2011: Issue 276, Week: 25th - 29th JulyA Weekly Update from SMC(For private circulation only)

WISE M NEYA Weekly Update from SMC(For private circulation only)

Bra

nd

sm

c 1

01

(Saurabh Jain)

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

FD Monitor 16

Mutual Fund 17-18

EDITORIAL STAFF

Editor Saurabh Jain

Executive Editor Jagannadham Thunuguntla

+Editorial Team

Nikhil Mehta Dr. R.P. Singh

Nitin Murarka Kunal Sharma

Vandana Bharti Tejas Seth

Sandeep Joon Dinesh Joshi

Vineet Sood Shitij Gandhi

Dhirender Singh Bisht Subhranil Dey

Parminder Chauhan Asmita Satyendra

Ajay Lakra Mudit Goyal

Rahul Kumar Reena Srivastava

Sumit Kukreja

Content Editor Kamla Devi

Graphic Designer Pramod Chhimwal

Research Executive Simmi Chibber

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From The Desk Of Editor

lobal stock markets remained nervous during the week as the investors were

unsure about how the Euro region debt crisis and deadlock of U.S. debt Gceiling would be resolved by the respective countries. Later in the week

Euro-area leaders announced 159 billion euro ($229 billion) of second bailout for

Greece and empowered their 440-billion euro rescue fund to buy debt of struggling

countries in order to limit the risk of contagion. According to a draft Euro-zone

governments would overhaul the sovereign rescue fund European Financial Stability

Facility (EFSF) that would reduce the debt burden, lower the interest rates and

extend the maturities of countries namely; Greece, Portugal and Ireland. There are

concerns that euro area recovery would lose momentum as region is so far struggling

to solve the debt problems.

The deadline for raising the $14.3 trillion debt ceiling in U.S. is just a week away i.e.

August 2 and still negotiations on a plan for a deficit cut has not been worked out.

There is a 50 percent chance that S&P would cut the U.S. AAA credit rating if some sort

of credible solution to the rising U.S. government debt burden is not taken by the

government.

China PMI by HSBC Holdings Plc and Markit Economics fell to 48.9 in July from 50.1 in

June indicating contraction in manufacturing activity. Growth is expected to

moderate this year in emerging markets like China and India after a series of

monetary tightening steps taken by the authorities. In India, it is widely expected and

even discounted by the markets that RBI would hike the Repo rate by 25 bps for the

eleventh time in its policy announcement on July 26 in order to anchor inflationary

expectations. The interesting thing would be to see RBI statement as how they

perceive the current situation of Inflation and growth in order to get the idea for its

future course of action. According to the India Meteorological Department Rainfall

between July 14 and July 20 was 7% above the long-term average after two successive

weeks of below-average rains. Monsoons are expected to be normal this year and are

expected to help alleviate problem of high food inflation. The liquidity in the markets

is expected to continue after the second bailout for Greece provided by the Euro-area

countries.

Uncertain movements in commodities prices kept investors in a fix across the board.

Investors are already nervous due to the ongoing debt issue in US and Greece, at the

same time poor factory output of China compelled investors to pullout money from

base metals counter. Chinese factory output shrank in July for the first time in 12

months. Gold returned from its all time high level and silver is struggling to stay above

the level of 58000. In near term both gold and silver should stay in a range before

taking any big moves. Crude showed some stability in the prices but it really needs

some positive news to hold the prices at higher levels. At present entire world is

eyeing on Federal Reserve meeting in US in August. Apart from this meeting, investors

should keep an eye on UK, US and Canada GDP, durable goods and consumer

confidence of US and CPI data of Germany.

The News letter is scheduled to be released on every Friday. The data is based on Thursday closing prices.

4

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) S1 & S2 indicate first support & second support respectively & R1 & R2 indicate first resistance and second resistance respectively.

3) 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 S1 R1 S2 R2 CL.

PRICE TREND TREND S/L

CHANGED CHANGED

SENSEX 18436 DOWN 06.05.11 18519 18400 18700 19000

S&P NIFTY 5542 DOWN 06.05.11 5551 5540 5640 5720

CNX IT 6336 DOWN 06.05.11 6627 6600 6750 6850

CNX BANK 11050 DOWN 20.05.11 10664 11000 11300 11600

ACC 978 DOWN 06.05.11 990 990 1010 1020

BHARTIAIRTEL 395 UP 03.06.11 378 385 375 365

BHEL 1938 DOWN 21.04.11 2060 2010 2050 2110

CIPLA 316 UP 01.04.11 320 320 315 310

DLF 242 UP 21.07.11 242 233 230 225

HINDALCO 177 DOWN 13.05.11 198 182 186 192

ICICI BANK 1041 DOWN 10.06.11 1036 1075 1095 1110

INFOSYS 2768 DOWN 15.04.11 2990 2850 2940 3000

ITC 207 UP 04.03.11 172 199 193 188

L&T 1790 UP 20.05.11 1652 1750 1680 1650

MARUTI 1156 DOWN 17.06.11 1165 1190 1215 1235

NTPC 183 UP 01.07.11 187 184 179 175

ONGC 277 DOWN 20.05.11 274 280 286 295

RELIANCE 861 DOWN 28.04.11 972 900 930 950

SAIL 129 DOWN 29.10.10 194 138 142 147

NEWS

FORTHCOMING EVENTS

MEETING DATE SYMBOL PURPOSE

25/07/2011 RELIANCE Un-audited Financial Results

25/07/2011 STER Un-audited Financial Results

25/07/2011 NTPC Un-audited Financial Results

26/07/2011 MARUTI Un-audited Financial Results

26/07/2011 JSWSTEEL Un-audited Financial Results

26/07/2011 BHEL Un-audited Financial Results

27/07/2011 GAIL Un-audited Financial Results

27/07/2011 HEXAWARE Results/Dividend

27/07/2011 MARICO Un-audited Financial Results

28/07/2011 HINDUNILVR Un-audited Financial Results

28/07/2011 ACC Results/Dividend

28/07/2011 AMBUJACEM Results/Dividend

28/07/2011 ONGC Un-audited Financial Results

28/07/2011 ITC Un-audited Financial Results

29/07/2011 SIEMENS Un-audited Financial Results

29/07/2011 IDEA Un-audited Financial Results

29/07/2011 SYNDIBANK Un-audited Financial Results

29/07/2011 ICICIBANK Audited Financial Results

29/07/2011 DENABANK Un-audited Financial Results

29/07/2011 CENTRALBK Financial Results

30/07/2011 SUZLON Un-audited Financial Results

DOMESTIC NEWS

Economy

·Food inflation fell to a three-week low of 7.58% for the week ended July 9

on the back of cheaper pulse prices and a high base last year. Food

inflation, as measured by the Wholesale Price Index (WPI) stood at 8.31% in

the previous week.

Realty/ Construction

·Ahluwalia Contracts has secured orders worth `482 crore for construction

of residential, institutional and hotel building.

·Punj Lloyd had bagged a civil contract worth 210 crore for a thermal

power project from NTPC for its power plant in Assam.

Capital Goods

·ABB has won an order worth about $15 million from Japanese pump

manufacturer, Torishima Pump, to provide a turnkey electrical control and

instrumentation solution for a new pumping station under construction in

Saudi Arabia.

·Alstom Projects India Ltd has won three major contracts worth above 270

crores (over Euro 40 million) to build hydroelectric projects in the country.

·Larsen & Toubro's (L&T's) power transmission & distribution division has

bagged the 1,210 crore order from KAHRAMAA for supply and construction

of 13 substations in Qatar.

Consumer Durable

·TTK Prestige Ltd, a Hosur-based pressure cooker and kitchen appliance

maker, is planning to begin construction of its facility near Vadodara in

Gujarat in the second quarter of 2011-12. This is part of the company's

225-crore capacity expansion plan slated to be completed during the first

half of 2012.

Power

·Orissa government has signed a MoU with central public sector National

Hydro-Power Corporation (NHPC) for setting up three hydel units down

Hirakud reservoir at an investment of 3,000 crore.

Pharmaceuticals

·Biocon subsidiary, Syngene International, has entered into an agreement

with US-based Endo Pharmaceuticals to expand their collaboration to

develop molecules to fight cancer.

Automobile

·Tata Motors will consider setting up manufacturing facilities in various

overseas countries as it looks to expand its global presence.

Oil & Gas

·Gas Authority of India Limited may acquire 50% stake in Andhra Pradesh Gas

Distribution Corporation (APGDC), a wholly-owned subsidiary of AP Gas

Infrastructure Corporation.

Information Technology

·Edserv Softsystems has entered into a partnership with CAClubIndia, which

will help the education services company expand its chartered

accountancy examination coaching to about 600,000 students.

