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Religare Morning Digest

November 30, 2017

Nifty Outlook

VWAP (Expiry till date) Max OI (Call) Max OI (Put)

NIFTY 10350 10500 10000

The equity benchmark indices started the session on a positive note, but witnessed resistance at higher levels, as the Nifty hovered in a narrow range throughout the trading day and ended down marginally. Broader market indices also performed broadly in line with the benchmark. The sectoral indices showed mixed performance with auto, consumer durables, FMCG, healthcare, capital good and oil&gas being the gainers, whereas banking, IT and metal were among the losers.

While the underlying sentiments remain positive, some consolidation cannot be ruled out after the recent smart upmove. Being F&O expiry day, volatility will continue to remain high. RBI Monetary Policy, Macro data (Q2FY18 GDP numbers) and global developments will be tracked keenly by the market participants. Investors can continue to accumulate fundamentally sound stocks on dips.

Sectors to watch

Sector Name Outlook

AUTO STABLE

ENERGY STABLE

FMCG STABLE

News Religare Super Ideas**

FII & DII Cash Segment (Rs. in Cr.) Trade Stats

Category Amt. MTD FYTD

FII 12 -11156 -68322

DII -428 7265 73357

NO OF CON-

TRACTS

TURNOVER IN CR

IDXFUTS 212180 18095

IDXOPT 6597029 580424

STKFUTS 1410971 99380

Derivative Ideas **

NTPC has floated a tender to acquire commissioned stressed coal-based power plants in the country. At present, out of the 40 GW stressed coal-based power generation capacity, about 12 GW capacity worth around Rs 50,000cr commissioned after April 1, 2014 and is eligible under this tender.

Jet Airways (India) and Air France - KLM have signed a landmark 'Enhanced Cooperation Agreement' for the development of their operations between Europe and India. In addition to the airlines' enhanced cooperation agreement, Air France KLM Cargo and Jet Airways Cargo have also signed a Memorandum of Understanding which aims to strengthen their cooperation in the cargo sector.

Power Mech Projects has received an order under Make in India scheme from Andhra Pradesh Medtech Zone (AMTZ), an enterprise under the Government of Andhra Pradesh. The order is valued at Rs 357cr and includes construction of ultra-modern medical equipment manufacturing and testing facility located at Visakhapatnam, Andhra Pradesh.

*FII & DII data as on 28th November 2017

Scrip Buy/Sell CMP Initiation

Range SL* Target

HAVELLS BUY 521.55 512-515 498 542

RELCAPITAL SELL DEC

FUTS 442.30 450-448 462 424

Instrument B/S Lot INITIATION

RANGE SL

TAR-GET

ESCORTS BUY

FUTS 1100 697-699 683 726

**Please note that the given technical and derivative recommendations are

"valid for taking position" only on recommended date and in the given range.

*Please note - Stoploss is on closing basis for delivery recommendation and

intraday basis for futures recommendation.



November 30, 2017

Investment Pick - Nilkamal Ltd.

Nilkamal Ltd's Q2FY18 numbers were broadly in line with our estimates. Net revenue de-grew marginally by 0.8% YoY, impacted by poor volume offtake in

Plastics division due to GST transition. However, operating profit & PAT increased by 11.7% & 5.9% YoY respectively, while operating margins improved by 139bps YoY, which was encouraging.

We remain positive on Nilkamal's medium to long term growth prospects, given robust outlook of plastics industry and company's efforts towards brand building,

distribution expansion and enhanced product offerings. We maintain BUY on the stock with target price of Rs 2,097.

Scrip CMP Target Duration Recommendation Price

NILKAMAL 1,798.60 2,097 9-12 Months 1,791

ESCORTS added around 25% in open interest as

long buildup was seen in it with some delivery

based buying in previous session. Current chart

pattern too indicate fresh surge in price. We

suggest buying ESCORTS December futs as per

levels mentioned below.

