at ̀ 1146. On the daily chart, the commodity has Relative Strength Index (14-day) value of 44.43. One can buy in

the range 1120-1110 with the stop loss of ̀ 1100 for a target of ̀ 1165.

ALUMINIUM MCX (SEPTEMBER) contract closed at 122.90 on 11th Sep '14. The contract made its high of

`129 on 29th Aug '14 and a low of ̀ 114.65 on 2nd July '14. The 18-day Exponential Moving Average of the

Commodity is currently at ̀ 124.92.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 46.22. One can buy in

the range 122-120.50 with the stop loss of ̀ 119 for a target of ̀ 129.

`

GOLD MCX (OCTOBER) contract closed at 26986 on 11th September '14. The contract made its high of

`29085 on 08th Aug '14 and a low of ̀ 25847 on 09th June '14. The 18-day Exponential Moving Average of

the Commodity is currently at ̀ 27533.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 29.50. One can sell in

the range 27050-27150 with the stop loss of ̀ 27250 for a target of ̀ 26700.

`

®

NICKEL MCX (SEPTEMBER)

ALUMINIUM MCX (SEPTEMBER)

GOLD MCX (OCTOBER)

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 3171.00 05.06.14 DOWN 4401.00 - 3400.00 3500.00

NCDEX JEERA OCT 10810.00 22.05.14 UP 11125.00 10700.00 - 10500.00

NCDEX CHANA OCT 2809.00 15.05.14 DOWN 3233.00 - 2960.00 3050.00

NCDEX RM SEEDS OCT 3600.00 06.03.14 UP 3564.00 3400.00 - 3350.00

MCX MENTHA OIL SEP 685.70 29.05.14 SIDEWAYS

MCX CARDAMOM OCT 945.60 21.08.14 UP 989.60 920.00 900.00

MCX SILVER DEC 41270.00 11.09.14 DOWN 41270.00 - 43000.00 44000.00

MCX GOLD OCT 26986.00 11.09.14 DOWN 26986.00 - 27600.00 28200.00

MCX COPPER NOV 421.30 11.09.14 SIDEWAYS

MCX LEAD SEP 128.95 11.09.14 DOWN 128.95 - 135.00 137.00

MCX ZINC SEP 138.30 23.04.14 UP 126.45 137.00 - 136.00

MCX NICKEL SEP 1117.60 11.09.14 SIDEWAYS

MCX ALUMINUM SEP 122.90 17.07.14 UP 119.65 121.50 - 120.00

MCX CRUDE OIL SEP 5633.00 21.08.14 DOWN 5745.00 - 5850.00 5950.00

MCX NATURAL GAS SEP 233.40 10.07.14 DOWN 249.10 - 245.00 250.00

TREND SHEET

Closing as on 11.09.14

COMMODITY

NEWS DIGEST

Selling pressure compounded in commodities counter due to surge in dollar index, which rose to

multi months high amid strong confidence in equity market. The dollar rose as against a 10-

currency basket after touching a 14-month high in the middle of speculation that the Federal

Reserve may raise interest rates sooner than expected. With safe haven buying return in dollar

index, improvement in economies together with some sign of peace between Ukraine and Russia,

bullion counter took a downside. On increasing speculation that the U.S. Federal Reserve could

soon raise rates, bullion investors were eyeing any uptick in physical demand in Asia for price

support. Gold broke important support of $1240 while silver broke the major support of $19 last

week. Gold in Indian market was trading near 27000 whereas white gold silver closed below the

level of 42000. In energy counter, both buyers and sellers got the opportunities as crude traded

down and natural prices propped up on weather issue. Natural gas prices shot up on weather

forecasts calling for a cool snap, which could prompt households in the northern U.S. to crank up

their heating. Updated weather forecasting models continued to call for below-normal

temperatures in northern U.S. states along the Canadian border, which cushioned previous losses.