·Hexaware Technologies has secured a contract “potentially” worth $177

million over a five year term.

INTERNATIONAL NEWS

·US leading economic index rose by 0.3 percent in June following a 0.8

percent increase in May. The index rose for the second consecutive month

after slipping by 0.3 percent in April.

·According to the flash survey results from Markit Economics, China's

manufacturing sector contracted for the first time in a year in July, as

production declined at fastest rate since March 2009.

·US existing home sales fell by 0.8 percent to an annual rate of 4.77 million

in June from a 4.81 million rate in May.

·US housing starts rose by 14.6 percent in June to a seasonally adjusted

annual rate of 629,000, well above the revised May figure of 549,000.

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INDIAN INDICES (% Change)

5

BSE SENSEX GAINERS & LOSERS TOP (% Change)

GLOBAL INDICES (% 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

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

ITMetal

Down SidewaysUp

SMC Trend

Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500

0.37

-0.71 -0.68 -0.68

-2.19

-0.86

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

3.19

-1.63

-1.90

-1.09

1.06

-2.71

-0.25-0.07

-0.69

-1.96

0.54

-3.50

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index

Healthcare Index

IT Index Metal Index

Oil & Gas Index

Power Index

Realty Index

1.60

1.962.10

0.36

1.76

0.51

-1.92

0.96

2.42

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Nasdaq Comp.

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

FTSE 100 CAC 40

-200.00

-100.00

0.00

100.00

200.00

300.00

400.00

500.00

-52.70 -31.10

-79.00

144.90

417.50

79.50

-108.50

-16.90

Friday Monday Tuesday Wednesday

FII Activity MF Activity

3.69

2.58

1.93 1.891.35

-5.85-5.39

-3.30 -3.28

-2.56

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

DLF ITC Sterlite Inds.

Tata Power Co.

Infosys Tata Motors

Rel. Comm.

Wipro NTPC Cipla

3.60

2.65 2.57 2.392.02

-5.49 -5.43

-4.17-3.76 -3.69

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

DLF ITC GAIL (India)

Siemens Sterlite Inds.

Rel. Comm.

Tata Motors

Sesa Goa Dr Reddy's Labs

NTPC

6Above calls are recommended with a time horizon of 1 year.

Beat the street - Fundamental Analysis

DENA BANK

Stock Chart

Business Profile ·The Capital Adequacy Ratio (CRAR) as per Basel II stood at 13.41% as on 31st March 2011 from 12.77% Dena Bank is one of the earliest national banks in India as on 31st March 2010. The provision coverage ratio headquartered in Mumbai. At present, it is one of the including technical write off is currently at 74.62%. top public sector banks in India. It is touted as the

“Trusted Family Bank” of India. The Bank has crossed ·Gross NPA's as on 31st March 2011 was at 842.24 the landmark business mix of `1 Lac crore in FY11 and crore as against 641.99 crore as on 31st March added 68 branches taking the total branch network to 2010. Net NPA works out to 548.95 crore as on 31st 1291. Today the bank has more than 500 ATMs all across March against 427.53 crore a year ago. The Gross India of which 2 are Biometric ATMs. Dena Bank is NPA Ratio stood at 1.86% and Net NPA ratio at 1.22% engaged in treasury, corporate/wholesale banking, end March'11 as compared to 1.80% and 1.21% in the retail banking, and other banking operations. corresponding previous year period respectively.

·It has 16 pending licenses as on 31st March 2011 and Investment Rationale all the new branches are expected to be opened

shortly. The bank is targeting to open 100 new ·Its business has improved by 26% to 109038 crore branches during FY 2011-12. Bank has opened 7 new at end of March 2011 as against 86807 crore in the branches during Q4 FY 2010-11 and is planning to corresponding previous year. Advances grew by 26% reach a figure of 750 ATM's by March 2012.to 44828 crore against 35462 crore and deposits

grew by 25% to 64210 crore against 51344 crore in the corresponding previous year.

·The bank is making intense efforts for increasing CASA through targeting high value customers and by increasing clientele base by 20%. The bank is expecting CASA growth at 25% in FY'12. The bank expects credit growth of 22% and deposit growth of 18% for FY'12.

·Net Interest Margin (NIM) for Q4FY'11 improved to 3.09% as against 2.80% in the same quarter last year but dipped slightly on sequential basis as compared to 3.27% in December quarter. For the full year, NIM advanced 3.17% in March 2011. The bank expects to maintain NIM at around 3%.

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Particulars QE Mar’11 QE Mar’10 Var.(%) TTM

Total Income 296.09 224.25 32.00 1182.68

Net Sales 266.60 219.61 21.40 1087.59

Expenditure 244.00 193.00 26.42 964.00

PBDIT 52.51 31.36 67.40 218.91

PBDT 74.26 31.65 134.60 241.57

PAT 57.82 17.99 221.40 176.65

VALUE PARAMETERS

Current Mkt.Price (`) 900.25

Face Value ( ) 10.00

52 Week High/Low 974.00 / 680.05

M.Cap ( Cr.) 3318.32

EPS ( ) 30.06

P/E Ratio (times) 29.95

P/B Ratio (times) 3.04

Dividend Yield (%) 2.00

Stock Exchange BSE

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% OF SHARE HOLDING

AKZO NOBEL INDIA LIMITED

Stock Chart

Business Profile

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planned to complete this capacity expansion by September this year. Meanwhile the company is Akzo Nobel India Limited, formerly ICI India Limited, also planning to setup green field project in manufactures and markets paints; specialty Gwalior.chemicals and starch. The Company operates in two

segments: paints, which consist of decorative and ·Paint industry is facing rising cost pressure which refinish paints, and others, which consist of the is affecting the bottom line of the companies. trading operations in surface chemistry and national However with most of the major players in the starch products. At present, the company has three industry is moving towards increasing prices manufacturing units of decorative and auto paints at strong value growth in the industry is likely going Thane in Maharashtra, Mohali in Punjab and forward.Hyderabad in Andhra Pradesh with a total installed ·The company posted an over three-fold jump in its capacity of 80 million liter per year. Profit After tax (PAT) to 57.8 crore on 21.4% rise in

net sales to 266.60 crore for the quarter ended March 31, 2011 as compared with the same period Investment Rationaleprevious fiscal. For the full year ended March ·The company plans to establish a manufacturing 2011its total revenue grew by 16% to 947.1 crore facility with an investment of `250 crore. The and resultant net profit surged by 11% to 176.6 company is looking for suitable locations in crore.Madhya Pradesh and Karnataka for the plant. The

plant is expected to be completed by 2012- 2013. The company targets to produce 50 million liter of paints per year from this proposed facilities.

·The company has opened new Industrial Coatings plant near Bangalore to produce coil and specialty plastic coatings. It will be capable of manufacturing up to 18 million liters per year, with scope for further expansion. The additional capacity will also boost the company's ability to meet the growing demand in India and neighboring countries. The company plans to generate revenue of over 6290 crore (€1 billion) on the back of total installed capacity of around 150 million liter per year.

·Akzo Nobel is going to increase 4 times the production capacity of its Hyderabad-based plant to 40 million liter per annum. The company has

` in cr

VALUE PARAMETERS

Current Mkt.Price (`) 86.65

Face Value ( ) 10.00

52 Week High/Low 151.00 / 83.80

M.Cap ( Cr.) 2888.82

EPS ( ) 17.99

P/E Ratio (times) 4.82

P/B Ratio (times) 2.54

Dividend Yield (%) 2.54

Stock Exchange BSE

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Particulars QE Mar’11 QE Mar’10 Var.(%) TTM

Total Income 1588.26 1238.10 28.30 5567.37

Interest Earn. 1407.49 1063.24 32.40 5033.53

Interest Expd. 936.30 737.13 27.02 3270.16

Net Interest 471.19 326.11 44.49 1763.37

OP 343.12 280.13 22.50 1223.79

PAT 157.00 137.07 14.50 611.63

% OF SHARE HOLDING

August September NovemberDecember 2011 February March April May June July

60160265370470575680

x10000 60160265370470575680

x10000

Volume (214,654)

80

90

100

110

120

130

140

150

80

90

100

110

120

130

140

150

August September NovemberDecember 2011 February March April May June July

50

100

150

x1000

50

100

150

x1000

Volume (2,020)

660

690

720

750

780

810

840

870

900

930

960

990

660

690

720

750

780

810

840

870

900

930

960

990

ALSTOM PROJECTS INDIA LIMITED

NIIT LIMITED

ING VYSYA BANK LIMITED

EQUITY

Charts by Spider Software India Ltd

Above calls are recommended with a time horizon of 1-2 months7

The stock closed at 363.75 on 21st July 2011. It made a 52-week low at 283 on

08th February 2011 and 52-week high of 444 on 01st November 2010. The 200

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

currently at 276.70.

