Date: 17-10-2017

NCML Commodity Market Monitor

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17 October 2017

NCoMM

NCML COMMODITY MARKET MONITOR

ANSWERS & LUCKY WINNER OF PREVIOUS WEEK’S QUIZ

Wheat | Paddy | Chana | Tur | Maize | Guarseed

OUTLOOK

OTHER DATA Sowing progress | Monsoon Situation | Advance estimates | Kharif MSP

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Date: 17-10-2017

NCML Commodity Market Monitor

Price Trend & Technicals

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Wheat: Standard mill quality : Delhi

Wheat prices which were trading in a narrow range for the past

few weeks showed some positivity in the last few days.However

the factors are not very supportive for a prolonged escalation.

Adequate stocks in the central pool and regular imports are

limiting any major upside in the prices. Prices may hold the gains

made but chances of a sharp rise are not strong. We expect the

wheat prices to consolidate with mild negative bias and move

closer to Rs 1765 in the coming weeks. Rs 1720 is the important

support which is unlikely to be breached in the near term. Any

fresh buying will only emerge on a breach of Rs 1802.

IMPORTANT LEVELS

S2 S1 CMP R1 R2

1720 1765 1791 1802 1825

Outlook: Prices will trade with sideways to bearish undertone. Prices will decline moderately towards Rs 1765.

• Pick up in demand from flour mills to meet ongoing festive season demand

against lean supply season of wheat is underpinning the wheat prices, which

were offlate subdued due to bumper production.

• As per fourth advance estimates of Government, India’s 2016-17 wheat

production stood at 98.3 million tonnes against 92.2 million tonnes in 2015-16.

• The government may raise import duty on wheat to 20-25% from 10% to curb

cheap shipments and give positive price signal to farmers who will start

sowing winter crop after the Diwali festival.

• With below normal monsoon, major reservoirs are less full this year which

may affect the sowing of rabi crops, including wheat.

Mandi Price in Rs/Quintal

13-10-2017 06-10-2017 %change

Delhi 1791.6 1768.15 1.33

Kota 1648.35 1645.75 0.16

Kanpur 1672.5 1660 0.75

• Despite the bumper production, the October USDA report has pegged India’s 2017-18 wheat imports at 3.5 million tonnes aginst the high of 5.9

million tonnes in 2016-17. Half a million tonnes is being imported from black sea region in October to will be used for consumption in Nov-Dec

when wheat supplies are tight. Export window remains restricted due to huge disparity with other countries.

• In Rabi Marketing Season 2017-18, a total of 30.824 mn tonnes of wheat was procured against 22.962 mn tonnes in RMS 2016-17. FCI is currently

selling wheat through E-Auction at a reserve price of Rs. 1790 per quintal..

• In the latest USDA report, Global 2017/18 wheat supplies are increased, primarily on higher production forecasts for Russia, EU, and India more

than offsetting a decline in Australia. Russia’s 2017/18 wheat production is increased 1.0 million tons to a new record of 82.0 million tons. This is

well above last year’s previous record of 72.5 million tons. EU wheat production is raised 2.2 million tons to 151.0 million, largely on higher

production in France. Australia’s wheat production is reduced 1.0 million tons to 21.5 million tonnes against 33.5 million tonnes last year on

persistent dry conditions in most of eastern Australia. Australia slashed more than 2.7m tonnes from its wheat export forecast.

• Global wheat output is estimated at 751.19 miilion tonnes against 754.15 million tonnes last year, while the ending stocks are projected higher

ata 268.13 illion tonnes against 256.58 million tonnes last year.

• The overall fundamental score of 2.95 shows consolidation in wheat prices.

Fundamental Summary

Price Drivers Impact Weightage Score (1-5)*

Pick up in festive demand Bullish 25% 4

Lean supply season Bullish 15% 4

Bumper wheat harvest in 2017 Bearish 20% 2

0.5 miilion tonnes imports arriving from Black sea region in October

Bearish 15% 2

Adequate food stocks in central pool and OMS by FCI Consolidation 15% 3

Bearish global prices & export disparity Bearish 10% 2

Overall fundamental score 2.95

* 1. Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5.Bullish

Fundamentals- Domestic & International WHEAT

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

Fundamentals- Domestic & International PADDY

Fundamental Summary

Price Drivers Impact Weightage Score (1-5)*

Lower acreage in 2017-18 kharif and lower production estimate

Bullish 20% 4

Record high production of 2016-17 and comfortable central stock position

Bearish 40% 2

High demand from stockists and retailers Bullish 25% 4

Higher export in 2017-18 Bullish 15% 4

Overall fundamental score 3.2

*Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5.Bullish

• The price of basmati paddy has increased 30% from last year as low prices

had led farmers in Punjab, Haryana & UP to sow less basmati this year.