Strategy: Buy ESCORTS Dec futs BETWEEN

697-699, SL-683, TGT-726.

Derivative Ideas Religare Super Ideas

Havells India Limited (HAVELLS) Reliance Capital Limited (RELCAPITAL)

We are reiterating our long recommendation in

HAVELLS again as it was not initiated earlier.

After a sharp correction, RELCAPITAL has

rebounded of late but failed to cross its price

resistance zone around 464. Keeping in mind its

overall trend, we advise traders to use any bounce

to create fresh short positions.



November 30, 2017

Religare Investment Calls

Name of the Company Reco Date Reco Price Target Price Upside % Previous day Closing Price

Cigniti Technologies Ltd. 5-Oct-16 419 538 28.3% 265.1

Fiem Industries 26-Dec-16 1,089 1,315 20.8% 908.8

Arman Financial Services 22-Feb-17 226 340 50.0% 265.9

Indo Count Industries Ltd. 17-May-17 198 240 21.2% 121.2

SML Isuzu 25-May-17 1,247 1,525 22.3% 914.3

APL Apollo Tubes 12-July-17 1,596 2,352 47.4% 1,942.7

CRISIL 01-Aug-17 1,858 2,419 30.2% 1,850.2

LIC Housing Finance 09-Aug-17 681 748 9.8% 599.4

Eicher Motors Ltd 09-Aug-17 31,630 40,467 27.9% 30,220.3

Wonderla Holidays 17-Aug-17 339 430 26.8% 353.7

The Byke Hospitality 17-Aug-17 195 242 24.1% 167.3

Jain Irrigation Systems Ltd. 23-Aug-17 93 125 34.4% 114.7

Garware Wall Ropes Ltd 12-Sept-17 920 1,083 17.7% 913.0

Talwalkars Better Value Fitness 18-Sept-17 288 346 20.0% 269.5

Tata Communications 18-Sept-17 708 822 16.1% 692.1

Century Plyboards 07-Nov-17 294 312 6.1% 314.1

Kajaria Ceramics Ltd. 09-Nov-17 690 900 30.4% 732.7

NRB Bearings 09-Nov-17 144 173 20.1% 152.8

Srikalahasthi Pipes Ltd 10-Nov-17 362 457 26.3% 418.2

Force Motors 13-Nov-17 3,328 4,642 39.5% 3,291.4

Castrol India Ltd 15-Nov-17 396 446 12.5% 402.3

Minda Corporation 15-Nov-17 168 217 29.1% 192.9

Mold-Tek Packaging Limited 15-Nov-17 316 374 18.4% 313.8

Jamna Auto Industries 16-Nov-17 60 78 30.0% 61.7

Manpasand Beverages 17-Nov-17 408 474 16.2% 393.1

Sutlej Textiles 17-Nov-17 96 116 21.2% 99.1

Swaraj Engines Ltd 21-Nov-17 1,888 2,252 19.3% 1,967.9

Bharat Electronics Ltd. 22-Nov-17 177 217 22.6% 189.0

Symphony Ltd 24-Nov-17 1,592 1,714 7.6% 1,632.8

Asian Granito India Ltd. 29-Nov-17 506 642 26.9% 505.0

Nilkamal Ltd. 29-Nov-17 1,791 2,097 17.1% 1,798.6



November 30, 2017

Corporate Action Calendar — November 2017 (Cash Dividend)

Sun Mon Tue Wed Thu Fri Sat

26 27 28

Care Ratings Ltd

Sadbhav Infrastructure Project

29

New India Assurance Co Ltd

Mayur Uniquoters Ltd

30 01 02

Corporate Action Calendar — November 2017 (Stock Split)


26 27

Fischer Chemic Ltd

28 29

Akar Auto Industries Ltd

30 01 02

Corporate Action Calendar — November 2017 (Acquisition)