It gave a marginal fall and made a low of around 283 levels due to the fall in

banking index in the first quarter of this year. It took support at the above

mentioned level by making a fresh buying pivot and again rebounded ultimately

covering almost half of its lost value in a short span of time. This indicates its

potential to sustain its upward momentum as volumes are also supporting the

same. One may go long in the range of 360-363 levels with closing below stop loss

of 350 levels for the target of 393-403 levels.

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The stock closed at 58.15 on 21st July 2011. It made a 52-week low at 42.70 on

10th February 2011 and 52-week high of 74.45 on 21st September 2010. The

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

currently at 62.91.

Prior to a marginal fall it was in consolidation phase in last two years and was

trading in the range of 57-72 levels. After making fresh low of round 42 level in

the first quarter of this year it rebounded swiftly and again went into

consolidated zone in last few weeks. Fresh buying could be seen in this counter

with increase in price and volumes which indicate a breakout in the near term.

One may go for accumulation in a range of 56-58 levels with closing below stop

loss of 52 levels for the target of 67-69 levels.

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The stock closed at ̀ 578.85 on 21st July 2011. It made a 52-week low at 491.95

on 20th June 2011 and 52-week high of 899 on 12th October 2010. The 200 days

Exponential Moving Average (EMA) of the stock on the weekly chart is currently

at 541.98.

On the weekly charts it formed head and shoulder pattern which is bearish

continuous in nature. But it did not breach its neckline area to continue its

downward momentum and it took support at 500 level and further rebounded

from the same which determines its potential to trade upwards in the near

term. One may accumulate in the range of 581-584 levels with closing below

stop loss of 561 levels for the target of 640-660 levels

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8

DERIVATIVES

VOLATILITY BASED STRATEGIES

Last week was range bound in comparison with recent past, as Nifty traded in the narrow range of 120 points, with weekly high of 5648 and 5530 as weekly low.

Markets remained stock specific and mid cap and small stocks outperformed the large cap stocks. This range bound movement may get directional trigger after

RBI policy announcement on 26 July. However the 5650-5700 level will remain crucial resistance for bulls, and only close above 5700 will change the trend. On

the contrary, the index has a strong support at 5500 levels. The put-call ratio of open interest closed at 0.97 levels. The options open interest concentration on

call side is much heavier as compared with last few expiries as 5600, 5700 and 5800 strike holds open interest of 1 crore each. Among put options, the 5500-

strike, put option has the total open interest of 1.11 crore shares which is the highest open interest among all put options. Option concentration indicates

strong support around 5500 and selling pressure around 5600 in the current expiry, however if 5600 is broken in the current expiry we may see expiry closer to

5700.The Implied Volatility (IV) of call options closed at 16.49%, while the average IV of put options closed at 16.43%. Nifty is expected to break the range of

5650-5700 in coming weeks and the sharp move may cause the rise in option volatility.

WEEKLY VIEW OF THE MARKET

ACC (JULY FUTURE)

Buy: Above 1001

Target: 1040

Stop loss: 990

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POLARIS (JULY FUTURE)

Buy: Above 180

Target: 186

Stop loss: 178

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BULLISH STRATEGIES

DERIVATIVE STRATEGIES

SUZLON

Buy Jul. 52.50. CALL 1.20

Sell Jul. 55.00. CALL 0.45

Lot size: 8000

BEP: 53.25

Max. Profit: `14000.00 (1.75*8000)

Max. Loss: `6000.00 (0.75*8000)

OPTIONSTRATEGY

FUTURESTRATEGY

TATCHEM (JULY FUTURE)

Sell: Below 370

Target: 362

Stop loss: 374

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BHARTIARTL

Buy Jul. 400. CALL 3.55

Sell Jul. 420. CALL 0.80

Lot size: 1000

BEP: 402.75

Max. Profit: `17250.00 (17.25*1000)

Max. Loss: `2750.00 (2.75*1000)

LTBuy Jul. 1800. CALL 24.15Buy Jul. 1800. PUT 30.75

Lot size: 250Upside BEP: 1854.90Downside BEP: 1745.10Max. Profit: UnlimitedMax. Loss: `13725.00 (54.90*250)

BASIS GAP IN NIFTYNIFTY TOTAL OPEN INTEREST (in share)

FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS

(Derivative segment) `(Cr)

FIIs ACTIVITY IN F&O IN LAST WEEK

(Derivative segment)

85050 297400 422850888050

6812200

9662750 9886650

11077400

4107600

3812350

2422450

5004650

6914450

8169550

10934750

6313950

2738300

394650 160500446650

0

2000000

4000000

6000000

8000000

10000000

12000000

5100 5200 5300 5400 5500 5600 5700 5800 5900 6000

Call Put

0

11.65

0.95

13.8014.30

0.45

5.85 5.70

10.75

2.50 2.60

2

4

6

8

10

12

14

16

08-Jul 11-Jul 12-Jul 13-Jul 14-Jul 15-Jul 18-Jul 19-Jul 20-Jul 21-Jul

BUY48.8%

SELL51.2%

-400.00 -315.39 -283.41

272.35 269.17

76.81

-98.24-150.76

-1238.27

-257.65-364.58

-1400.00

-1200.00

-1000.00

-800.00

-600.00

-200.00

0.00

200.00

400.00

08-Jul 11-Jul 12-Jul 13-Jul 14-Jul 15-Jul 18-Jul 19-Jul 20-Jul 21-Jul

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

BHARTI 12868000 12205000 -5.15 0.36 0.31 -0.05 30.13 26.54 -3.59

DLF 22809000 19442000 -14.76 0.66 1.01 0.35 40.67 37.36 -3.31

HINDALCO 17436000 15762000 -9.60 0.37 0.36 -0.01 39.85 29.60 -10.25

HINDUNILVR 18923000 16572000 -12.42 0.48 0.50 0.02 25.02 19.26 -5.76

ICICIBANK 8375000 7138250 -14.77 0.45 0.40 -0.05 29.93 30.69 0.76

IDEA 10692000 10520000 -1.61 0.47 0.46 -0.01 30.09 30.53 0.44

INFOSYSTCH 3698500 2902000 -21.54 0.32 0.30 -0.02 22.69 17.89 -4.80

ITC 19990000 18714000 -6.38 0.79 0.92 0.13 19.85 23.17 3.32

JPASSOCIAT 47232000 47068000 -0.35 0.23 0.20 -0.03 40.79 38.54 -2.25

NTPC 16350000 16278000 -0.44 0.32 0.27 -0.05 21.95 25.26 3.31

ONGC 9966000 8711000 -12.59 0.40 0.39 -0.01 31.45 27.70 -3.75

RANBAXY 1946000 1844500 -5.22 0.39 0.38 -0.01 29.12 26.87 -2.25

RCOM 24610000 22456000 -8.75 0.39 0.32 -0.07 44.44 42.64 -1.80

RELIANCE 17274250 16551500 -4.18 0.45 0.43 -0.02 25.51 28.20 2.69

S&P CNX NIFTY 21688200 20642000 -4.82 1.12 0.97 -0.15 18.05 16.49 -1.56

SAIL 12808000 10504000 -17.99 0.19 0.19 0.00 36.73 36.72 -0.01

SBIN 3575125 3452250 -3.44 0.98 1.02 0.04 27.58 28.00 0.42

SUZLON 79376000 65296000 -17.74 0.23 0.29 0.06 35.46 42.57 7.11

TATASTEEL 13856000 12761000 -7.90 0.36 0.36 0.00 27.07 25.73 -1.34

UNITECH 52448000 46336000 -11.65 0.49 0.69 0.20 49.13 46.89 -2.24

DERIVATIVES

NIFTY ANALYSIS

Put Call Ratio Analysis :The Put-Call open interest ratio of Nifty has decreased

to 0.97 from 1.12. At the end of the week, the maximum stocks had a negative

trend of change in put call open interest ratio.

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

week has decreased to 16.49% from 18.05%. The IV of the stock futures has

changed this week ranging from -10.25% to 7.11%.

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

has decreased by 4.82% as compared to the previous week. All future stocks saw

changes in their open interest ranging from -21.54% to -0.35%. INFY has the

maximum decrease in open interest as compared to other stocks.