Crude oil was down on ceasefire between Russia and Ukraine amid higher side in dollar index. U.S.

crude supplies declined by 972,000 barrels to 358.6 million during the week ended Sept. 5, as per

the EIA. Industrial metals nosedived on China issue. Chinese inflation data showed more signs of

cooling growth in the world's top metals user. Even import slowed down and export took an

upside. Consumer inflation reached a four-month low in China, the biggest buyer of copper, and

factory-gate prices extended a drop. Surprisingly, Nickel dropped sharply on the announcement

that a ban of ore exports won't be enacted anytime soon by the Philippines, the largest supplier to

China.

Agri commodities prices further fell on bumper production news amid slow demand. Mentha oil

showed some positive momentum on fresh buying. Increase in volume was supporting the trend.

Previous profit in guar counter was washed out on recent spell of rains. Spices continued to trade

weak on lower demand amid smooth supply. Sugar prices saw further selling pressure on bumper

crops in Brazil.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 04.09.14 11.09.14 DIFFERENCEQTY. QTY.

BARLEY MT 3600 3360 -240CASTOR SEED MT 111928 104178 -7750CHANA MT 107101 87956 -19145CORIANDER MT 610 609 -1COTTONSEED OILCAKE MT 17037 12025 -5012GUARGUM MT 1591 1363 -228GUARSEED MT 2889 2578 -311JEERA MT 213 213 0MAIZE MT 27636 28089 453RAPE MUSTARD SEED MT 23800 21000 -2800SOYABEAN MT 0 0 0SUGAR MT 9483 6569 -2914TURMERIC MT 1489 1529 40WHEAT MT 8207 8207 0

COMMODITY UNIT 04.09.14 11.09.14 DIFFERENCE

QTY. QTY.

CARDAMOM MT 4.70 8.00 3.30

COTTON BALES 0.00 0.00 0.00

KAPASIA KHALLI MT 0.00 0.00 0.00

GOLD KGS 51.00 59.00 8.00

GOLD MINI KGS 313.80 246.80 -67.00

GOLD GUINEA KGS 12.49 12.51 0.02

MENTHA OIL KGS 4717892.85 4697750.00 -20142.85

SILVER (30 KG Bar) KGS 10856.93 9435.03 -1421.90

•Globally, zinc demand is up 7.7% in the first six months

of this year to 6.8 million metric tonnes, according to

the International Lead and Zinc Study Group, an

industry association.

•LME slightly delayed the launch its aluminium premium

contract to the second quarter of next year.

•US Initial claims for state unemployment benefits

increased 11,000 to a seasonally adjusted 315,000 for

the week ended Sept. 6.

•China Crude oil imports were 5.93 million barrels per

day (bpd) in August, slightly below the average of 6.03

million bpd for the first eight months of the year.

•Saudi Arabia reduced its oil output in August by 400,000

barrels per day (bpd).

•The seasonal rainfall (in mm) from 1 June to 10th

September, 2014 is recorded at 697.8mm as compared

to normal of 781.5mm, i.e -11% deficit from departure

from Long Period Average.

•Oil meals exports fell by 58% in August to 1, 33,404

tonnes due to lower shipments of soyameal, as cited by

the Solvent Extractors' Association.

•U.S Soybean production is projected at a record 3,913

million bushels, up 97 million due to a higher yield

forecast.

•Malaysia's palm oil stocks at the end of August rose

21.9% to 2,054,008 tonnes against a revised 1,684,732

tonnes at the end of July - Malaysian Palm Oil Board.

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

12

®

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)

1.44

1.13

0.830.66 0.62

-5.52

-4.80

-4.31 -4.26

-3.86

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

KAPAS STEEL LONG COMMERCIAL

PVC NEW CHANA COTTON 29 MM SUGAR M RUBBER NEW GUAR SEED 10 TURMERIC MAIZE KHARIF

3.17

2.16

1.701.52

0.46

-7.83

-5.31

-4.19

-3.01

-2.23

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

MENTHA OIL GOLD PETAL (DEL)

NATURAL GAS COTTON CPO BR. CRUDE OIL NICKEL (MINI) ZINC LEAD ALUMINIUM (MINI)

