From The Desk Of Editor - SMC Trade Online · 01-Jul-19 RBL Bank Limited AGM/Dividend Rs...

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From The Desk Of Editor

(Saurabh Jain)

SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.

SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.

SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.

The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.

SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.

n the week gone by, global markets traded on a mixed note as investors are eyeing

Ion the world’smost powerful leaders meeting that would set the direction of the

global economy. The U.S. and China meeting is the key events for markets as it

would determine next chapter in the trade truce. As a matter of fact recently U.S.

President Donald Trump repeated threats of more duties on Chinese goods in case

there is no progress on trade deal. President Donald trump also accused China and

Europe of weakening their currencies to gain a competitive advantage. On the data

front, US economic growth accelerated in the first quarter, at a 3.1 percent

annualized rate, however, the export and inventory boost to activity masked

weakness in domestic demand, some of which appears to have prevailed in the

current quarter. Japan’s industrial output rose 2.3% in May from the previous month.

Back at home, markets witnessed volatile move amid weak cues from global markets

as the G20 Summit began in Japan. Moreover, delay in the BimalJalan report

pertaining to transfer of RBI’s dividend for the third time also added to the negative

sentiments. Meanwhile, the panel is set to meet again in mid-July, after the

presentation of the Union Budget on July 5. In another development, SEBI has

tightened the rules for disclosure of pledged shares by promoters. Markets are

expecting that the Modi government would tweak fiscal levers to give boost to the

economy in the budget to be announced next week on 5th July. Tightness in liquidity

and weak business activity have been major drag on the economy. So far in the

monsoon season uptill 26th June cumulative rainfall for the country as a whole is

below LPA by 36%. Going forward, macroeconomic data, trend in global markets,

progress of monsoon, the movement of rupee against the dollar and crude oil price

movement will dictate market trend. Besides, Investors will also keep a close watch

on inflows from foreign and domestic investors.

On the commodity market front, further buying spree was witnessed in commodities

and firm CRB, which had been trading up since last three week, indicated the same

Buying spree was continued in commodities and it is evident by the fact that CRB is

continuously trading up since last three week. Investors were eyeing on G20, this

week OPEC meet will be the cynosure. OPEC and some non-members including Russia,

known as OPEC+, will hold meetings on July 1-2 in Vienna to decide whether to extend

their supply cuts. Manufacturing PMI of China, German Unemployment Claims Rate¸

ISM Manufacturing, ISM Employment¸ ISM Non-Manufacturing/Services Composite,

Change in Non-farm Payrolls and Unemployment Rate of US, Unemployment Rate of

Canada, RBC Canadian Manufacturing PMI, etc are few strong triggers for the

commodity market in coming week.

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

FD Monitor 16

Mutual Fund 17-18

SMC GLOBAL SECURITIES LTD.

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Printed and Published on behalf of

Mr. Saurabh Jain @ Publication Address

11/6B, Shanti Chamber, Pusa Road, New Delhi-110005

Website: www.smcindiaonline.com

Investor Grievance : [email protected]

Printed at: S&S MARKETING

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

Ph.: +91-11- 43035012, 43035014, Email: [email protected]

NEWS

NOTES:1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name

of "Morning Mantra ".2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength

coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.

TREND SHEET

4

Closing as on 28-06-2019*Reliance has broken the support of 1280 **TATASTEEL has breached the resistance of 500

Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing

Price Trend Trend S/l

Changed Changed

S&P BSE SENSEX 39395 UP 08.02.19 36546 36300 35300

NIFTY50 11789 UP 08.02.19 10944 10900 10600

NIFTY IT 15936 UP 21.07.17 10712 15200 14800

NIFTY BANK 31105 UP 30.11.18 26863 27700 27000

ACC 1562 DOWN 14.06.19 1549 1620 1640

BHARTIAIRTEL 347 UP 15.03.19 338 335 325

BPCL 392 UP 08.03.19 367 370 360

CIPLA 553 UP 01.03.19 552 530 520

SBIN 361 UP 02.11.18 286 340 330

HINDALCO 207 DOWN 17.05.19 192 210 215

ICICI BANK 437 UP 02.11.18 355 400 390

INFOSYS 732 UP 14.12.18 706 710 690

ITC 274 DOWN 31.05.19 279 290 295

L&T 1553 UP 08.03.19 1339 1430 1380

MARUTI 6535 DOWN 26.04.19 6843 6800 7000

NTPC 141 UP 08.03.19 127 124 120

ONGC 168 UP 08.03.19 150 160 155

RELIANCE* 1253 UP 30.11.18 1168 - 1250

TATASTEEL** 504 DOWN 10.05.19 487 - 510

FORTHCOMING EVENTS

EQUITY

Meeting Date Company Purpose

01-Jul-19 Stampede Capital Ltd. Other business matters

01-Jul-19 Spacenet Ent. India Ltd. Other business matters

02-Jul-19 Jyoti Structures Limited Other business matters

02-Jul-19 Kalpataru Power Other business matters

03-Jul-19 Eris Lifesciences Limited Buyback

03-Jul-19 Som Distilleries Financial Results

03-Jul-19 Power Grid Corp of India Limited Fund Raising

Jul-19 GM Breweries Limited Financial Results

05-Jul-19 Prism Johnson Limited Fund Raising

06-Jul-19 Superhouse Limited Other business matters

08-Jul-19 Goa Carbon Limited Financial Results

12-Jul-19 3i Infotech Limited Financial Results

12-Jul-19 Infosys Limited Financial Results

Ex-Date Company Purpose

01-Jul-19 RBL Bank Limited AGM/Dividend Rs 2.70/-

02-Jul-19 UPL Limited Bonus 1:2

02-Jul-19 Supreme Industries Ltd. AGM/Dividend - Rs 9

03-Jul-19 Sundaram Finance Ltd. Agm/Spl Div- Rs.5/- Div-7.5/-

03-Jul-19 Aarti Industries Limited Scheme Of Demerger

04-Jul-19 HDFC AMC AGM/Dividend - Rs 12

04-Jul-19 Balkrishna Industries Ltd. AGM/Dividend - Rs 2

04-Jul-19 Welspun Corp Limited Dividend Rs - 0.50

04-Jul-19 Axis Bank Limited AGM/ Dividend - Re 1

04-Jul-19 Welspun Corp Limited Buyback

04-Jul-19 Star Cement Limited Buyback

04-Jul-19 Tata Steel Limited AGM/Dividend - Rs 13

04-Jul-19 Tata Sponge Iron Limited AGM/Dividend - Rs 12.5

04-Jul-19 Symphony Limited AGM/Dividend Rs 1.50

04-Jul-19 Sasken Technologies Ltd. Buyback

DOMESTIC NEWS

Infrastructure

• Reliance Infrastructure has bagged Rs 7,000 crore Versova-Bandra Sea Link project contract from Maharashtra State Road Development Corporation (MSRDC) in Mumbai. Versova-Bandra Sea Link is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km.

• Adani Ports and SEZ Limited announced plans to raise $750 million (approx Rs 5,195 crore) to fund its capital expenditure requirement and also to retire some of its debt. It intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness.

• L&T has won a project for constructing a power plant in Bihar. The project is estimated to be worth more than Rs 7000 crore. The power business of L&T has bagged a mega EPC order from SJVN Thermal Private to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar.

Real Estate

• Promoters of DLF have infused Rs 2,250 crore in the company against issuance of new equity shares. The current tranche of capital invested concludes the induction of capital of Rs 11,250 crore by the promoter group as planned in December 2017.

Technology

• L&T's stake in Mindtree has now crossed 60%. The company had bought 31% stake through the open offer, while it had earlier acquired 20% stake from Cafe Coffee Day founder V G Siddhartha and around 9% through the open market.

FMCG

• The promoters of Emami Group have sold 10% of their stake in Emami for around Rs 1,230 crore, which will partially bring down promoter-level debt. The stake sale was executed on the floor of the stock exchange on at Rs 271 a share to institutional investors.In February, promoters had sold a 10% stake for Rs 1,600 crore.

Banking

• The Hindujas will pump another Rs 2,700 crore into Indusind Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial. The merger between the bank and the micro-lender will be effective July 4. Promoters will infuse Rs 2,700 crore to get their stake back to 15%.

INTERNATIONAL NEWS

• First-time claims for U.S. unemployment benefits increased by more than expected in the week ended June 22nd. Initial jobless claims rose to 227,000, an increase of 10,000 from the previous week's revised level of 217,000.

• New orders for U.S. manufactured durable goods unexpectedly showed another steep drop in the month of May. Durable goods orders slumped by 1.3 percent in May after tumbling by a revised 2.8 percent in April.

• Reflecting the escalation in trade and tariff tensions, the Conference Board released a report showing a substantial deterioration in U.S. consumer confidence in the month of June. Consumer confidence index tumbled to 121.5 in June from a downwardly revised 131.3 in May.