Statistical Analysis·

Open 5590.00 High 5662.10

Low 5532.50 Close 5544.20

9

NIFTY & IV CHART

15

16

17

18

19

20

21

22

5400.00

5500.00

5600.00

5700.00

5800.00

18-Jul 19-Jul 20-Jul 21-Jul

Nifty Close IV

Crude oil prices may remain on volatile path on mixed fundamentals. Crude oil can trade in range of 4200-4500 in MCX and $89-100 in NYMEX. Lack of encouraging data from US and China coupled with financial trouble in euro zone will keep the prices on mixed note. Last week preliminary data for a purchasing managers' index showed the gauge fell to 48.9 this month from a final reading of 50.1 in June. The data suggests China's manufacturing contracted for the first time in a year. The slow growth from China coupled with rise in interest rates will also damp the demand for crude oil. In the United States, president Obama said that there has been “some progress” regarding the rise of the US debt ceiling before the appointed deadline (August 2) and that brought some hope into the markets especially after a group of Republican and Democrat senators offered a plan that could revive the US debt talks and a reduction of a long-term deficit reduction in order to avert a default by the US. Weekly U.S. stockpiles data showed larger-than-expected drops in crude inventories. Natural gas may remain sideways with upside bias and may trade in range of 190-210 in near term. Forecasts of hotter-than-normal weather across the eastern and central U.S. through the end of the month can give some support to the prices.

ENERGY COMPLEX

The tensions in Euro zone and inflationary situations in China may keep base metal upside capped. Nickel prices may trade in range of 1020-1080 in near term. The global nickel market was in supply deficit by 9,300 tonnes in the first five months of 2011. The latest figure show s world primary nickel consumption increased to 641,400 tonnes in January to May 2011. Aluminum prices may trade in range of 107-112 in MCX. Aluminum prices lost ground in June and were expected to drift lower on a seasonal softening in demand coupled with a possibility of supply surplus for another year. Copper the red metal may also face resistance at 442-445 levels in MCX. Chinese imports of refined copper slumped in the first half of this year, reflecting a broad-based de-stocking in the face of high prices. Market bulls cited falling Shanghai stocks as a sign that the de-stocking cycle was coming to an end with the "obvious" conclusion that once it did, China would have to return to the import market. Steel long can trade on volatile path in range of 30000-30600 due to the tightness in iron ore market and some demand from construction sector.

FERROUS AND NON-FERROUS METALS

Jeera futures may continue to see some upside towards 17000 levels. Jeera, blessing in disguise from the unrest condition in Syria, the export demand is likely to take a shift towards Indian exporters. There are reports that some Syrian containers of spices heading towards Middle East are being stopped by the protestors which could rise the demand for Indian quality. Turmeric futures moving near their crucial support at 7000 levels may remain suppressed with lesser inquiries from masala industries due to quality issues. Currently, farmers are holding medium and low quality produce. Moreover, the Aadi Masam has begun on July 17 ending on August 17. During this period, farmers have put most activities on hold & only after 18th August, they would bring the produce in large numbers to the market. Pepper futures may remain supportive above 28000 levels. Mixed sentiments prevailing on the international platform may keep a check on the upside. Investors are eyeing the Indonesian crop which is due in August. Moreover, Brazil, which was in silent for over a month, is back in action and is aggressively selling its produce. Chilli futures may remain sideways maintaining support above 8100 levels. Hefty stocks & subdued demand prevailing at the spot markets is adding a bearish tag to the counter. Cardamom futures may remain range-bound between 820-900 levels. Exporters have started buying small quantities of new crop, as the current prices are viable for them.

SPICES

Safe haven investment demand amid the European Union sovereign debt crisis and the U.S. government wrangling over its debt ceiling can keep the bullions on firm note but profit booking at higher levels cannot be denied. Recently German Chancellor Angela Merkel stated that further steps will be necessary to resolve the euro crises and not one spectacular event will solve the problem. The most recent COMEX gold open interest data showed outstanding positions of 542,342, compared to 494,169 as of the start of the month. President Obama cited progress in U.S. budget and debt ceiling talks. Meanwhile global ETP holdings stood at a record 2,170.9 tonnes. Furthermore support for gold will come from production problems that curb the expansion of supply, in addition to persisting sovereign debt issues. Recently bullions did not follow the inverse correlation with greenback as the latter has been struggling to take up its traditional role of the market's most liquid safe haven. What began in Greece spread to Ireland and Portugal without much trouble; and the contagion is now showing signs with Spain and Italy. Gold can trade in range of 22700-23300 while silver in range of 56000-61500 in near term.

BULLIONS

OIL AND OILSEEDS

Refined soy oil futures surpassing 670 levels may create a fresh mark making a new high. Sidelined crude oil prices may continue to add cushion to the counter. Oil prices are being supported by a larger-than-expected drawdown in U.S. crude inventories and optimism that European policymakers will forge a rescue plan for debt-ravaged Greece. Moreover, the demand for vegetable oil gets a boost during monsoons, as consumers want to taste more of fries dipped with flavoured sauces. Soybean futures making a swift recovery may remain firm maintaining support above 2320 levels. Prices at the spot market have shined back as demand improved. Beans are being offered at 2,000- 2,260 per 100 kg in Madhya Pradesh and at `2,200-2,450 per 100 kg in Maharashtra. U.S soybean futures facing a resistance near 1420 levels may remain sideways underpinned by the emerging sale of new-crop supplies to China. The combination of export demand, crop uncertainties and strength in world vegoil markets may continue to provide support to the counter. CPO futures may remain firm owing to turn around of upside in Malaysian prices. Advances are driven by apprehension of higher export estimates. However, with higher production & building stocks, the gains may remain capped facing resistance at 495 levels. Mustard futures may remain below 3000 levels. Negative crushing margin has controlled the buying emotions.

`

OTHER COMMODITIES

Guar complex “star performers” attracted by heavy volumes, supported by rising open interest may continue to shine on the investor's portfolio, giving higher profits. Sustained industrial demand may continue to boost the prices. However, profit booking at higher levels cannot be ignored. These dips may be used as a buying opportunity. Chana futures on 3-month high may continue their upside towards 3100 levels. Reports of lower July rains have reduced the acreage under pulses. Area under pulses has declined by 19 per cent to 36.15 lakh hectares as against 43.02 lakh hectares during corresponding period last year. Mentha oil futures over-riding the plugged sentiments of extra margin, may maintain their upside rally owing to higher demand from pharmaceutical & cosmetics companies, besides export demand. Sugar futures trying to notch up above 2800 levels may remain range bound. Investors & stockist are eyeing to the next week's announcement of new month quota, the key factor to lead sentiment. At the spot markets, business activities are usual with routine arrivals and dispatches. Wheat futures may remain sideways until there is clarity over the govt.'s decision for exports. Recently, centre has put on hold the decision to allow wheat exports, citing unfavorable global market conditions. However, a panel of ministers' will decide the quantity of wheat to be allowed for overseas sale in its next meeting.

NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.2) S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance. 3) 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.4) 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.

TECHNICAL RECOMMENDATIONS

EXCHANGE CONTRACT CLOSING DATE TREND

CHANGED

NCDEX GUAR SEED (AUG) 4325.00 25.03.11 UP 2978.00 3950.00 - 3850.00 - 3700.00

NCDEX SOYABEAN (AUG) 2401.00 17.06.11 DOWN 2281.00 - 2430.00 - 2470.00 2580.00

NCDEX JEERA (AUG) 16307.00 21.07.11 UP 16307.00 14500.00 - 13500.00 - 13000.00

NCDEX PEPPER (AUG) 28555.00 01.07.11 SIDEWAYS

NCDEX RED CHILLI (AUG) 8388.00 27.05.11 DOWN 8342.00 - 8500.00 - 9000.00 9500.00

NCDEX RM SEEDS (AUG) 2969.00 17.06.11 DOWN 2861.00 - 3000.00 - 3040.00 3170.00

MCX MENTHA OIL (AUG) 1140.00 21.07.11 UP 1140.00 1000.00 - 900.00 - 850.00

MCX CARDAMOM (AUG) 869.90 11.02.11 DOWN 1361.50 - 900.00 - 1000.00 1100.00

MCX SILVER (SEP) 58075.00 06.05.11 DOWN 54296.00 - 60000.00 - 65000.00 70000.00

MCX GOLD (AUG) 22893.00 26.02.11 UP 20918.00 21500.00 - 21200.00 - 20800.00

MCX COPPER (AUG) 431.80 06.05.11 DOWN 398.60 - 436.00 - 445.00 455.00

MCX LEAD (AUG) 120.30 06.05.11 DOWN 103.25 - 122.00 - 127.00 135.00

MCX ZINC (AUG) 108.75 06.05.11 DOWN 95.90 - 108.00 - 112.00 116.00

MCX NICKEL(AUG) 1069.00 20.05.11 DOWN 1067.30 - 1160.00 - 1200.00 1300.00

MCX CRUDE OIL (AUG) 4445.00 06.05.11 DOWN 4456.00 - 4800.00 - 4950.00 5150.00

MCX NATURAL GAS (AUG) 195.50 25.03.11 SIDEWAYS

TREND RATE TREND S1 R1 S2 R2 CLOSING

PRICE CHANGED STOP/LOSS*

*Closing price as on 21.07.11

*Closing price as on 21.07.11

TREND SHEET

COMMODITY

11

PEPPER NCDEX (AUGUST) contract closed at ̀ 28564.00 on 21st July '11.The contract made its high of

`31687.00 on 10th May '11 and a low of ̀ 23400.00 on 14th March '10.The 18-day Exponential Moving

Average of the Commodity is currently at ̀ 28206.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 56.31. One can buy in

the range 28700-28800 with the stop loss of ̀ 28265 for a target of ̀ 30000.