Traders expect the price to remain firm through this season as carryover

stocks are low and output of Basmati is less by 8-10%

• As per first advance estimates released by government, India's kharif rice

output 2017-18 is likely to fall by 1.9 million tonnes to 94.48 million tonnes

from the record 96.39 million tonnes kharif production in 2016-17.

• As on 29 September 2017, the area sown under rice for 2017-18 is reported at

379.08 lakh hectares, 3.29% lower than 382.37 lakh hectares sown last year till

same date, and only marginally higher than normal till date by 0.67%.

Mandi Paddy 1121: Price in Rs/ Quintal

13-10-2017 06-10-2017 %change

Hanumangarh (1121 Pusa)

2700 3500 -22.86

Vellore 1800 1700 5.88

Aligarh 2450 2850 -14.04

• The patchy monsoon this season has been a main reason for lower acreage and production estimate. Assam, Bihar, Gujarat and Rajasthan

witnessed floods, while parts of Karnataka, Chhattisgarh faced a dry spell.

• India’s rice exports during April-Aug 2017 rose 7.4 percent from a year earlier to 5.13 million tonnes as shipments of non-basmati rice surged.

Non-basmati rice exports jumped 9.4% to 3.29 million tonnes, while basmati rice exports rose 4% to 1.85 million tonnes, as per APEDA. The

October USDA report has pegged India’s 2017-18 rice exports at 11.80 mn tonnes against 11 mn tonnes last year and 10.24 mn tonnes in 2015-16.

• In a first of its kind govt-to-govt arrangement between India and Bangladesh, NAFED would be exporting around 5 lakh tonne of parboiled rice

to Bangladesh for meeting its domestic demand and creating a buffer stock after floods.

• 10.59 lakh tonne paddy has arrived in markets of Haryana in this procurement season but the arrivals across the country will begin after Diwali.

• India’s rice stocks in the central pool as on 1 September 2017 stood at around 20.39 million tonnes, up 3.34% from around 19.73 million tonnes

recorded during the corresponding period last year, and above the required strategic reserve norms of around 1.25 million tonnes for this time

of the year. As on 29 September 2017, rice procurement was 38.105 million tonnes in the ongoing 2016-17 marketing season (Oct-Sep), against

the procurement of 341.66 lakh tonnes in the corresponding period of last year.

• In the October USDA report, global rice production is pegged at 483.8 million tonnes against 487.13 million tonnes last year. Global 2017/18

ending stocks are pegged to fall to 200.96 mn tonnes against 226.99 in 2016-17.

• Overall fundamental score of 3.2 shows mild bullishness in paddy prices till the kharif arrivals start hitting the market post Diwali.

Prices after firming up in the last week paired with the gains made

re-entered the recent trading range. With the expectations of lower

basmati production, on the back of lower acreage this year, the

prices are expected to remain firm in the coming days. Prices are

likely to move a tad bit higher towards the upper band of the range

it is currently in, which stands at Rs 3030. Fresh positive momentum

will be generated only on a sustained trading above 3100 which will

push the price higher towards the important resistance of Rs 3500

once again. On the lower side, prices are not expected to tumble till

it is trading sustainably above Rs 2775.

Price Trend & Technicals

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Paddy - 1121 pusa : Hanumangarh

IMPORTANT LEVELS

S2 S1 CMP R1 R2

2800 2880 3050 3200 3280

Outlook: Prices may move in the range of Rs 2900 to Rs 3200.

IMPORTANT LEVELS

S2 S1 CMP R1 R2

2650 2775 2900 3030 3100

Outlook: Prices will trade with positive bias and move closer to Rs 3030.

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

• As per the first advance estimates released by the government, the kharif maize

output for 2017-18 has been projected at 18.73 million tonnes, lower than the

high of 19.24 million tonnes in the previous 2016-17 season.