• Eurozone economic sentiment deteriorated more-than-expected to the lowest level in nearly three years in June, strengthening calls for further monetary easing. The economic sentiment index dropped to 103.3 in June from 105.2 in May. This was the lowest since August 2016, when the reading was 103.2.

• UK car production declined for the twelfth straight month in May on sharp contractions in domestic demand and exports. Car production plunged 15.5 percent or 21,239 units on a yearly basis in May. Demand both at home and abroad dropped by double-digits reflecting softening in the UK and key global markets, and the effects of model changes, caused the negative performance to continue.

• Japan automobile production recovered in April. Auto production expanded 4.7 percent on a yearly basis in April, reversing a 4.1 percent fall in March. Passenger car production advanced 4.8 percent annually, in contrast to a drop of 3.8 percent in March. Small car production fell 0.2 percent, while output of mini cars surged about 10 percent.

BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)

SECTORAL INDICES (% Change)

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

FII/FPI & MF ACTIVITY (In Rs. Crores)

5

SMC Trend

FTSE 100CAC 40

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

Down SidewaysUp

EQUITY

SMC Trend

BSE Midcap BSE SmallcapSensexNifty Nifty Junior S&P CNX 500

SMC Trend

ITMetal

Oil & GasPower

Cap GoodsCons Durable

Auto BankRealty

FMCGHealthcare

FII / FPI Activity DII trading activity

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

Tata Motors -DVR

Sun Pharma.Inds.

M & M Tata Motors NTPC Tech Mahindra

Infosys Asian Paints HCL Technologies

Kotak Mah. Bank

6.65

5.224.98

4.31 4.27

-5.12

-2.64

-1.52-1.15

-0.49

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

UPL Sun Pharma.Inds.

M & M Tata Motors Hindalco Inds. Tech Mahindra Britannia Inds. Infosys GAIL (India) Asian Paints

6.00

5.224.85

4.37 4.28

-5.20

-3.57

-2.62

-1.59 -1.56

1.00 1.00

1.56

1.17

1.69

1.16

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Ni�y Sensex BSE Midcap BSE Smallcap Ni�y Next 50 S&P CNX 500

1.47

2.09

1.21

1.61

0.20

1.53

-1.39

2.97

0.33

3.83

3.20

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Auto Index Bankex Cap Goods Index Cons Durable Index

FMCG Index Healthcare Index IT Index Metal Index Oil & Gas Index Power Index Realty Index

0.37

0.22

0.52

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40

-0.80

-0.72

-0.87

-0.17

-0.07

-0.63

Beat the street - Fundamental Analysis

Source: Company Website Reuters CapitalineAbove calls are recommended with a time horizon of 8 to 10 months.

6

EQUITY

Dividend Yield (%) 0.09

Stock Exchange BSE

Face Value (Rs.) 2.00

52 Week High/Low 385.00/243.60

M.Cap (Rs. in Cr.) 2210.59

EPS (Rs.) 17.51

P/E Ratio (times) 18.85

P/B Ratio (times) 3.01

% OF SHARE HOLDING

VALUE PARAMETERS

ACTUAL ESTIMATE

FY Mar-18 FY Mar-19 FY Mar-20

Revenue 1646.59 1752.18 2051.86

Ebitda 219.26 216.31 271.00

Ebit 193.63 188.75 244.52

Pre-tax Profit 174.86 179.30 228.09

Net Income 115.45 117.27 150.39

EPS 17.23 17.51 22.44

BVPS 92.92 109.79 131.41

RoE 20.46% 17.27% 18.37%

AHLUWALIA CONTRACTS (INDIA) LIMITED CMP: 331.00 Upside: 21%Target Price: 402

` in cr

Investment Rationale

• Ahluwalia Contracts (India) Limited is an integrated construction company. The Company's project portfolio encompasses projects across residential and commercial complexes, hotels, institutional buildings, hospitals and corporate offices, Information Technology (IT) parks and industrial complexes, metro station and depot and power plants among others.

• Order inflow stood at Rs. 4690 Crores in FY19 vs. Rs1300 Crores in FY18 majorly due to significant order winning from Hospitals and Institutional segments. The Management expects order inflow of Rs 2000 Crores n in FY21 based on current bidding pipeline of Rs 5000 Crores in Hospitals, Educational and Metro segments. Order book stood at Rs. 6000 Crores on back of strong order wins.

• Nearly 43% of total orders are from hospitals, followed by 24% from institutional and 19% infrastructure. 86% of total orders are from government while only 14% accounts for private orders.