CPO MCX (JULY)

CPO MCX (JULY) contract closed at ̀ 483.30 on 21st July '11. The contract made its high of ̀ 538.50 on

30th May '11 and a low of `466.00 on 12th July '11.The 18-day Exponential Moving Average of the

commodity is currently at ̀ 481.02.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.35.One can buy in

the range 484-485 of with the stop loss of ̀ 480 for a target of ̀ 500.

PEPPER NCDEX (AUGUST)

MAIZE NCDEX (AUGUST) contract closed at `1243.00 on 21st July '11.The contract made its high of

`1390.00 on 24th May '11 and a low of `1185.00 on 12th July '11.The 18-day Exponential Moving

Average of the Commodity is currently at ̀ 1222.6.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 49.13. One can buy in

the range 1220-1225 with the stop loss of ̀ 1205 for a target of ̀ 1260.

MAIZE NCDEX (AUGUST)

COMMODITY

12

6.10 6.09 6.09

-14.89

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

GUAR SEED FLAKE MENTHA

KAPASKHALI MENTHA OIL CARDAMOM CFI CORIANDER CER WHEAT NATURAL GAS

NEWS DIGEST

The week gone by was full of event risk and thus we saw big swings in commodities. Gold was

again in limelight; it made another high last week in both MCX and COMEX but shed some of its

gain on profit booking. Silver narrated the same story. Gold prices returned from the lifetime

high as there was a growing expectation in the market that United States and Europe may come

out with some solution of this ongoing debt problem. Investors pulled out their money from

base metals and crude oil after the news of weaker PMI of China and poor building and leading

indicator of US. Apart from slow growth story of China and US, there was also concern of euro

zone leaders meeting regarding the Greece crisis. All industrial metals nosedived. Energy

counter demonstrated some confident move, crude saw nonstop four week rally despite the

news of release of crude from IEA. Natural gas shed its gain in later part of the week. It faced

the resistance between the levels of 204-205 and could not sustain at the higher level on heavy

profit booking.

Strong recovery in spices flavored the commodity market. All spices except turmeric moved up.

Expectation of production of 65-68 lakh bags of turmeric against 47 lakh bags last year kept

buyers at bay. Some export orders from Bangladesh and Malaysia gave smile on the face of chilli

traders, even in future market it moved up. Crop damage in China due to flood and more export

enquiries to other countries resulted in terrific rise in jeera prices. Prediction of lower stocks in

Indonesia and lower stocks in Vietnam has given export enquiries to India, due to which prices

saw another round of recovery in pepper prices. Lower arrival was stimulating buying in

coriander prices. There was no pause in the rally of guar counter and it rocked on well built

fundamentals. Both guargum and guarseed were moved in unchartered territory. We have seen

stunning upside move in maize futures on supportive technical along with bullish overseas

market. Oil seeds and edible oil counter recovered on news that extreme heat may affect the

yield of soyabean in US.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 14.07.11 20.07.11 DIFFERENCE

QTY. QTY.

CHANA MT 150253 156756 6503

CHILLI MT 10981 10974 -7

GUAR SEED MT 77749 77372 -377

GUAR GUM MT 20388 20701 313

JEERA MT 11169 11652 483

PEPPER MT 4126 4251 125

RAPE MUSTARD SEED MT 178689 180120 1431

SOYA BEAN SEEDS MT 1215 1215 0

STEEL LONG MT 15694 24745 9051

SUGAR S KOL MT 1248 1996 748

COMMODITY UNIT 15.07.11 21.07.11 DIFFERENCE

QTY. QTY.

CARDAMOM MT 15.50 17.20 1.70

MENTHA OIL KGS 507724.62 540124.62 32400.00

POTATO MT 4918.20 4798.82 -119.38

GOLD KGS 140.00 140.00 0.00

SILVER KGS 59516.09 59445.34 -70.75

GOLD MINI KGS 57.50 57.00 -0.50

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

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

·CME to launch coking coal future swap contract.

·NYSE Euronext has announced the extension of its range of indices into the commodity asset class with the launch of four single commodity indices based on its NYSE Liffe Milling Wheat Futures Contract and Cocoa Futures Contract respectively.

·The turnover of the commodity futures market rose by 56% to ̀ 38,29,230 crore in the first quarter of the 2011-12 fiscal.

·The Centre has allowed imports of 40,000 tonnes of natural rubber at a concessional duty of 7.5 per cent for the current fiscal.

·The Centre has put on hold the decision to allow wheat exports, citing unfavourable global market conditions.

·The Indonesian government has decreased export tax of crude palm oil (CPO) for August to 15% from 20 % in July.

·According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for July 1-20 rose 5.4% to 1,021,729 tonnes.

·India issued a formal order to allow export of one million tonnes of common grades of rice, a government statement said. The government has fixed a floor price for exports at $400 a tonne.

·According to the fourth advance estimates prepared by the agriculture ministry, the country is estimated to have harvested a record 12.66 million tonnes (MT) of soyabean, 7.54 MT of groundnut and 7.67 MT of rapeseed & mustard.

10.55

6.92 6.75 6.55

5.19

5.16 -4.99

-3.29 -3.13

-2.45

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

CORIANDER JEERA GUAR GUM GUAR SEED SILVER 5 KGS (AHMD)

POTATO TURMERIC SHANKAR KAPAS

NATURAL GAS

PVC NEW

4.83 4.53

-6.26

-3.85-3.00 -2.88

13

CURRENCY

News Flows of last week

Technical Commendation USD/INR EUR/INR

Currency Table

Currency Pair Open High Low Close

USD/INR 44.4500 44.6600 44.3300 44.4000

EUR/INR 62.9200 64.1050 62.3760 64.0200

GBP/INR 71.8150 72.5660 71.3170 72.3940

JPY/INR 0.5621 0.5676 0.5590 0.5628

(Source: Thomson Reuters, Open: Friday (prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)

GBP/INR JPY/INR

Economic gauge for the next week

Date Currency Event Previous

26-Jul INR India RBI 1st quarter Policy Review

GBP GBP Nationwide House Prices s.a. (MoM) 0.00%

GBP GBP Gross Domestic Product (YoY) 1.60%

USD USD Consumer Confidence 58.50

USD USD New Home Sales (MoM) -2.10%

27-Jul EUR EUR German GfK Consumer Confidence Survey 5.70

USD USD Durable Goods Orders 1.90%

28-Jul EUR EUR German Unemployment Change -8K

EUR EUR Euro-Zone Consumer Confidence

USD USD Initial Jobless Claims

29-Jul USD USD Gross Domestic Product (Annualized) 1.90%

21st July: The German PMI for the industry fell to 52.1 from 54.6 surprising points, the lowest level since October 2009

21st July: Food inflation in India eased to 7.58 percent from a year earlier, slower than the previous week's 8.31 percent rise in the week ended July 9, raising hopes that prices may start cooling from uncomfortably high levels

21st July: S&P reiterates there's a 50 percent chance the U.S. government's cherished AAA credit rating will be cut within three months in the absence of plan to cut government spending

21st July: Greece's private sector creditors agreed to take a 21 percent loss on their bond holdings as part of a 37 billion euro contribution to Greece's rescue plan

Market Stance

The Indian Rupee traded sideways with a positive bias this week lifted by the

euro's surge and gains in local shares after European leaders announced a

sweeping plan on Thursday to solve Greece's debt crisis and prevent spread of

financial contagion in the region. The partially convertible rupee closed at

44.515/525 per dollar, 2 paisa stronger than its previous week's close of

44.5325/5425. NSE Nifty closed at 5541.60 on Thursday dropping 1 percent from

the last Thursday's close of 5599.80, but the FIIs inflow in the corresponding

period increased by about $ 180 million. With the Greece's “selective default”

deal easing the Eurozone debt concerns, the focus next week will be on the deal

to increase the US debt limit by US government and opposition party. RBI will

announce its first quarter Monetary Policy Review on 26th July. We expect INR to

trade in the region of ̀ 44.10-44.60 in the coming week.