COMMODITY

COMMODITY EXCHANGE CONTRACT 05.09.14 11.09.14 CHANGE%

ALUMINIUM LME 3 MONTHS 2093.00 2040.00 -2.53

COPPER LME 3 MONTHS 6975.00 6835.00 -2.01

LEAD LME 3 MONTHS 2204.00 2118.00 -3.90

NICKEL LME 3 MONTHS 19575.00 18425.00 -5.87

ZINC LME 3 MONTHS 2394.00 2265.00 -5.39

GOLD COMEX DEC 1267.30 1239.00 -2.23

SILVER COMEX DEC 19.16 18.60 -2.91

LIGHT CRUDE OIL NYMEX OCT 93.29 92.83 -0.49

NATURAL GAS NYMEX OCT 3.79 3.82 0.79

PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

04.09.14 11.09.14

ALUMINIUM 4786125 4742175 -43950

COPPER 154825 155625 800

NICKEL 331068 331980 912

LEAD 224550 224925 375

ZINC 739000 756050 17050

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 05.09.14 11.09.14 CHANGE(%)

Soya CBOT NOV Cent per Bushel 1021.50 981.50 -3.92

Maize CBOT DEC Cent per Bushel 356.00 341.00 -4.21

CPO BMD NOV MYR per MT 2025.00 2068.00 2.12

Sugar LIFFE OCT 10 cents per MT 415.90 396.40 -4.69

13

®

SPOT PRICES (% change) India's Cotton Production……challenges China's numero uno position

Keeping in mind the increased acreage and the recent round of rains, which has

improved the situation to a great extent and alleviated the fear of a poor yield, the

cotton production is likely to surpass the record output of 2013-14 and scale a new

high for the season 2014-15 and if the weather remains favorable, India is set to

emerge as world's largest cotton grower and will surpass China, which grows about

400 lakh bales of cotton. India's cotton sowing has surged to record high led by sharp

increase in cotton acreage in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

The highlights of estimate of the Cotton Association of India

• According to the latest estimate of the Cotton Association of India (CAI), the

cotton production for the 2014-15 season beginning October 1 at 403.75 lakh

bales of 170 kg each.

• The total cotton supply is estimated at 468.50 lakh bales while domestic

consumption is estimated at 300 lakh bales, thus leaving an available surplus of

168 .50 lakh bales.

• The acreage under cotton as reported by the Directorate of Cotton

Development, Government of India as of now is 123.71 lakh hectare and it is

likely to be finally in the range of about 126-127 lakh hectare against the

acreage of 117.27 lakh hectare under cotton during the crop year 2013-14.

• According to the association, the free and stable cotton policy maintained by

the government during the past few years encouraged the market forces to

play a role to the advantage of the entire cotton value chain. This led to the

largest ever acreage under cotton during the 2014-15 season.

• India's biggest cotton producer, Gujarat's data on September 1 showed cotton

sowing in the State has crossed 30 lakh hectares this kharif season against the

three years average of 27.17 lakh hectares, showing an increase of 10.5 per

cent.

The highlights of latest USDA report

• India, the world's second-biggest producer of cotton, is likely to export 7.69

million bales of the fiber this year, down by 35 per cent from last year, due to

sluggish demand from China.

• With a slump in purchases by top cotton consumer China, Bangladesh and

Vietnam are emerging as the leading export destinations for India.

• China is the top cotton export market for India, followed by Bangladesh and

Pakistan.

• In August, exports have declined to 68,000 bales, as against 2,60,571 bales in

the same month last year.

• China is not showing interest because the country is under pressure to bring

down its inventories. It is planning to offload its stocks and provide subsidies

directly to farmers.

• However, India is expected to remain a strong regional supplier to Pakistan and

Bangladesh as well as Southeast Asia.

• Global cotton prices are expected to decline if China plans to offload its stocks

-5.31

-5.24

-4.69

-3.51

-1.82

-1.71

-1.32

-1.22

-1.03

-1.02

-0.84

-0.75

-0.53

-0.32

-0.30

0.88

1.44

3.57

-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00

GUAR SEED (JODHPUR)

RUBBER (KOCHI)

GUAR GUM (JODHPUR)

TURMERIC (NIZAMABAD)

SILVER 5 KG (DELHI)

GOLD 10 GMS (MUMBAI)

CORIANDER (KOTA)

CRUDE PALM OIL (KANDLA)

GUR (MUZAFFARNGR.)