• The management has given a15% revenue growth guidance for FY20, slightly lower from the earlier 15-20%, but also stated that the guidance has potential to be revised north. It also gave a margin guidance of 13.5% for the core construction business. The company expects to incur a about Rs. 40 Crores of capex in FY20.

• In Q4 FY19, the company reported a 9% YoY growth in revenue to Rs 487 Crores. Delay in Charbagh project, Delhi redevelopment project, Kolkata Audotorium projects and delay in bill certification

impacted revenue booking. EBITDA grew by 6% YoY to Rs 56.7 Crores, while EBITDA margin fell lower at 11.6% mainly due to one-time liaisoning fee for Kota project. Net profit stood flat on YoY basis at Rs 31 Crores.

Risk

• Slower Execution of projects

• Delay in grant of orders by government

Valuation

Ahluwalia’s higher profitability will be supported by an improving balance sheet position, higher efficiency, stronger execution capabilities, stronger order book and a credible management team. Also, the management has highlighted the further scope of margin improvement due to a higher proportion of Government orders, better operating efficiencies along with better utilization of capital equipment. Thus it is expected that the stock will see a price target of Rs. 402 in 8-10 months time frame on the PEx of 17.91 times and FY20E EPS of 22.44.

P/E Chart

Foreign

InstitutionsNon Promoter Corp. Hold.

PromotersPublic & Others


52 Week High/Low 557.40/294.80

M.Cap (Rs. in Cr.) 11410.91

EPS (Rs.) 19.38




Stock Exchange BSE

% OF SHARE HOLDING

VALUE PARAMETERS

HEXAWARE TECHNOLOGIES LIMITED CMP: 382.90 Upside: 15%Target Price: 441

` in cr

• Its services attrition rate increased to 18.20 percent in the quarter ended March 2019 compared with 13.40 percent sequentially on trailing 12 month basis.

• Total employees stood at 16509 at the end of March quarter, up from 16205 headcount it had as of December 2018. Net employee addition during the quarter is 304. Blended utilization improved marginally to 79 percent from 78.7 percent on sequential basis.

• According to the management of the company, March quarter has delivered yet another quarter of double-digit growth of 10.9% YoY. Guidance of 12 to 14% USD revenue growth for CY19 maintained and it will be supported by ramp-up of large Net New client deal as well as strong deal pipeline. Geographical expansion in Europe/APAC also expected to support growth.

Risk

• Foreign Exchange fluctuation

• Increasing advancements in cognitive technologies, AI

Valuation

Overall performance reported by the Company is quite healthy, a well-balanced capital allocation strategy through a combination of capital expenditure, dividends and acquisitions. Strong performance in Manufacturing & Consumer and Professional services verticals would help to transform growth for the future. Thus, it is expected that the stock will see a price target of Rs.441 in 8 to 10 months’ time frame on an expected P/E of 21x and CY19 (E) earnings of Rs.21.


• • Hexaware Technologies is a provider of information technology (IT), business process outsourcing (BPO) and consulting services.

• The company has earmarked USD 250mn to 300mn to be spent on acquisitions over 2-3 years with minimum revenue size of USD 25mn per acquired entity. Acquisition targets include focus areas of cloud and customer experience with entities having high revenue or client and profitability close to the company.

• In Q12019, APAC (Asia, Europe and Asia Pacific) showed 15.2% QoQ growth. Manufacturing & Consumer (M&C) is the fastest growing vertical with 15.6% QoQ and 26.7% YoY growth in Q1 2019. Professional Services (PS) displayed 29.8% YoY growth. In Q12019, Business Process Services (BPS) led the service line growth with 7.0% QoQ and 22.9% YoY growth. Infrastructure Management Services (IMS) clocked 50.5% YoY growth.

• Net new deal wins of TCV USD 36mn likely to support growth. It has added 4 new clients during March quarter.

P/E Chart

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Beat the street - Fundamental Analysis

Source: Company Website Reuters CapitalineAbove calls are recommended with a time horizon of 8 to 10 months.

6

EQUITY


52 Week High/Low 385.00/243.60

M.Cap (Rs. in Cr.) 2210.59

EPS (Rs.) 17.51




Stock Exchange BSE

% OF SHARE HOLDING

VALUE PARAMETERS

AHLUWALIA CONTRACTS (INDIA) LIMITED CMP: 331.00 Upside: 21%Target Price: 402

` in cr


• Ahluwalia Contracts (India) Limited is an integrated construction company. The Company's project portfolio encompasses projects across residential and commercial complexes, hotels, institutional buildings, hospitals and corporate offices, Information Technology (IT) parks and industrial complexes, metro station and depot and power plants among others.