USD/INR (AUGUST) contract closed at `44.7825 on 21st July '11. The contract made its high of ̀ 46.85 on 24th February'11 and a low of ̀ 44.69 on 8th July '11.The 18-day Exponential Moving Average of the USD/INR is currently at ̀ 44.897.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 34.6358. One can sell in the range 44.60-44.70 with the stop loss of `44.88 for a target of ̀ 44.30.

EUR/INR (AUGUST) contract closed at ̀ 63.4150 on 21st July '11. The contract made its high of `66.31 on 7th June'11 and a low of `62.30 on 12th July '11.The 18-day Exponential Moving Average of the EUR/INR is currently at ̀ 63.677.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 38.9332. One can sell below 63.10 with the stop loss of ̀ 63.50 for a target of ̀ 62.45.

GBP/INR (AUGUST) contract closed at `72.32 on 21st July'11.The contract made its high of ̀ 74.35 on 8th June'11 and a low of ̀ 71.19 on 12th July '11 . The 18-day Exponential Moving Average of the GBP/INR is currently at ̀ 72.110.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 42.4395. One can sell below 71.90 with the stop loss of ̀ 72.30 for a target of ̀ 71.

JPY/INR (AUGUST) contract closed at ̀ 56.6375 on 21st July '11. The contract made its high of `56.19 on 14th July' 11 and a low of `54.70 on 11th July '11 .The 18-day Exponential Moving Average of the JPY/INR is currently at ̀ 56.270.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 60.8780. One can buy in the range 56.50-56.60 with the stop loss of ̀ 56.20 for a target of ̀ 57.30.

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

COMMODITY EXCHANGE CONTRACT 15.07.11 21.07.11 CHANGE%

COPPER LME 3 MONTHS 9628.00 9631.00 0.03

ALUMINIUM LME 3 MONTHS 2484.00 2504.00 0.81

ZINC LME 3 MONTHS 2348.00 2440.50 3.94

NICKEL LME 3 MONTHS 24100.00 23755.00 -1.43

TIN LME 3 MONTHS 27305.00 27980.00 2.47

LEAD LME 3 MONTHS 2663.50 2690.00 0.99

GOLD COMEX AUG 1590.10 1587.00 -0.19

SILVER COMEX SEPT 39.07 38.95 -0.32

LIGHT CRUDE OIL NYMEX SEPT 97.60 99.13 1.57

NATURAL GAS NYMEX AUG 4.55 4.40 -3.32

SPOT PRICES (% change)

COMMODITY

14

PROCESS OF REMAT OF WAREHOUSE RECEIPTS (NCDEX)

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

ON 15.07.11 ON 21.07.11

COPPER 462025 474050 12025

ALUMINIUM 4412175 4400225 -11950

NICKEL 103194 101574 -1620

ZINC 891350 891875 525

LEAD 307850 310150 2300

TIN 21305 21165 -140

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 15.07.11 21.07.11 CHANGE (%)

Soya CBOT NOV Cent per Bushel 1387.00 1388.00 0.07

Maize CBOT DEC Cent per Bushel 685.00 673.00 -1.75

CPO BMD OCT MYR per MT 3115.00 3130.00 0.48

Sugar LIFFE OCT 10 cents per MT 756.30 781.30 3.31

1. As and when the client wants to take the physical delivery of the commodities, he can do so by making a request in prescribed form to the DP with whom he holds his Demat account.

2. Thereafter,·DP verifies the signature of the client and the quantity mentioned in the form &

generates the Remat Request Number (RRN).·DP gives the acknowledgment copy of the RRF to the client and sends the delivery

instruction electronically to the warehouse through the Depository and Registrar.·Client or his agent will have to call the warehouse informing them of the request

for delivery and requesting them to keep the delivery ready.3. Client or his agent approaches the warehouse along with the following documents: ·Original acknowledgment slip·Authority letter from the client authorizing the agent to take the physical delivery on

his behalf·Proof of identity of the person taking the delivery·On receiving the above documents the warehouse will verify the authenticity.4. If the authentication is successful then they will give the physical delivery.

Process for fractional deposits/withdrawalFor withdrawing the balance fractional quantities from the warehouse, the participants will have to follow the physical delivery (Remat) request process as mentioned above.

Process for mismatch in Remat request and physically delivered quantity In case a Remat request generated is more/less than the actual quantity being delivered, the difference will be settled in cash at the warehouse level.

Sampling before taking physical delivery·Members/Clients can opt for sampling before taking actual physical deliveries on

submission of following documents to the warehouse:-·Original Remat Request acknowledgment slip duly signed and stamped by the holder's

Depository Participant·Authorization letter in favour of the representative taking the delivery ·Proof of Identity of the authorized representative ·Sampling Request Letter.The party which draws the sample will have to compulsorily take physical delivery within 2 working days from the date on which sample is drawn failing which the warehouse will not be liable to make the delivery of the already identified lot represented under the applicable ISIN.

Outbound deliveries·Exchange clarifies to the market participants that presence of minor quantum of

weevils, insects, fungus and moulds in outbound deliveries would not be treated as bad delivery.

·At the time of outbound delivery, goods if found infested with minor quantum of live weevils, insects, fungus or moulds will be fumigated by the warehouse service providers at their cost and delivery would be given in reasonable time frame to the buyer.

·In some commodities there is a tolerance limit in quality parameters at the time of taking the goods out of the warehouse as per the contract specifications. Such delivery would be treated as good delivery in terms of settlement.

Rejection of delivery requestThe rejection of delivery requests will happen under the following circumstances: ·Non availability of open position to the extent of the delivery request. The request

will be valid only to the extent of the open position for the Member at client level in the respective contract. Any additional delivery request will be rejected.

·The delivery request can also be rejected in case the warehouse capacity of the commodity is exceeded or for such other reasons that the Exchange may deem fit.

Staggered Delivery Contracts·For staggered delivery contracts the marking of intention to deliver the commodity

starts 5 days prior to the expiry of the near month contract or as may be notified by the Exchange from time to time.

·Valid sell delivery intentions marked would result in delivery on the next day for those commodities which are in staggered delivery contracts.

·The marking of intention to deliver and the physical settlement would be done on all days except Saturday, Sunday and / or a holiday at the Exchange, clearing banks or any of the service providers.

·The specific dates would be available in the settlement calendar issued on a monthly basis for referrals.

- 0.35

0.05

1.16

10.78

0.72

1.09

7.87

8.10

1.00

5.36

0.45

1.48

2.52

1.09

- 1.17

0.99

1.44

- 0.32

4.01

1.95

- 2.57

BARLEY (JAIPUR)

CHILLI LCA 334 (GUNTUR)

CHANA (DELHI)

CORIANDER (KOTA)

CRUDE PALM OIL (KANDLA)

GOLD KG (MUMBAI)

GUARGUM (JODHPUR)

GUARSEED (JODHPUR)

GUR (MUZAFFARNGR.)

JEERA (UNJHA)

MASOOR (INDORE)

MILD STEEL INGOTS (GHAZIABAD)

MUSTARD (JAIPUR)

PEPPER MALABAR GAR (KOCHI)

POTATO (DELHI)

RAW JUTE (KOLKATA)

REFINED SOYA OIL (INDORE)

RUBBER (KOCHI)

SILVER (DELHI)

SOYABEAN (INDORE)

TURMERIC (NIZAMABAD)

IPO Note

Issue Composition

Net Issue 211,016,949

QIB 105,508,475

NIB 31,652,542

Retail 73,855,932

In shares

Issue Highlights

Industry Infra Finance

Total Issue Size 211,016,949

Issue Size (`Cr.) 1245.00

Price Band (`) 51 - 59

Offer Date 27-Jul-11

Close Date 29-Jul-11

Face Value 10

Lot Size 100

ICRA & CARE IPO Grade 5 Indicating strong

fundamentals

Objects of the Issue

Particulars `Cr

Repayment of intercorporate deposit

issued by Promoter to the Company 345.00

Infusion of capital in L&T Finance Ltd 515.00

Infusion of capital in L&T

Infrastructure Finance Company Ltd 485.00

General Corporate Purposes [•]

Shareholding Pattern (%)

Particulars Pre-issue Post issue

Promoters & promoters group 95.94 83.94

QIB 4.06 9.80

NIB - 1.88

Retail - 4.38

Total 100 100

Business Overview

The company is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries. The company is registered with the RBI as an NBFC-ND-SI and is promoted by Larsen & Toubro Limited ("L&T"), one of the leading companies in India, with interests in engineering, construction, electrical and electronics manufacturing and services, IT and financial services. As at May 31, 2011, the market capitalisation of L&T was ̀ 1,00,100 Crore.