• As on 29 September 2017, the area sown under maize was 80.5, 4.43% lower

than 84.23 lakh hectares sown last year till the same date but 4.29% higher than

normal till date.

• The erratic monsoon this year may affect the yield of the maize crop. While on

hand, heavy rains in Telangana in Oct are damaging the ready to be harvested

crops, rest of the maize belt including Karnataka received below normal rains.

Mandi Price in Rs/ Quintal

13-10-2017 06-10-2017 % change

Gulabbagh 1305 1310 -0.38

Nizamabad 1412.5 1410.65 0.13

Delhi 1300 1280 1.56

• The winter season demand for maize is supporting the prices till the time arrivals hit the market.

• The lower area is driven by fall in acreage in Karnataka and Telangana. In the major producing state of Karnataka, maize has been sown in 11.29

lakh hectare against 12.83 lakh hectare covered during corresponding period last year.

• As per the fourth advance estimates released by the government, the maize production in 2016-17 touched a high of 26.26 million tonnes, up from

22.57 million tonnes in 2015-16.

• As per APEDA, India’s maize exports in 2016-17 have been estimated at 0.57 million tonnes against 0.65 million tonnes in the previous year. In 2014-

15, exports were 2.8 million tonnes. The exports have fallen due to export disparity with other global exporters. Global prices of maize have

weakened due to huge carryover stocks.

• The October USDA report has pegged the world Corn production at 1,038.80 million tonnes, down 3.5% from 1,075.33 million tonnes produced in

2016-17. The closing stocks are pegged at 200.96 million tonnes against 226.99 million tonnes in 2016-17.

• The October USDA report has pegged the 2017-18 corn crop of US, world’s largest maize producer, at 362.73 milllon tonnes, down from the

bumper crop of 384.78 million tonnes. IGC report pegged the production even lower at 352.1 million tonnes due lower production and yield.

• Prices are expected to consolidate till the arrivals pick up in coming weeks.

Price Trend & Technicals

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Maize-Feed/Industrial Grade : DelhiLower production estimate of kharif maize in the 1st govt

estimates have shown its impact mildly on the prices as they

recovered from the recent lows. As expected in our last edition

the prices failed to sustain below 1275 and moved up again

generating some more buyer’s interest. Recovery towards Rs 1300

was seen and it can be seen extending further towards Rs 1370 in

the coming weeks. On the downside only a slip below Rs 1240 will

result in any further decline towards the major support band of Rs

1225-1210. Overall the near term trading range can be pegged

between Rs 1370-1240 and a sharp move beyond this is

unexpected.

IMPORTANT LEVELS

S2 S1 CMP R1 R2

1225 1240 1300 1345 1370

Outlook: Prices may show some recovery towards Rs 1345 and the towards 1370.

Fundamentals- Domestic & International MAIZE

Fundamental Summary

Price Drivers Impact Weightage Score (1-5) *

Lower area sown this season compared to last year Bullish 20% 4

Lower production estimate Bullish 15% 4

Yield to be affected because of erratic rains Bullish 10% 4

Bumper production last year and arrivals of this season about to begin Bearish 35% 2

Onset of winter season demand for maize Bullish 10% 4

Export disparity due to high world carryover stocks Bearish 10% 2

Overall fundamental score 3.1

*Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5.Bullish

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

After surging for a short duration since late july to mid September

the prices paired most of the gains made. Imports from Australia

have commenced and may further pick up in the coming days

capping any possible upside and pressurizing prices. We expect

prices to show some downside movement in the next couple of

weeks and test Rs 5080 levels. On a breach of Rs 5080 some fresh

selling movement will pull down prices further towards Rs 4915.

The chances of any recovery from the currents levels looks

minimal. However Rs 5700 is the nearest resistance mark which

will prevent any more near term upside in prices.

Fundamentals- Domestic & International

Price Trend & Technicals

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Chana -Rajasthani desi : Delhi

CHANA

IMPORTANT LEVELS

S2 S1 CMP R1 R2

4915 5080 5321 5700 6100

Outlook:Prices will move down towards Rs 5080.

• According to the market participants, chana sowing acreage in

the coming rabi season may be higher than last year as prices

was firm throughout the year. Chana prices were higher than the

MSP and farmers may shift to chana crop this year.

• Sellers are active in the market. Imports from Australia is regular

and many containers are expected to reach in the coming weeks.