• Order inflow stood at Rs. 4690 Crores in FY19 vs. Rs1300 Crores in FY18 majorly due to significant order winning from Hospitals and Institutional segments. The Management expects order inflow of Rs 2000 Crores n in FY21 based on current bidding pipeline of Rs 5000 Crores in Hospitals, Educational and Metro segments. Order book stood at Rs. 6000 Crores on back of strong order wins.

• Nearly 43% of total orders are from hospitals, followed by 24% from institutional and 19% infrastructure. 86% of total orders are from government while only 14% accounts for private orders.

• The management has given a15% revenue growth guidance for FY20, slightly lower from the earlier 15-20%, but also stated that the guidance has potential to be revised north. It also gave a margin guidance of 13.5% for the core construction business. The company expects to incur a about Rs. 40 Crores of capex in FY20.

• In Q4 FY19, the company reported a 9% YoY growth in revenue to Rs 487 Crores. Delay in Charbagh project, Delhi redevelopment project, Kolkata Audotorium projects and delay in bill certification

impacted revenue booking. EBITDA grew by 6% YoY to Rs 56.7 Crores, while EBITDA margin fell lower at 11.6% mainly due to one-time liaisoning fee for Kota project. Net profit stood flat on YoY basis at Rs 31 Crores.

Risk

• Slower Execution of projects

• Delay in grant of orders by government

Valuation

Ahluwalia’s higher profitability will be supported by an improving balance sheet position, higher efficiency, stronger execution capabilities, stronger order book and a credible management team. Also, the management has highlighted the further scope of margin improvement due to a higher proportion of Government orders, better operating efficiencies along with better utilization of capital equipment. Thus it is expected that the stock will see a price target of Rs. 402 in 8-10 months time frame on the PEx of 17.91 times and FY20E EPS of 22.44.

P/E Chart

Foreign



EPS (Rs.) 19.38




Stock Exchange BSE


52 Week High/Low 557.40/294.80

M.Cap (Rs. in Cr.) 11410.91

% OF SHARE HOLDING

VALUE PARAMETERS

HEXAWARE TECHNOLOGIES LIMITED CMP: 382.90 Upside: 15%Target Price: 441

` in cr


• • Hexaware Technologies is a provider of information technology (IT), business process outsourcing (BPO) and consulting services.

• The company has earmarked USD 250mn to 300mn to be spent on acquisitions over 2-3 years with minimum revenue size of USD 25mn per acquired entity. Acquisition targets include focus areas of cloud and customer experience with entities having high revenue or client and profitability close to the company.

• In Q12019, APAC (Asia, Europe and Asia Pacific) showed 15.2% QoQ growth. Manufacturing & Consumer (M&C) is the fastest growing vertical with 15.6% QoQ and 26.7% YoY growth in Q1 2019. Professional Services (PS) displayed 29.8% YoY growth. In Q12019, Business Process Services (BPS) led the service line growth with 7.0% QoQ and 22.9% YoY growth. Infrastructure Management Services (IMS) clocked 50.5% YoY growth.

• Net new deal wins of TCV USD 36mn likely to support growth. It has added 4 new clients during March quarter.

• Its services attrition rate increased to 18.20 percent in the quarter ended March 2019 compared with 13.40 percent sequentially on trailing 12 month basis.

• Total employees stood at 16509 at the end of March quarter, up from 16205 headcount it had as of December 2018. Net employee addition during the quarter is 304. Blended utilization improved marginally to 79 percent from 78.7 percent on sequential basis.

• According to the management of the company, March quarter has delivered yet another quarter of double-digit growth of 10.9% YoY. Guidance of 12 to 14% USD revenue growth for CY19 maintained and it will be supported by ramp-up of large Net New client deal as well as strong deal pipeline. Geographical expansion in Europe/APAC also expected to support growth.

Risk

• Foreign Exchange fluctuation

• Increasing advancements in cognitive technologies, AI

Valuation

Overall performance reported by the Company is quite healthy, a well-balanced capital allocation strategy through a combination of capital expenditure, dividends and acquisitions. Strong performance in Manufacturing & Consumer and Professional services verticals would help to transform growth for the future. Thus, it is expected that the stock will see a price target of Rs.441 in 8 to 10 months’ time frame on an expected P/E of 21x and CY19 (E) earnings of Rs.21.