JEERA (UNJHA)

SOYABEAN (INDORE)

PEPPER MALABAR GAR (KOCHI)

REFINED SOYA OIL (INDORE)

CHANA (DELHI )

MUSTARD (JAIPUR)

MASOOR (INDORE)

BARLEY (JAIPUR)

RAW JUTE (KOLKATA)

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 60.63 61.29 60.45 61.13

EUR/INR 78.20 79.31 77.50 78.99

GBP/INR 97.50 99.34 97.44 99.30

JPY/INR 57.00 57.64 56.90 57.07

(Source: FX Central, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)

News Flows of last week

10th Sep Indian rupee tested four week low as against dollar.

10th Sep Australian employment surged by the most on record in August

10th Sep China's consumer inflation cooled more than expected in August,

11th Sep Confidence at big Japanese manufacturers turned positive in July-September

11th Sep Greek unemployment dip to 27 percent in June

11th Sep Fed to tighten policy in second-quarter next year; 55 percent probability: poll

11th Sep U.S. budget deficit stood at $129 billion in August

EUR/INR (SEP) contract closed at 78.99 on 11th September'14. The contract made its high of `79.31 on 10th September'14 and a low of `77.50 on 09th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 79.48.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 34.86. One can sell around 79.50 for a target of 78.25 with the stop loss of 80.15

`

JPY/INR (SEP) contract closed at 57.07 on 11th September'14. The contract made its high of 57.64 on 08th September'14 and a low of `56.90 on 10th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 57.80.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 24.26. One can sell around 57.50 for a target of 56.25 with the stop loss of 58.10

Market Stance

In the week gone by, the Indian rupee weakened to its lowest level in nearly a

month tracking falls in emerging markets due to worries, that the U.S. Federal

Reserve would raise interest rates earlier than expected, although exporters'

dollar sales capped broader falls. Moreover, continued dollar demand from

importers and some banks too weighed on the rupee value that hit a level

above 61.00 in the week gone by. In overseas market, the dollar rose to a new

six-year high as against the yen last week, as the Australian dollar nursed a

second session of heavy losses after further gains in US Treasury yields.

Sterling also got some reprieve, despite ongoing worries about Scottish

independence as, British Prime Minister David Cameron asked Scots not to

vote for independence in next week's referendum after an opinion poll

showed rising support for a break from the United Kingdom.

EUR/INR

USD/INR (SEP) contract closed at `61.13 on 11th September'14. The contract made its high of `61.29 on 10th September'14 and a low of `60.45 on 08th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 60.90.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 55.55. One can sell below 60.85 for a target of 59.75 with the stop loss of 61.45

GBP/INR (SEP) contract closed at 99.30 on 11th September'14. The contract made its high of 99.34 on 11th September'14 and a low of `97.44 on 09th September'14 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 99.66.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 39.01. One can sell around 100.00 for a target of 98.50 with the stop loss of 100.75.

`

USD/INRTechnical Recommendation

GBP/INR JPY/INR

Economic gauge for the next week

Date Currency Event PREVIOUS

16th Sep GBP Consumer Price Index (YoY) 1.60%

16th Sep GBP Core Consumer Price Index (YoY) 1.80%

16th Sep EUR German ZEW Survey (Economic Sentiment) 8.6

17th Sep GBP Bank of England Minutes

17th Sep USD Consumer Price Index Ex Food & Energy (YoY) 1.90%

17th Sep USD Consumer Price Index (YoY) 2.00%

17th Sep USD Fed Pace of Treasury Pur $15B

17th Sep USD Fed QE3 Pace $25B

17th Sep USD Fed Pace of MBS Purchases $10B

17th Sep USD Federal Open Market Committee Rate Decision 0.25%

14

®

IPOIPO

Issue Composition

Total Issue for Sale 7,058,824

QIB 3,529,412

NIB 1,058,824

Retail 2,470,588

In shares

Business Overview

Founded on October 29, 1962, in Mumbai, as a book circulating library, the company is an established

integrated media content house in India with activities across content acquisition, value addition to

content and content distribution. Together with film based copyrights and other entertainment rights, the

brand "Shemaroo" is synonymous with quality entertainment. Its Content Library consists of more than

2,900 titles spanning new Hindi films and in various other regional languages. It is one of the largest

independent content aggregators in Bollywood.