Date Target Company Acquirer Company

11/27/2017 Merit Industries Ltd National Fittings Ltd

11/30/2017 Tasty Bite Eatables Ltd Mars Inc

11/30/2017 Capital India Finance Ltd Trident Holding LLP

11/30/2017 Erkunt Traktor Sanayii AS Mahindra & Mahindra Ltd

11/30/2017 Integrated Cleanroom Technologies Ltd Takasago Thermal Engineering Co Ltd

11/30/2017 Salanpur Sinters Pvt Ltd Maithan Alloys Ltd

Corporate Action Calendar — November 2017 (Stock Buyback)


26 27 28 29

Wipro Ltd

30

Infosys Ltd

01 02

Economic Calendar — November 2017


26 27

28 29

30

Fiscal Deficit INR Crore

Eight Infrastructure Industries

GVA YoY

GDP YoY

01

Nikkei India PMI Mfg

02



November 30, 2017

Result Calendar — November 2017


26 27

ALFAVISION OVERSEAS

ARCHIDPLY Atishay Ltd

Castex Technologies

CHOKSI

LABORATORIES LTD.

Dalmia Industrial Development Ltd

ECOPLAST LTD.-$

GRP LTD.

GUJARAT AUTOMOTIVE GEARS

INDIAN TONERS &

DEVELOPERS LTD.-$

IRIS Business Services

KBS INDIA LIMITED

KIRI INDUSTRIES LTD.

Metalyst Forgings

OCL IRON AND STEEL

PSP Projects Ltd

ROLLATAINERS LTD.

SIMMONDS MARSHALL

SINGER INDIA LTD.

SIYARAM SILK MILLS TULASEE BIO-ETHANOL

VADILAL INDUSTRIES

VADILAL ENTERPRISES

SOUTHERN GAS LTD.

28

ADF FOODS LTD.-$

Adhunik Industries Ltd

ALLIANCE INTEGRATED

METALIKS LTD.

ARMS PAPER LTD.

Assam Company (India) Limited

BARON INFOTECH LTD.

BIRLA COTSYN (INDIA) LTD.

CHEVIOT CO.LTD.-$

HINDUSTAN FOODS LTD.

IL&FS ENGINEERING AND

CONSTRUCTION COMPANY

INTERNATIONAL

COMBUSTION (INDIA) LTD.

NAVKAR BUILDERS LTD.

Nutraplus India Limited

Ortel Communications Ltd

PH TRADING LTD.

RAINBOW PAPERS LTD.-$

RCI Industries & Technologies

Ltd

Retro Green Revolution Ltd

RICOH INDIA LTD.

RPP INFRA PROJECTS LTD.

UNIQUE ORGANICS LTD.

WALCHANDNAGAR

INDUSTRIES LTD.

29

ATLAS CYCLES (HARYANA)

LTD.

BIJOY HANS LTD.

FIRST FINANCIAL SERVICES

LTD.

Genus Paper & Boards Ltd

INDO TECH

TRANSFORMERS LTD.

KAKATIYA CEMENT SUGAR

& INDUSTRIES LTD.

Kamdhenu Ltd

MUKTA ARTS LTD.

NETLINK SOLUTIONS

(INDIA) LTD.

NATIONAL OXYGEN LTD.

PCS TECHNOLOGY LTD.

PRAKASH STEELAGE LTD.

PREMIER EXPLOSIVES LTD.

SAFARI INDUSTRIES (INDIA)

Share India Securities Ltd

STELLANT SECURITIES

(INDIA) LTD.

TARA JEWELS LTD.

TRIBHOVANDAS BHIMJI

ZAVERI LTD.

TIPS INDUSTRIES LTD.

TRANSPEK INDUSTRY

30

ADVANI HOTELS &

RESORTS (INDIA) LTD.

ANDHRA PRADESH

TANNERIES LTD.

ARCHIES LTD.

AURO LABORATORIES

BLISS GVS PHARMA

CEREBRA INTEGRATED

TECHNOLOGIES LTD.