P/E Chart

Foreign



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ACTUAL ESTIMATE

CY Dec-17 CY Dec-18 CY Dec-19

Revenue 3942.01 4647.76 5644.05

Ebitda 655.16 733.82 861.90

Ebit 591.89 668.76 769.39

Net Income 499.53 583.46 640.63

EPS 16.56 19.31 20.99

BVPS 67.63 80.58 90.36

RoE 26.65% 26.53% 24.56%

ACTUAL ESTIMATE

FY Mar-18 FY Mar-19 FY Mar-20

Revenue 1646.59 1752.18 2051.86

Ebitda 219.26 216.31 271.00

Ebit 193.63 188.75 244.52

Pre-tax Profit 174.86 179.30 228.09

Net Income 115.45 117.27 150.39

EPS 17.23 17.51 22.44

BVPS 92.92 109.79 131.41

RoE 20.46% 17.27% 18.37%

Charts by Spider Software India Ltd

EQUITY

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

Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.

SOURCE: CAPITAL LINE

The stock closed at Rs 784.30 on 28th June, 2019. It made a 52-week low of Rs

642 on 30th October 2018 and a 52-week high of Rs. 1038.85 on 04th September

2018. The 200 days Exponential Moving Average (DEMA) of the stock on the daily

chart is currently at Rs 719.09

As we can see on chart that the stock formed a double bottom pattern on weekly

charts and has started moving higher. Apart from this, it has given the

consolidation breakout and also has managed to close above the same by

registered gains over 3% during last week along with volumes, which indicates

buying is aggressive for the stock so follow up buying can continue for coming

week. Therefore, one can buy in the range of 775-778 levels for the upside target

of 830-845 levels with SL below 740.

The stock closed at Rs 644.80 on 28th June, 2019. It made a 52-week low at Rs

356 on 09th October 2018 and a 52-week high of Rs. 656.40 on 04th June 2019.

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

is currently at Rs 542.81

Short term, medium term and long term bias are looking positive for the stock as

it is trading in higher highs and higher lows on weekly charts, which is bullish in

nature. Last week, the stock has given the consolidation breakout and also

managed to close above the same so buying momentum can continue for coming

days. Therefore, one can buy in the range of 635-640 levels for the upside target

of 700-715 levels with SL below 600.

Muthoot Finance Limited (MUTHOOTFIN)

7

CESC Limited (CESC)

DERIVATIVES

CHANGE IN NIFTY OPTION OI (IN QTY) (MONTHLY)

WEEKLY VIEW OF THE MARKET

NIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY)

CHANGE IN BANKNIFTY OPTION OI (IN QTY) (MONTHLY)BANKNIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY)

Long rollover to July series was seen in the week gone by. Average rollover price is in the range of 11800 to 11850 levels. Smart recovery was seen led by short

covering from lower levels. Calls writers covered their short positions and put writers were actively selling puts. Maximum put open interest buildup of more than

20 lakh shares is at 11700 puts, which should act as strong support zone. Next week Nifty is most likely to trade in the range of 11700 to 11900 with positive bias.

Nifty has multiple strong supports at lower levels. Various supports are 11700 & 11650 spot levels. Option put writers were active in recent rally. We have seen put

writing in 11600, 11700 puts. The Implied Volatility (IV) of calls closed at 13.87% while that for put options closed at 13.00%. The Nifty VIX for the week closed at

14.65% and is expected to remain sideways. Among Nifty Call options, the 11900-strike call has the highest open interest of more than 30 lakh shares, and in put

side 11700-strike put has the highest open interest of over 20 lakh shares in open interest respectively. The PCR OI for the week closed up at 1.44 which indicates

OTM put writing. On the technical front 11700-11750 spot levels is strong support zone and current trend is likely to continue towards 11850-11900 levels.

ITC

BUY JUL 270 PUT 4.25SELL JUL 265 PUT 2.65

Lot size: 2400BEP: 268.40

Max. Profit: 8160.00 (3.40*2400)Max. Loss: 3840.00 (1.60*2400)

OPTIONSTRATEGY

FUTURE

DRREDDY

BUY JUL 2500 PUT 55.00SELL JUL 2400 PUT 25.00

Lot size: 250BEP: 2470


DERIVATIVE STRATEGIES

FEDERALBNK

BUY JUL 110 CALL 3.15SELL JUL 115 CALL 1.65

Lot size: 7000BEP: 111.50


8

Call Put

Call Put

In lakhs

Call Put

In 10,000

BULLISH STRATEGY

APOLLOHOSP(JUL FUTURE)

Buy: Above `1390

Target: `1439

Stop loss: `1362

BATAINDIA(JUL FUTURE)