Strengths

�Established brand name: The Company believes that “Shemaroo” brand has high consumer recall as

being associated with quality entertainment.

�Vast, diverse and growing Content Library: The Company has diverse Content Library, which is

growing continuously with the addition of new releases as well as through catalogue acquisitions.

�Diversified distribution platforms: The Company has a presence in various distribution platforms

such as television, home entertainment, digital New Media and other media.

�De-risked business model: The company has de-risked its business in three particular way namely;

large number of titles, width and depth of distribution Platforms and Multiple genres and Types of

Content.

�Experienced directors and management team: The company's directors and business management

group are experienced within their respective specialized segments, as well as in the entertainment

industry.

�Strong relationships in the industry: As an established entity, in various aspects of the

entertainment industry in India, the company believes that it has managed to create, maintain and

build its goodwill with other industry participants.

Strategy

�Scaling up its content library driven by return on investment: The Company aims to own the

complete intellectual property rights in a film by acquiring Perpetual Rights, as well as, to monetize

them over a maximum number of distribution platforms. Moreover, the company also aims to

strengthen its competitive advantage by building on and augmenting its Aggregation Rights for

television broadcast and further leveraging its portfolio approach.

�Enhancing monetization of its Content Library through existing and emerging media platforms:

The strategy of the company is to further consolidate its position through a combination of

compelling content ownership, identifying viewership tastes and preferences and understanding of

channel positioning and strategies. Moreover, the company intends to broad base its revenue streams

by further increasing its distribution of its content through New Media avenues, such as MVAS,

internet, DTH, video on demand services and IPTV platforms.

�Enhancing revenue predictability through strategically packaged sales: The Company believes

that it has a vast and diverse Content Library that will allow it to monetize satellite licensing, digital

New Media licensing and home video distribution efficiently, as it will be able to aggregate and

package several films together instead of monetizing each title on an individual basis.

�Optimizing content monetization across its life-cycle: Managing the monetization of content

across various distribution platforms over its life-cycle is a key part of the company's strategy to

enhance profitability and generate revenue.

�Creating a sustainable competitive advantage through marketing strategy and moving up the

value chain: The Company's marketing strategy is based on (i) leveraging industry relationships; (ii)

monitoring distribution platforms; (iii) tracking varying consumer preferences; (iv) adapting its

content offering; and (v) enhancing visibility and recall of its content titles.

Risks

�Revenues and profitability are directly linked to the exploitation and growth

�Distribution of content may not generate adequate revenues

�Depend on relationships with platform owners to exploit its Content Library

�Intensified competition

�Required huge working capital funds

Outlook

Though Shemaroo Entertainment is today an established integrated media content house in India with

activities across content acquisition, value addition to content and content distribution but in reality, the

entire entertainment sector looks stressed. So, one should maintain a cautious approach but those

investors who have risk taking appetite can opt for the issue for long term to gain healthy returns.

Book Running Lead Manager

YES Bank Limited

ICICI Securities Limited

Name of the registrar

Link Intime India Private Limited

Shareholding Pattern (%)

Particulars Pre-issue Post issue

Promoters & promoters group 90.14% 66.49%

QIB 0.00% 13.12%

NIB 3.47% 6.49%

Retail 0.00% 13.90%

Total 100.00% 100.00%

Issue Highlights

Industry Entertainment

Total Issue (Shares) - Fresh Issue 7058824

Net Offer to the Public 7,058,824

Issue Size (`Cr.) 120-109.41

Price Band (`) 155-170

Offer Date 16-Sep-14

Close Date 18-Sep-14

Face Value 10

Lot Size

Objects of the Issue

1 Fund working capital requirements

2 Fund expenditure for general corporate

purposes

Valuation

Considering the P/E valuation on the upper end of the price band of `170, the stock is priced at pre issue P/E of 12.37x on its FY14 EPS of ̀ 13.74. Post issue, the stock is priced at a P/E of 16.78 x on its EPS of ̀ 10.13. Looking at the P/B ratio at ̀ 170, the stock is priced at P/B ratio of 1.93x on the pre issue book value of `87.89 and on the post issue book value of ̀ 109.43, the P/B comes out to 1.55x.