Regular and higher imports from Australia is putting a downward

pressure on the domestic prices.

Mandi Price in Rs/ Quintal

13-10-2017 06-10-2017 %change

Delhi 5375 5625 -4.44

Bikaner 5300 5400 -1.85

Jodhpur 4750 5200 -8.65

• As of 10th October, Australian chana is being traded at Rs 5050 per quintal in Mumbai market and Rs 5125 per quintal at Mundra port.

Australian chickpea of October- November delivery is being offered at Rs 4950 per quintal at Mumbai port. Regular shipments from Australia

may have a slightly bearish impact on the domestic prices.

• Buyers are side-lined and sellers are active in the market due to higher availability and decreasing prices. However, seed demand may give

some support to the prices.

• According to the latest report of Australian Bureau of Agricultural & Resource Economics & Sciences(ABARES), Australian chana production

estimate has been reduced by 35.92 percent to 1.188 million tonnes from 1.854 million tonnes last year due to lower yield expectation.

• Harvesting of chana has begun in Australia, early harvested crop has been yielding high but yields were expected to lower with later and

frosted crop.

• According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 9.75 million MT which is

slightly higher than 2016-17 fourth advance estimate of 9.33 million MT. Higher production estimate in the coming Rabi season may have

slightly bearish impact on the prices.

• Overall score of 2.5 indicates mildly negative undertone in the coming days.

Fundamental Summary

Price Drivers Impact Weightage Score (1-5)*

Higher sowing area coverage expectation Bearish 10% 2

Higher imports from Australia Bearish 30% 2

Higher availability Bearish 20% 2

Lower Australian chana crop Bullish 25% 4

Higher Indian chana production estimate Bearish 15% 2

Overall fundamental score 2.5

*Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5.Bullish

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

S2 S1 CMP R1 R2

3300 3550 3651 3870 4000

Outlook: Prices will slip towards Rs 3550 from where some buying can emerge. Below Rs 3550 prices will test Rs 3300.

Price Trend &Technicals

The undertone in Tur prices is slightly bearish on account of

release of buffer stock from the government. The arrivals of the

new crop will start in December weighing further on the prices.

Prices will expectedly move closer to the immediate support

which is seen standing at Rs 3550. If prices manage to breach and

trade below it for a sufficient time we might see a further stretch

of the declining streak towards the next and important support

mark of Rs 3300. Resistance is seen at Rs 3870 and any rise in

prices from here will be capped aroung that level in the near term.

IMPORTANT LEVELS

• As per trade sources, central government is changing its policy of buying

pulses from the farmers. Now states will be buying pulses according to

their own requirement and central government may give subsidy to the

state government.

• Government is now offloading the pulses it bought last year for the

buffer stock. Some quantity has already been sold to traders through

auction. The ministry is trying to clear the stock before new

procurement season starts.

•

Mandi Price in Rs/ Quintal

13-10-2017 06-10-2017 %change

Mumbai 3562 3568 -0.17

Kanpur 3250 3350 -2.99

Akola 3825 3825 0.00

• As of 29th September 2017, all India Kharif tur sowing is reported at 43.46 lakh hectares which is around 18.33 per cent lower than the last year

at the same time. Last year it was 53.22 lakh hectares. Sowing coverage has decreased as farmers shifted to other crops as market prices was

low throughout the year.

• According to the trade sources, tur crop is in good condition and they are expecting normal yield this year. New crop is expected to start

arriving in the month of December.

• Tur prices are ruling low taking hint from the prices of other pulses. As prices of other pulses are ruling low in the domestic market.

• Demand of tur is lower than normal as buyers are side-lined. However, present festive demand may support the prices.

• Government has opened the exports of Tur, Urad and moong dal. However, disparity between Indian and Myanmar, Tanzania and other

international market will make difficult for Indian exporters to find international buyers.

• According to the first advance estimate released by government, India’s tur production for 2017-18 is estimated at 3.99 million metric tonnes

which is 6.11 per cent lower than the target estimate of 4.25 million metric tonnes. Lower production estimate may have slightly bullish impact

on the prices.

• Overall score of 2.8 shows range bound with slightly bearish movement.