Buy: Above `1459

Target: `1506

Stop loss: `1434

BAJAJ-AUTO(JUL FUTURE)

Sell: Below `2780

Target: `2672

Stop loss: `2834

BEARISH STRATEGY

In 10,000

Call Put

In lakhs

9.89

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DERIVATIVES

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

27-Jun 26-Jun 25-Jun 24-Jun 21-Jun

DISCOUNT/PREMIUM 67.30 60.35 53.80 61.40 64.30

COST OF CARRY% 0.67 0.66 0.64 0.64 0.62

PCR(OI) 1.44 1.47 1.57 1.70 1.58

PCR(VOL) 1.31 1.19 1.34 1.55 1.21

A/D RATIO(NIFTY 50) 1.27 1.94 3.55 0.79 0.28

A/D RATIO(ALL FO STOCK)* 1.21 2.70 3.27 0.72 0.51

IMPLIED VOLATILITY 13.87 13.71 13.73 14.27 13.50

VIX 14.65 14.75 15.01 15.22 15.22

HISTORICAL VOLATILITY 15.91 16.38 16.75 16.85 17.31

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

FII’S ACTIVITY IN INDEX FUTURE

**The highest call open interest acts as resistance and highest put open interest acts as support.# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup # Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering

#All Future Stock

27-Jun 26-Jun 25-Jun 24-Jun 21-Jun

DISCOUNT/PREMIUM 103.05 90.00 120.15 111.25 113.30

COST OF CARRY% 0.67 0.66 0.64 0.64 0.62

PCR(OI) 0.77 0.77 0.65 0.59 0.59

PCR(VOL) 0.98 1.16 1.00 0.95 1.59

A/D RATIO(BANKNIFTY) 1.40 11.00 5.00 1.75 0.33#A/D RATIO(ALL FO STOCK) 1.00 15.00 4.33 1.14 0.78

IMPLIED VOLATILITY 14.98 15.09 15.24 15.61 15.10

VIX 14.65 14.75 15.01 15.22 15.22

HISTORICAL VOLATILITY 19.95 20.51 20.58 20.88 21.53

9

In Cr. In Cr.

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14-Jun 17-Jun 18-Jun 19-Jun 20-Jun 21-Jun 24-Jun 25-Jun 26-Jun 27-Jun

Bottom 10 RolloverTop 10 Rollover

LTP Rollover % Open interest

UBL 1331.90 99.1% 1296400

MFSL 424.60 99.0% 1820400

CENTURYTEX 959.75 98.7% 3738600

OFSS 3187.95 98.6% 280200

SIEMENS 1304.10 98.5% 1356300

BALKRISIND 768.00 98.5% 1832800

ADANIPOWER 51.75 98.4% 131920000

ESCORTS 549.10 98.3% 6268900

EXIDEIND 205.80 98.1% 7701600

DRREDDY 2563.45 98.0% 3881000

LTP Rollover % Open interest

BHARATFIN 917.1 44.5% 1468500

TCS 2263.65 61.2% 9450000

NIITTECH 1321.40 61.6% 737250

LUPIN 764.00 62.8% 5832400

TATAGLOBAL 273.50 67.5% 8523900

APOLLOTYRE 199.20 70.5% 8256000

NTPC 140.85 72.7% 62371200

ADANIPORTS 408.80 74.7% 15887500

UPL 950.45 75.5% 9190800

BANKBARODA 122.30 76.6% 61434000

10

The downtrend in turmeric futures (July) is likely to continue & it may test 6200-6100 levels. The sentiments are bearish owing to lack of demand as farmers are not bringing quality produce to the mandis, rather busy in sowing practices of the new crop. After the increase pace of monsoon, improved sowing is witnessed in the key growing areas of Maharashtra, Telangana and Karnataka. At present, the farmers are seen reluctant to their turmeric as present price are not feasible for them, but are selling only to meet their domestic expenses. At the Erode Turmeric Merchants Association Sales Yard, finger turmeric sold at Rs.5,678-Rs.7,333 a quintal, root variety sold at Rs.5,300-Rs.6,529. The correction phase in jeera futures (July) is likely to continue as it may see 16450 levels on the downside. Jeera prices in Unjha are falling too, Gujarat, on account of adequate supplies. Arrivals have been steady at over 5,000-6,000 bags (1 bag = 55 kg) for the past few weeks. In Unjha, the benchmark market, exchange-quality jeera was sold at 17,200 rupees per 100 kg. Cardamom futures (July) is looking bullish for 3000 levels tracking unabated surge in prices at Spices Board of India's auctions in the wake of lower crop estimates. The average price of small cardamom was 3,150 rupees per kg auction held at Bodinayakanur in Tamil Nadu. Dhaniya futures (July) is expected to trade with a downside bias & move lower towards 6700-6600 levels. Poor demand from the domestic stockists & rise in inventories at exchange-accredited warehouses, is weighing on prices.