Strengths

Diversified and balanced mix of high growth businesses: The company has a highly diversified business model covering a variety of high growth business segments across its core business groups, including infrastructure finance, construction equipment finance, transportation equipment finance, rural products finance, microfinance, corporate loans and leases, supply chain finance, capital markets finance, the distribution of financial products and investment management products and services.

Strong distribution network: The company has established a presence in 23 states in India. As on May 31, 2011, it had 837 points-of-presence across India. The workforce has increased from a headcount of 1,214 in March 2008 to 4,395 as at May 31, 2011.

Good financial and capital position, as well as access to multiple sources of capital: The company has strong credit ratings from both CARE (AA+) and ICRA(LAA+) indicating the instruments issued by the company offer high safety for the timely servicing of debt obligations and carry very low credit risk. In addition, on June 10, 2011, L&T Infra was notified as a PFI. L&T Infra's status as a PFI will, going forward, provide it with access to new sources of funds (such as insurance companies, public trusts and pension funds) not otherwise available to companies without PFI status. The high credit ratings, coupled with the strong brand equity of the 'L&T' brand, enable the company to access funds at competitive rates from a wide variety of market participants across a diverse array of products.

Strong parentage and brand equity of L&T: L&T, established in 1938, is one of the leading companies in India in various industries, including engineering, construction, electrical and electronics manufacturing and services, IT and financial services. L&T has a demonstrated track record of consistent year-on-year growth in business, and is currently one of the largest companies in India by market capitalisation. This provides the company with a significant competitive advantage, particularly in attracting new customers and talent and accessing capital.

Strategy

Continue to expand the business to include new products and services: The company currently has four business groups offering a broad spectrum of financial products and services. It intends to explore opportunities to expand its operations by developing new products and services within its existing lines of business as well as selectively identifying opportunities to expand into new lines of business.

Increase the market penetration of existing products and services: The company seeks to expand its business by increasing the penetration of its existing products and services in the Indian market by expanding geographic reach, and strengthening and expanding its relationships with its current corporate and retail customers.

Develop financial products distribution business segment: The company anticipates further growth in its financial products distribution business, initially through targeted cross selling to its existing customer base. It also anticipates that, in the medium to long term, there will be further opportunities to grow this business as its customer base and geographic reach expands within India. As a result, it plans to pursue financial products distribution as a focus area for growth and profitability.

Continue to focus on the growth of retail loan portfolio: As at March 31, 2011, the loans and advances of the Retail Finance Group were `6,578.79 Crores, which accounted for 36.66% of the total loans and advances

made by the company. This provides the loan portfolio with a strong balance and diversification, and also represents an improvement on the yields and returns.

Risk Factors

Non-Compliance with RBIs norms applicable to an NBFC-ND-SI

Interest Rate Hike

NPA levels may increase

Exposure to Risky borrowers

Unsecured Loans to Retail and Corporate Finance Groups

Risks Associated with Transport Equipment Finance and Capital Market Finance

Outlook

The company has a strong balance sheet and a well established infrastructure finance business. The company's financial product distribution business is also growing at a rapid pace. The strong promoter background also helps in raising funds at competitive rates. The issue price is priced at a premium to other listed peers. Long term investors may consider the issue.

L&T Finance Holdings Limited

Book Running Lead Manager

JM Financial, Citigroup, HSBC, Barclays, Credit Suisse, Equirus

Name of the Registrar

Sharepro Services

IPO

14

IPO

15

ValuationConsidering the P/E valuation on the upper end of the price band of ̀ 59, the stock is priced at pre issue P/E of 22.20x on its annualised FY11 EPS of `2.66. Post issue, the stock discounts its FY11 annualised earnings per share of `2.33 by 25.37x. Looking on to P/B ratio at `59, the stock is priced at P/B ratio of 3.01x on the pre issue book value of `19.57 and on the post issue book value of ̀ 24.50, the P/B comes to 2.41x.

On the lower end of the price band of `51, the stock is priced at pre issue P/E of 19.19x on its annualised FY11 EPS of ̀ 2.66. Post issue, the stock discounts its FY11 annualised earnings per share of `2.33 by 21.93x. Looking on to P/B ratio at `51, the stock is priced at P/B ratio of 2.61x on the pre issue book value of `19.57 and on the post issue book value of `24.50, the P/B comes to 2.08x.

NFOs WATCH

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

20-Jul-2011 27-Jul-2011 Close Ended Debt `5,000/-DSP BlackRock FMP - 12M - Series 26

Dhawal DalalTo 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.

15-Jul-2011 28-Jul-2011 Close-Ended Debt `5,000/-DWS Fixed Term Fund - Series 87 (DFTF - 87)

Kumaresh Ramkrishnan

To generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the Scheme.

20-Jul-2011 28-Jul-2011 Close-Ended Debt `5,000/-Birla Sun Life Fixed Term Plan - Series DG

Kaustubh GuptaTo generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

21-Jul-2011 28-Jul-2011 Close-Ended Debt `10,000/-LIC NOMURA MF FIXED MATURITY PLAN SERIES 48

Y.D. PrasannaTo minimize interest rate risk by investing in a portfolio of fixed income securities which mature on or before the date of the maturity of the scheme.

Birla Sun Life MF introduces Birla Sun Life Fixed Term Plan - Series DF

Birla Sun Life Mutual Fund has announced the New Fund Offer (NFO) Birla Sun Life Fixed Term Plan - Series DF, a close ended income scheme. The NFO opens for subscription on July 18, 2011 and closes on July 28, 2011. The duration of the scheme will be 368 days from the date of allotment of units. No entry and exit load is applicable. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

ICICI Prudential MF Extends NFO closure period for FMP - Series 59 - 1 Year Plan A (367 Days)

ICICI Prudential Mutual Fund has announced the extension of New Fund Offer (NFO) period of ICICI Prudential Fixed Maturity Plan (FMP) - Series 59 - 1 Year Plan A (367 Days) up to July 27, 2011. ICICI Prudential Fixed Maturity Plan - Series 59 - 1 Year Plan A, a close ended debt scheme. The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments which mature on or before the date of maturity of the scheme.

UTI MF Extends NFO closure period for UTI Fixed Term Income Fund - Series X - IV

UTI Mutual Fund has announced the extension of New Fund Offer (NFO) period of UTI Fixed Term Income Fund - Series X - IV, a 369 days close ended debt fund up to July 28, 2011. UTI - Fixed Term Income Fund - Series X - IV (369 Days), close ended income scheme. The schemes aim to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the schemes.

HDFC MF fixes record date for FMP 370D July 2010

HDFC Mutual Fund has fixed July 26, 2011 as the record date for the purpose of determining the eligible unit holders/beneficial owners holding units (in demat form) of HDFC FMP 370D July 2010 (1) who would be entitled to the maturity/redemption proceeds on the maturity/final redemption date of HDFC FMP 370D July 2010 (1), a fixed maturity plan under HDFC Fixed Maturity Plans-Series XV, a closed-ended income scheme. The maturity/final redemption date of the scheme is on July 27, 2011.

The trading of these units which are listed on Capital Market Segment of the NSE will automatically get suspended with effect from July 25, 2011 and also no off-market transactions shall be permitted by the depositories (NSDL/CDSL).

ICICI Prudential MF introduces Capital Protection Oriented Fund - Series II - 24 Months Plan

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) ICICI Prudential Capital Protection Oriented Fund - Series II - 24 Months Plan, a close ended capital protection oriented fund. The NFO opens for subscription on July 14, 2011 and closes on July 28, 2011. The duration of the scheme will be 735 days from the date of allotment of units. No entry and exit load is applicable. The scheme offers cumulative and dividend payout option. The investment objective of the scheme is to protect capital by investing a portion of the portfolio in good quality debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities.

BNP Paribas MF introduces BNP Paribas Fixed Term Fund - Series 22 C

BNP Paribas Mutual Fund has launched the New Fund Offer (NFO) BNP Paribas Fixed Term Fund - Series 22 C, a close ended income scheme. The NFO opens for subscription on July 14, 2011 and closes on July 27, 2011. The duration of the scheme will be two years from the date of allotment of units. No entry and exit load is applicable. The scheme offers growth and dividend payout option. The investment objective of the scheme is to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

Sundaram MF introduces Sundaram Capital Protection Oriented Fund

Sundaram Mutual Fund has launched the New Fund Offer (NFO) Sundaram Capital Protection Oriented Fund 3 Years (Series 4), a close ended capital protection oriented scheme. The NFO opens for subscription on July 18, 2011 and closes on July 29, 2011. The duration of the scheme will be 3 years from the date of allotment of units. No entry and exit load is applicable. The scheme offers dividend payout and growth option. The scheme will be benchmarked against CRISIL MIP Blended Index. The minimum application amount will be Rs 5,000 and in multiples of Rs 1thereafter. The investment objective of the scheme is to seek income and minimize risk of capital loss by investing in a portfolio of fixed income securities.