Fundamental Summary

Price Drivers Impact Weightage Score (1-5)*

Offloading of pulses from buffer stock Bearish 35% 2

Lower demand of tur Bearish 25% 2

Opening of exports of tur dal Bullish 25% 4

Lower production estimate Bullish 15% 4

Overall fundamental score 2.8

*Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5.Bullish

Fundamentals- Domestic & International TUR

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Lemon tur FAQ-Myanmar origin : Mumbai

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

Prices are seen consolidating within a broad range after declining

from the highs of Rs 4088 made during the last week of August. We

hold our view of rangebound trading in the coming days as well with

buying emerging everytime the prices close down with the lower

band which stands at Rs 3600-3620. Some supply pressure will be

seen around the upper band of the current range of Rs 3860. Rs

3825-3860 is an important resistance zone which, in the short run

will prevent any sharp escalation in prices. However a convincing

breach of Rs 3860 will invite fresh buying momentum in guar prices

pushing it even higher towards Rs 4080 mark.

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Guarseed-Average : Bikaner

IMPORTANT LEVELS

S2 S1 CMP R1 R2

3510 3575 3773 3825 3860

Outlook: Prices will trade rangebound within Rs 3650-3860 band. A breach of Rs 3890 will push it towards Rs 4050.

• Guar seed and Guar gum markets remained steady tracking subdued

demand. New crop arrivals in the markets are weak as farmers are busy

preparing fields for Rabi crop. Arrival pressure is likely to increase only

after Diwali festival.

• According to Sriganganagar based traders, Guar seed prices are likely to

remain steady to weak at least in the near term as business activity in the

spot markets likely to remain dull as most of the markets are likely to

remain closed for Diwali festival.

• Market players are bullish about the commodity due to lower production

prospects and are also expecting higher export demand in coming days

as compared to last year.

Mandi Price in Rs./Quintal

13-10-2017 06-10-2017 %change

Bikaner (Rajasthan)

3772 3700 1.94

Sriganga Nagar (Rajasthan)

3585 3525 1.70

Dhanera (Gujarat)

3302 3347 -1.34

Fundamental Summary

Price Drivers Impact Weightage Score (1-5)*

Lower production by trade sources Bullish 20% 4

Expectation of pickup in export demand Bullish 15% 3

Higher production estimates for Rajasthan Bearish 25% 2

Subdued demand in spot markets Bearish 25% 2

Movements in Crude oil Bearish 15% 2

Overall fundamental score 2.55

*1. Bearish; 2. Marginal Bearish; 3. Consolidation; 4. Marginal Bullish; 5. Bullish

Fundamentals- Domestic & International

Price Trend &Technicals

GUAR SEED

• Guar seed prices in the near term (15-30 days) expected to trade range-bound due to new crop supply and speculative movement, but long

term outlook seems bright as supply-demand is likely to be tighter in case production turned out lower than earlier estimates.

• According to trade sources, Guar seed production could not be more than 75 lakh bags and estimated carry over stocks is around 85 lakh

bags, which took the total tally at 160 lakh bags, whereas demand (crush) is expected between 130-150 lakh bags leaving ending stocks for

2017-18 (Oct-Sept) at around 10-30 lakh bags. The future trend of Guar seed and Guar gum is very much depends on development in US oil

industry and crude oil prices.

• The Rajasthan State Department of Agriculture estimated current Guar crop of around 16.76 lakh tonnes against 14.04 lakh tonnes a year ago.

• The latest data released by APEDA shows that India's Guar gum export during April- August (2017-18) increased significantly by 61 per cent at

2,18,165 metric tonnes as compared to 1,35,119 metric tonnes same period last year. India Guar gum export in 2016-17 were reported at

4,23,285 metric tonnes.

• As on 15th October Guar seed stock at NCDEX warehouses reported higher at 21,556 tonnes as against 16,346 tonnes same period last year.

• The overall fundamental score of 2.55 indicates that Guar seed prices would be trading in range bound manner with slight bearishness.