CHD DEVELOPERS

CRAVATEX LTD.

DATAMATICS GLOBAL

SERVICES LTD.

Excel Realty N Infra Ltd

GRAVISS HOSPITALITY

Ishaan Infrastructures

and Shelters Ltd

MPIL CORPORATION

NIDHI GRANITES LTD.

NUWAY ORGANIC

NATURALS INDIA LTD.

ORBIT EXPORTS LTD.

Remi Edelstahl Tubulars

R.J.SHAH & CO.LTD.

SAT INDUSTRIES LTD.-$

SUDAL INDUSTRIES LTD.

UFO Moviez India Ltd

WARREN TEA LTD.-$

West Leisure Resorts

01

8K MILES SOFTWARE SER-

VICES LTD.

ASHISH POLYPLAST LTD.

Bhagyanagar Properties Ltd

BHAGYANAGAR INDIA LTD.

CHOKHANI INTERNATIONAL

COCHIN MALABAR ESTATES

& INDUSTRIES LTD.

DYNAVISION LTD.

EAST BUILDTECH LTD.

INDIA GELATINE &

CHEMICALS LTD.-$

KEYNOTE CORPORATE

SERVICES LTD.

KND ENGINEERING

TECHNOLOGIES LTD.

Mahindra Logistics Ltd

RAINBOW DENIM LTD.

RAMA PETROCHEMICALS

SETCO AUTOMOTIVE LTD.

SOVEREIGN DIAMONDS LTD.

Surana Solar Limited

Surana Telecom And Power

Viaan Industries Ltd

VIMTA LABS LTD.-$

VMS INDUSTRIES LTD.

YASH PAPERS LTD.-$

02

ASIAN FERTILIZERS LTD.

BENGAL TEA & FABRICS LTD.

CHEMBOND CHEMICALS LTD.-

HIGH ENERGY BATTERIES

(INDIA) LTD.

Integra Garments And Textiles

MAZDA LTD.-$

NCL INDUSTRIES LTD.-$

RICO AUTO INDUSTRIES LTD.

TIL LTD.



November 30, 2017

Current Portfolio and Performance Summary as on 29th November’17

Stock Sector Entry Date Weight Reco price (`) CMP (`)

Amara Raja Batteries Auto March 22, 2017 9.9% 868 806

RBL Bank Financial Services July 11, 2017 9.2% 532 521

Muthoot Finance Financial Services July 26, 2017 9.2% 482 454

Talwalkars Better value

Fitness Health Fitness July 27, 2017 8.8% 302 269

Va Tech Wabag Infrastructure August 16, 2017 9.0% 636 600

Nilkamal Plastic Products August 17, 2017 10.3% 1,682 1,799

Can Fin Homes Financial Services September 19, 2017 9.8% 572 490

CARE Financial Services September 20, 2017 9.7% 1,493 1,373

Tejas Networks Telecom Services November 3, 2017 10.2% 387 403

Cash 14.0%

Total 100%



November 30, 2017

Historical Performance as on 29th November’17

Performance Matrix 3-Month 6-Month 1-Year Since Inception

Religare Alpha 6.4% 2.2% 14.7% 40.3%

Nifty 5.8% 7.7% 27.3% 31.4%

Outperformance 0.6% -5.6% -12.5% 8.9%



November 30, 2017

Research Product Basket

For cash market trading

Call / Product Call Frequency No. of calls Avg open call duration % funds allocated

Intraday Calls Intraday 2 - 3 < 1 day 25%

Live / RMD Calls Daily 3 - 4 3 - 4 days 30%

Master Pick Weekly 1 1 month 15%

Religare Alpha Opportunity NA 2 - 3 months 20%

Cash NA 10%

For 1L margin*

Total Per Call

25,000 8,000

30,000 4,000

15,000 5,000

20,000 As per weightage

10,000

Intraday Calls These calls are flashed live on Ms Lync and ODIN with the purpose of squaring off positions on the same day. As a policy, we restrict our

intraday cash market calls to less than 4 calls a day. Hence, funds should be allocated accordingly to have provision to trade in all calls.