NEWS

MUTUAL FUND

17

Market Watch

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 21/07/2011Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: weekly Monday, RF: 7%

MUTUAL FUND

18

Performance Charts

Scheme Name

3M 6M 1Y 3Y Since Beta Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash

Launch AUM NAV

Date (Rs. in cr.) (Rs.)

SBI Magnum Sector Funds Umbrella - Emerg Buss F- G 45.67 17-Sep-04 388.78 9.73 14.78 18.69 22.41 24.85 0.88 0.27 3.00 44.46 32.1 10.19 5.31 7.94

UTI Wealth Builder Fund - Series II - Growth 20.12 17-Dec-08 N.A. 0.20 5.01 13.87 N.A. 30.96 0.74 0.18 2.02 0.63 25.2 57.83 0 16.34

Birla Sun Life India GenNext Fund - Growth 25.79 5-Aug-05 N.A. 4.67 7.68 12.13 19.17 17.22 0.87 0.20 2.55 0 37.3851 55.4911 0 7.1238

HDFC Mid-Cap Opportunities Fund - Growth 16.58 25-Jun-07 1443.65 5.90 8.19 11.90 25.85 13.21 0.70 0.17 2.19 20.99 48.58 22.94 0 7.49

UTI Opportunities Fund - Growth 27.70 20-Jul-05 N.A. -0.57 1.99 11.56 22.33 18.49 0.76 0.13 2.06 0.01 18.44 73.5 0 8.05

UTI India Lifestyle Fund - Growth 12.35 24-Aug-07 N.A. 3.43 8.43 11.26 17.57 5.55 0.83 0.15 2.27 0 20.27 72.86 0 6.87

Mirae Asset Emerging Bluechip Fund - Growth 11.45 9-Jul-10 99.38 2.84 9.25 11.21 N.A. 14.05 0.73 0.19 2.28 6.8328 50.9665 37.1641 0 5.0367

EQUITY (Diversified)

NAV(`)

LaunchDate

AUM(`. in cr.)

RiskReturns (%) Market Cap (%)

BALANCED

Scheme Name

3M 6M 1Y 3Y Since Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash

Launch AUM NAV

Date (Rs. in cr.) (Rs.)

ICICI Prudential Balanced - Growth 48.26 3-Nov-99 N.A. 2.18 5.97 12.26 13.85 14.37 0.10 1.54 0 27.1578 42.2362 0 30.6061

HDFC Balanced Fund - Growth 58.23 11-Sep-00 351.07 2.87 8.11 12.19 23.11 17.61 0.11 1.36 9.63 25.74 30.02 0 34.61

HDFC Prudence Fund - Growth 218.09 1-Feb-94 6407.25 0.17 3.65 8.70 24.54 19.29 0.05 1.66 6.44 26.3331 42.17 0 25.06

Baroda Pioneer Balance Fund - Growth 28.70 12-Sep-03 N.A. -2.74 -1.17 6.22 6.22 14.35 0.00 1.70 0 5.6 60.71 0 33.69

Tata Balanced Fund - Growth 84.19 8-Oct-95 N.A. 0.04 2.85 5.40 17.20 14.44 0.01 1.77 1.82 12.56 60.56 0 25.06

DSP BlackRock Balanced Fund - Growth 67.11 27-May-99 750.02 -0.69 2.19 5.38 15.42 16.95 0.00 1.72 2.098 29.4249 41.9434 0.017 26.5167

Birla Sun Life 95 - Growth 310.97 10-Feb-95 N.A. -2.46 0.38 4.71 19.92 23.23 -0.02 1.64 1.1078 10.257 53.0362 2.6373 32.9617

NAV(`)

LaunchDate

AUM(`. in cr.)

RiskReturns (%) Market Cap (%)

INCOME FUND

Returns(%) RiskScheme Name

1 W 2 W 1 M 6 M 1 Y 3 Y

Canara Robeco InDiGo Fund - Growth 11.04 9-Jul-10 N.A. 365.00 9.37 10.93 39.80 13.30 13.53 10.35 N.A. 10.05 0.14 0.47

SBI Dynamic Bond Fund - Growth 12.15 9-Feb-04 17.07 1263.00 9.20 6.49 14.42 10.75 10.76 8.62 4.74 2.65 0.14 0.19

UTI Dynamic Bond Fund - Growth 10.87 23-Jun-10 N.A. 1000.00 N.A. 12.21 16.02 19.38 9.15 8.40 N.A. 8.09 0.12 0.17

Birla Sun Life Medium Term Plan - Ret - G 11.65 25-Mar-09 N.A. 569.00 8.96 10.94 6.73 9.57 9.49 8.25 N.A. 6.80 0.19 0.08

Sahara Income Fund - Growth 19.35 22-Feb-02 2.51 61.00 N.A. 8.75 8.82 8.88 9.66 8.22 9.77 7.30 0.42 0.04

ICICI Pru. Banking & PSU Debt F-Prem Plus-G 11.13 1-Jan-10 N.A. 25.00 N.A. 8.36 8.32 8.31 8.92 8.14 N.A. 7.12 0.68 0.02

UTI Bond Fund - Growth 29.29 4-May-98 N.A. 763.00 N.A. 29.55 24.45 18.76 12.12 7.94 8.00 8.47 0.03 0.22

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

ULTRA SHORT TERM

Returns(%) RiskScheme Name

1 W 2 W 1 M 6 M 1 Y 3 Y

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

SHORT TERM FUND

Returns(%) RiskScheme Name

1 W 2 W 1 M 6 M 1 Y 3 Y

Sahara Short Term Bond Fund - Growth 12.16 13-Apr-09 183.1 63.00 N.A. 8.64 8.80 63.62 18.37 12.83 N.A. 8.97 0.16 0.63

Sundaram Select Debt - S T A P - Appreciation 17.03 4-Sep-02 7.29 29.00 9.05 34.91 36.82 32.60 17.58 11.01 5.73 6.18 0.17 0.39

Escorts Short Term Debt Fund - Growth 14.93 29-Dec-05 3.74 151.00 N.A. 11.90 11.79 11.10 11.00 9.57 7.94 7.48 0.45 0.10

Taurus Short Term Income Fund - Growth 1721.09 23-Aug-01 524.13 150.00 N.A. 8.40 9.06 9.51 9.60 8.57 4.67 5.63 0.72 0.03

UTI Short Term Income Fund - Ret - Growth 17.29 23-Jun-03 N.A. 777.00 N.A. 20.46 18.25 14.15 10.25 8.36 8.26 7.01 0.11 0.16

Birla Sun Life Short Term Opp. F-Ret - G 15.74 24-Apr-03 2015.89 124.00 N.A. 6.37 7.41 8.70 9.63 8.34 7.89 5.66 0.28 0.07

HDFC Short Term Opp. Fund - Growth 10.87 25-Jun-10 52.03 67.00 N.A. 8.99 8.98 9.69 9.31 8.17 N.A. 8.08 0.57 0.03

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

JM Money Manager Fund - Reg - Growth 13.87 27-Sep-06 N.A. 34.00 9.93 9.49 9.37 9.42 9.60 8.42 6.63 7.03 0.68 0.03

IDFC Ultra Short Term Fund - Growth 13.90 17-Jan-06 N.A. 162.00 N.A. 9.06 8.87 8.59 9.39 8.41 6.08 6.16 0.62 0.03

Tata Floater Fund - Growth 15.07 6-Sep-05 N.A. 81.00 9.07 9.18 9.08 9.09 8.99 8.05 7.00 7.23 0.57 0.03

Peerless Ultra Short Term Fund - Ret - G 11.00 19-Feb-10 N.A. 135.00 9.72 8.83 9.11 14.23 9.61 7.95 N.A. 6.99 0.18 0.07

Kotak Floater - LT - Growth 16.02 13-Aug-04 3472.7 172.00 9.60 9.13 9.16 9.18 9.00 7.91 7.07 7.03 0.43 0.03

Baroda Pioneer Treasury Adv. F- Reg - G 1136.17 24-Jun-09 N.A. 72.00 N.A. 9.03 8.97 9.05 8.89 7.90 N.A. 6.35 0.47 0.02

Reliance Medium Term Fund - Growth 20.91 14-Sep-00 N.A. 146.00 9.08 10.32 10.36 9.93 9.29 7.88 6.97 7.03 0.18 0.06