BACK TOTOP

Date: 17-10-2017

NCML Commodity Market Monitor

• India's April-Aug rice exports rise 7.4 percent - govt body News Link

• India’s soyabean output to fall 17 per cent: SOPA News Link

• Gujarat to harvest record groundnut crop, says SEA News Link

• Cotton price improves on reports of crop damage News Link

• Farmers sell pulses at a loss as wholesale prices dip below MSP News Link

• India heading for another record in tea production News Link

• Govt plans to sell 1 mt of pulses from its warehouses News Link

• Focused government policies can make India self-reliant in edible oils News Link

• Palm oil imports up 20 per cent in Sept: SEA News Link

• Oilmeal exports up 85% in April-Sept News Link

• Rabi pulses to compensate

losses in Kharif season: Agriculture Minister News Link

• Gujarat's spices farmers should become exporters: Spices Board chief News Link

• Govt rolls out DBT for fertiliser subsidy in 7 states/UTs News Link

• Guar seed, gum prices in bearish zone on lower US shale oil production News Link

• US sees China as 'major wildcard' in cotton, as it cuts domestic crop hopes News Link

.

-4.40.0

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1.9

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Chana

Tur

Wheat

Paddy

Maize

Guar

Soya

Mustard

Cotton

Sugar

Castor

Turmeric

Jeera

Maize

% age change since 6th october 2017

News corner

OFFICIAL PRODUCTION ESTIMATES

First advance estimates 2017-18 & previous years’ estimates :

First Advance Estimates 2017-18

Link for commodity-wise and

market-wise prices and arrivals:

http://agmarknet.gov.in/PriceAndArrival

s/CommodityWiseDailyReport2.aspx

MSP in Rs /Qtl

Commodity 2015-16 2016-17 2017-18

Paddy Common 1410 1470 1550

paddy grade A 1450 1510 1590

Jowar Hybrid 1570 1625 1700

Jowar Maldandi 1590 1650 1725

Bajra 1275 1330 1425

Ragi 1650 1725 1900

Maize 1325 1365 1425

Tur 4625 5050 5450*

Moong 4850 5225 5575*

Urad 4625 5000 5400*

Groundnut 4030 4220 4450*

Sunflower seed 3800 3950 4100 #

Soyabean black

2775 3050

Sesamum 4700 5000 5300 #

Nigerseed 3650 3825 4050 #

Cotton(Medium Staple) 3800 3680 4020

Cotton(Long Staple) 4100 4160 4320

*includes bonus of Rs 200 per quintal

# includes bonus of Rs 100 per quintal

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MONSOON SITUATION

Date: 17-10-2017

NCML Commodity Market Monitor

Sowing progress: Kharif 2017-18- Detailed report

BACK TO TOP

Date: 17-10-2017

NCML Commodity Market Monitor

STOCK

Stock limits of States/UTs

Answers of NCoMM report dated 5 September 2017: 1. Rs.18928/Quintal

2. Iran

3. 9.145 million MT

4. 47.27 Lakh Bales

The following people gave correct answers:

Anilkumar Parvathaneni Anurag Kushwaha ROHITH KUMAR ANJALI Nek Ram Sharma Krishnamurthy Sankaranarayanan Praveen Kumar Mundra Abhimanyu singh Mukesh Basetia Devendra singh Maheshkumar Ramaswamy Manish kumar rohilla Vijay Gupta

Babloo Kumar Arun kumar Asha V sonu ram kumar Som Dutt Sharma Harijanaseenaiah rahul gautam Vikas Kumar Arunesh Pratap Singh

BACK TO TOP

LUCKY WINNER :

Asha V.

Date: 17-10-2017

NCML Commodity Market Monitor

Advisory Team

Basant Vaid Head: TCIG basant.v@ncml.com

Sreedhar Nandam Vice President: SCM sreedhar.n@ncml.com

Research Team

Suresh Solanki Assistant Manager: TCIG suresh.s@ncml.com

Kamna Malhotra Economist: TCIG kamna.m@ncml.com

Akash Jaiswal Research Analyst: TCIG akash.j@ncml.com

Ansh Aggarwal Senior Officer: Trade Support ansh.a@ncml.com

For any research queries, contact us at research@ncml.com

Disclaimer:

This consultancy report has been prepared by National Collateral Management Services Limited (NCML) for the sole benefit of the addressee.

Neither the report nor any part of the report shall be provided to third parties without the written consent of NCML. Any third party in

possession of the report may not rely on its conclusions without the written consent of NCML. NCML has exercised reasonable care and skill in

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misrepresentations made by others. Any recommendations, opinions and findings stated in this report are based on circumstances and facts as

they existed at the time of preparation of this report. Any change in circumstances and facts on which this report is based may adversely affect

any recommendations, opinions or findings contained in this report.

© National Collateral Management Services Limited (NCML) 2017

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