Live / RMD Calls 2 super ideas are flashed in RMD daily with a view of 3-4 days. Additionally as per market opportunity, we flash live calls during the day

(including BTST calls). 3-4 such calls are made on a daily basis which might be open for 3-4 days. Funds should be allocated keeping in mind that

there will be 7-8 such open calls daily.

Master Pick This is our weekly recommendation shortlisted on the basis of techno-funda analysis. 15% of funds is recommended to be allocated for Master

Pick considering that there will be 3 open calls. The average open duration for this call will be 1 month.

Religare Alpha This is a portfolio of 8-10 stocks which are held with a view of 2-3 months. It is recommended to allocate 20% of funds for building this portfolio

which will provide stability to the overall trading portfolio.

Cash 10% surplus cash in the portfolio should be kept for the purposes of allocating it to opportunities as and when they arrive.

For derivative market trading

Call / Product Call Frequency No. of calls Avg open call duration % funds allocated

Derivative Ideas Daily 1 - 2 1 - 3 days 40%

Live calls Intraday / Daily 1 - 2 3 - 4 days 50%

Cash NA 10%

For 1L margin*

Total Per Call

40,000 40,000

50,000 50,000

10,000

Derivative Ideas 1 derivative idea is shared in RMD daily. It can be a plain vanilla F&O buy/sell call or an option strategy. Funds should be allocated assuming 2

such calls will be open at any time. These calls are open for 3-4 days on an average.

Live Calls These calls are flashed on MS Lync and ODIN during live market hours. These calls can be intraday or with a view of 2-3 days. Funds should be

allocated considering 2 such calls will be open at any time. 3/4 times, these calls will be on Nifty / Bank Nifty only.

Cash It is recommended to hold 10% cash to capitalize on any opportunity that may arise in markets.

For every client, the advisor must allocate a specific proportion of funds for trading and investing depending on the risk taking ability and willingness of the client

and their investment goals.

The below mentioned product basket tries to address the way to deal with the trading portfolio (cash/derivative) for optimum effectiveness of research calls.

It is recommended to divide your trading funds for various types of calls and not invest the entire amount for 1 or 2 calls only.



November 30, 2017

Hitesh Agrawal [email protected]

Ajay Pasari, CFA [email protected]

Ajit Mishra [email protected]

Archana Gude [email protected]

Manoj M Vayalar [email protected]

Mehernosh Khurshed Panthaki [email protected]

Suhanee Shome [email protected]

Team Members



November 30, 2017

Before you use this research report , please ensure to go through the disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : http://old.religareonline.com/research/Disclaimer/Disclaimer_RSL.html

Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under:

Statements on ownership and material conflicts of interest , compensation– Research Analyst (RA)

[Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below , are given separately]

Nature of Interest ( if answer to F (a) above is Yes : ……………………………………………………………………………………………………………………

Name(s) with Signature(s) of RA(s).

[Please note that only in case of multiple RAs and if the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above , are given below]

Copyright in this document vests exclusively with RSL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any

other person or published, copied, in whole or in part, for any purpose, without prior written permission from RSL. We do not guarantee the integrity of any emails or attached files and are not responsible for any changes made to them by any other person.

S. No. Statement Answer

Yes No

I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interest is given below this table] No

I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance?

No

I/we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance?

No

I/we have received any compensation from the subject company in the past twelve months? No

I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? No

I/we have received any compensation for brokerage services from the subject company in the past twelve months? No

I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? No

I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? No

I/we have served as an officer, director or employee of the subject company? No

I/we have been engaged in market making activity for the subject company? No

SS..No. Name(s) of RA.

Signtures of RA

Serial Question of question which the signing RA needs to make a separate declaration / answer

Yes No.

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