On the lower end of the price band of `155 the stock is priced at pre issue P/E of 11.28x on its FY14 EPS of `13.74 Post issue, the stock is priced at a P/E of 15.30x on its EPS of ̀ 10.13. Looking at the P/B ratio at `155, the stock is priced at P/B ratio of 1.76x on the pre issue book value of ` 87.89 and on the post issue book value of ̀ 109.43, the P/B comes out to 1.42x.

SHEMAROO ENTERTAINMENT LIMITED SMC Ranking

®

15

®

16

MUTUAL FUND

NEWS

ICICI Prudential MF introduces Multiple Yield Fund

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Multiple Yield Fund-Series 7-1338 Days Plan D, a close ended

income scheme. The NFO opens for subscription on Sep 12, 2014 and closes on Sep 25, 2014. The investment objective of the scheme is to generate

income by investing in a portfolio of fixed income securities/ debt instruments.

AXIS Mutual Fund files offer document for Hybrid Fund-Series 18-21

AXIS Mutual Fund has filed offer document with SEBI to launch a CLOSE Ended Debt Scheme as “AXIS Hybrid Fund-Series 18-21”. The New Fund Offer

price is `10 per unit. Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a

Minimum Target Amount of `20 crore. The investment objective of the scheme is 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

ICICI Prudential Mutual Fund files offer document with SEBI

ICICI Prudential Mutual Fund has filed offer document with SEBI to launch an open ended Equity Scheme as “ICICI Prudential Hybrid Savings Fund”. The

New Fund Offer price is ̀ 10 per unit. Entry load charges will be nil for the scheme and exit load in respect of each purchase/switch-in of units, an exit

load If the amount sought to be redeemed/switched-out upto 1 year from the date of allotment-1% of the applicable NAV and If the amount sought to be

redeemed/switched-out for more than 1 year from the date of allotment-NIL. The scheme offers growth and dividend option and seeks to collect a

Minimum Target Amount of ̀ 20 crore. The scheme will be benchmarked against scheme would be a combination of 30% CNX Nifty + 40% CRISIL Liquid

Fund Index + 30% CRISIL Short Term Bond Fund Index. The minimum application amount is ̀ 5000 and in multiples of 10 thereafter during the NFO period

SBI MF introduces Equity Opportunities Fund

SBI Mutual Fund has launched the New Fund Offer (NFO) of SBI Equity Opportunities Fund - Series I, a close ended income scheme. The NFO opens for

subscription on Sep 11, 2014 and closes on Sep 25, 2014. The investment objective of the scheme is to generate capital appreciation from a diversified

portfolio of equity & equity related instruments.

Religare Invesco MF introduces Fixed Maturity Plan

Religare Invesco Mutual Fund has launched the New Fund Offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund VI- Plan C, a close ended income

scheme. The NFO opens for subscription on Sep 12, 2014 and closes on Sep 24, 2014. 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 date of maturity of the Scheme

Reliance MF introduces Dual Advantage Fixed Tenure Fund VI- Plan C

Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Dual Advantage Fixed Tenure Fund VI- Plan C, a close ended income scheme.

The NFO opens for subscription on Sep 12, 2014 and closes on Sep 24, 2014. The investment objective of the scheme is to generate returns and reduce

interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital

appreciation through equity exposure

DSP BlackRock MF introduces FTP - Series 44 - 36M

DSP BlackRock Mutual Fund has launched the New Fund Offer (NFO) of DSP BlackRock FTP - Series 44- 36M, a close ended income scheme. The NFO opens

for subscription on Sep 12, 2014 and closes on Sep 23, 2014. The investment objective of the scheme is to generate returns and capital appreciation by

investing in a portfolio of debt and money market securities. The Scheme will invest only in such securities which mature on or before the date of

maturity of the Schemes.

17

®

NFOs WATCH

Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount

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.

08-Sep-2014 17-Sep-2014 Open-Ended Growth `5000J PMorgan India Corporate Debt Opportunities Fund - Regular Plan (G)

Namdev

Chougule / Ravi

Ratanpal

To generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversifi ed portfolio comprising of corporate bond and securities across the investment grade credit rating and maturity spectrum.

12-Sep-2014 23-Sep-2014 Close-Ended Growth `5000DSP BlackRock Fixed Term Plan - Series 44 (36M) Regular Plan (G)

Dhawal DalalTo seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Schemes

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 22.24 16-Sep-2010 566.21 95.26 157.14 149.68 34.29 22.19 2.58 0.74 0.42 6.68 48.08 27.78 17.47

HSBC Midcap Equity Fund - Growth 33.86 19-May-2005 127.72 62.35 121.10 134.93 24.17 13.98 2.94 0.91 0.22 10.39 76.42 6.74 6.45

ICICI Prudential MidCap Fund - Growth 62.54 28-Oct-2004 329.37 70.44 125.46 123.92 27.98 20.40 2.43 0.77 0.34 38.30 45.84 7.67 8.18

DSP BlackRock Micro Cap Fund - Reg - G 32.28 14-Jun-2007 522.43 99.91 135.70 122.76 28.76 17.55 2.38 0.69 0.33 2.48 67.32 21.54 8.66

UTI Mid Cap Fund - Growth 69.13 09-Apr-2004 963.98 103.15 125.72 119.93 31.11 21.43 2.33 0.80 0.38 21.07 69.18 6.08 3.67

Sundaram SMILE Fund - Reg - Growth 58.00 15-Feb-2005 335.87 72.63 163.15 117.36 25.97 20.15 3.05 1.04 0.19 2.45 60.81 34.09 2.65

Franklin India Smaller Companies Fund - G 33.34 13-Jan-2006 587.71 86.56 125.13 113.63 35.47 14.91 2.21 0.75 0.45 12.04 63.17 15.88 8.91

EQUITY (Diversified)

BALANCED

INCOME FUND

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 11/09/2014Beta, 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 361.92 01-Feb-1994 5833.88 31.07 84.73 69.93 20.38 20.53 2.12 0.13 35.76 28.92 8.95 26.37

HDFC Balanced Fund - Growth 98.00 11-Sep-2000 1502.72 40.49 70.52 62.34 20.62 17.70 1.52 0.17 28.40 38.18 2.63 30.80

Reliance RSF - Balanced - Growth 36.51 08-Jun-2005 570.58 45.61 68.34 55.56 20.72 15.00 1.67 0.10 57.06 13.54 1.56 27.84

ICICI Prudential Balanced - Growth 84.12 03-Nov-1999 777.19 39.18 63.38 51.40 21.99 15.40 1.50 0.18 43.41 27.21 1.46 27.92

SBI Magnum Balanced Fund - Growth 84.14 09-Oct-1995 612.14 51.91 62.66 51.26 22.39 16.91 1.41 0.21 30.02 34.94 7.59 27.45

Tata Balanced Fund - Plan A - Growth 146.21 08-Oct-1995 648.52 44.48 69.23 50.83 21.93 17.11 1.61 0.13 42.91 29.78 1.12 26.19

L&T India Prudence Fund - Growth 16.85 07-Feb-2011 59.97 35.24 62.30 50.12 20.82 15.63 1.47 0.15 40.41 25.73 5.68 28.18

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 Cor. Bond Oppor. Fund - G 13.21 07-Dec-2011 6224.08 8.03 10.07 10.10 11.36 11.94 N.A 10.59 14.65 0.16 1050.84 10.71

UTI Dynamic Bond Fund - Growth 14.58 23-Jun-2010 408.69 6.59 7.21 8.30 13.56 11.61 9.98 9.35 15.64 0.15 366.24 N.A

Franklin India Income Oppor. Fund - G 15.09 11-Dec-2009 3991.55 7.93 9.99 10.04 10.85 11.32 9.63 9.04 13.78 0.16 1118.69 10.63

UTI Income Opportunities Fund - G 11.7 19-Nov-2012 554.53 8.17 9.57 10.96 11.20 11.19 N.A 9.05 15.46 0.11 698.03 N.A

Franklin India IBA - Growth 44.99 23-Jun-1997 1570.83 11.45 13.40 15.21 12.59 11.18 10.13 9.12 32.58 0.08 3991.05 10.28

Franklin India IBA - Plan B - Growth 44.99 23-Jun-1997 1570.83 11.45 13.40 15.21 12.59 11.18 10.13 9.12 32.58 0.08 3991.05 10.28

ICICI Prudential Regular Savings Fund - G 13.8 03-Dec-2010 4335.61 10.45 11.54 11.32 10.52 11.04 8.98 8.90 13.36 0.11 850.45 10.70

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 Medium Term Plan - Reg - G 15.96 25-Mar-2009 2957.64 7.43 9.31 9.62 11.16 11.57 10.87 8.93 12.51 0.24 N.A 10.39

ICICI Prudential STP - Growth 26.90 25-Oct-2001 2880.87 11.66 12.22 11.31 11.15 10.66 8.91 7.98 16.23 0.09 989.15 9.53

Birla Sun Life Tre. Optimizer Plan - Ret - G 243.11 19-Apr-2002 700.74 9.56 10.69 10.78 11.10 10.87 9.72 7.42 5.71 0.40 N.A 9.26

Birla Sun Life Treasury Optimizer Plan - DAP 150.08 22-Jun-2009 700.74 9.54 10.68 10.78 11.06 10.67 9.49 8.08 5.73 0.35 N.A 9.26

Birla Sun Life Dynamic Bond Fund - Ret - DAP 15.36 08-Apr-2009 9289.91 16.31 14.97 16.06 10.97 10.42 9.13 8.23 20.56 0.07 N.A 8.72

Birla Sun Life Dynamic Bond Fund - Ret - G 22.21 24-Sep-2004 9289.91 16.30 14.97 16.06 10.97 10.42 9.13 8.33 20.56 0.07 N.A 8.72

Kotak Income Opportunities Fund - G 14.12 11-May-2010 891.92 8.76 10.55 10.45 10.90 10.82 9.05 8.28 14.44 0.11 850.45 10.25

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 14.56 26-Jul-2010 2032.05 9.36 9.92 9.9 10.14 10.42 9.87 9.52 4.03 0.56 294.372 9.68

Birla Sun Life Savings Fund - Ret - G 247.66 27-Nov-2001 6314.4 8.42 8.9 9.2 9.59 10.01 9.41 7.34 3.99 0.46 N.A 9.14

Birla Sun Life Savings Fund - Ret - DAP 146.51 23-Jun-2009 6314.4 8.39 8.87 9.17 9.57 9.85 9.04 7.59 4 0.41 N.A 9.14

IDFC Ultra Short Term Fund - Reg - G 18.61 17-Jan-2006 2204.38 7.86 8.53 8.96 9.48 10.1 9.73 7.44 3.79 0.53 147 9.15

Kotak Floater - LT - Growth 21.2 13-Aug-2004 2171 8.2 8.83 9.21 9.38 9.98 9.31 7.74 4.78 0.37 171.55 9.25

Franklin India Ultra Short Bond Fund - Retail - G 17.07 18-Dec-2007 4576.91 8.32 9.19 8.98 9.34 9.81 9.5 8.26 2.94 0.65 209.766 9.3

Kotak Banking and PSU Debt Fund - G 29.65 29-Dec-1998 960.01 7.98 8.3 8.72 9.31 10.06 9.03 7.16 11.27 0.18 69.35 8.78

Annualised

®

Investor Awareness Meet organised by SMC at Jaipur.

Mr. Anurag Bansal (Director, SMC Group) addressing the audience during Investor Awareness Meet organised by SMC at Madurai.