SPICES

Bullion counter may continue its sharp upside momentum as weaker greenback, fear of interest rate cut by Fed in upcoming meeting and uncertainty regarding US and China trade war to keep the sentiment upbeat. Moreover geopolitical tensions in the Middle East will also continue to assist the prices higher. Chinese president Xi stated that they would want to resume talks and negotiate on the terms again and also has asked to lift the sanctions on companies that US has put including Huawei. Although, President Trump also stated that, if there is no progress seen on trade talks with China, he will impose the additional tariffs on remaining goods from China. Gold (Aug) can further move higher towards 35100 while taking support near 33800 while silver (Sep) can test 39500 while taking support near 37500. Meanwhile, US economy grew at 3.1% in line with expectation. The US dollar index has recovered marginally from 3-month lows as comments from Fed officials dented market expectations of immediate and aggressive rate cuts by Fed. San Francisco President Mary Daly stated that any rate cut would be to boost growth but it is difficult to say whether interest rate will be lower a year from now. Gold silver ratio hovered around historical high of above 93 as gold continue to outperform silver. Gold, however, remains supported by dovish stance of Fed and other central banks, disappointing economic data from major economies and increased tensions between US and Iran. India's gold demand could fall in 2019 as a rally in local prices to a record high dents retail purchases during a key festive season.

BULLIONS

Soybean futures (July) is expected to witness a consolidation & trade with an upside bias in the range of 3600-3725 levels. Absence of monsoon rains has halted sowing operations in key growing areas of Madhya Pradesh and Rajasthan. The government has recommended that farmers wait for adequate monsoon rains and start sowing if rain water reaches 4 inches in the soil. A small delay in sowing may not hit the overall crop this year because soybean planting usually lasts till the third week of July. Some farmers continue sowing even till early August, but the yield from the crop sown later would be lower. On CBOT, U.S soybean futures (July) is seen facing resistance near $9.20 a bushel. The upside is getting capped as the traders are cautious owing to volatility in the weather over the major growing areas. It is being anticipated that this week the improved weather could prompt some farmers to plant more soy and could boost crop conditions. Mustard futures (July) is likely to stay on a strong foot & test 3980-4000 by taking support near 3895 levels. The spot prices are firm due to paucity of stocks in physical markets coupled with improved buying from oil millers & continuous procurement effort by NAFED. CPO futures (July) may witness an upside momentum towards 520-525 taking support near 503 levels, while soy oil futures (July) will probably continue to trade with a bullish bias towards 750-755, if sustains above 745 levels. It is reported that the farm ministry is working with government think tank NITI Aayog to devise ways to stem huge imports of edible oil in the country, and support the industry and domestic oilseed growers.

OIL AND OILSEEDS

Crude oil prices may continue to witness further recovery as rising tensions in the Middle East will continue to support he prices. But investors will be edgy as outcome of OPEC meeting starting and US China trade war will be keenly watched. The Organization of Petroleum Exporting Countries (OPEC) and some non-members including Russia, known as OPEC+, will hold meetings on July 1-2 in Vienna to decide whether to extend their supply cuts. Markets are expecting the same rollover in the OPEC meet i.e. the extension of 1.2mbpd output cut deal in the meet. But Russia remains hesitant to go for an output cut extension. Crude oil may take support near 3850 levels and can move higher towards 4250 levels in near term. President Xi Jinping has stirred hopes that trade tensions could ease followed by the OPEC meet on 1st July 2019. Crude oil is also supported by increased tensions between US and Iran amid recent attacks in Middle-east and retaliatory sanctions by US on Tehran. However, supporting crude oil price is US EIA weekly report which noted a sharp 12.788 million barrels decline in US crude oil stocks as against expectations of a 2.8 mn bbl decline. US crude production fell for the third consecutive week to 12.1 million barrels per day. Natural gas may witness lower level buying can it can test 175 while taking support near 150. Natural gas prices rallied following a smaller than expected build in natural gas inventories. On demand front, weather forecasts show warmer weather in parts of US which will increase cooling demand.

ENERGY COMPLEX

Cotton futures (July) is expected to show some more weakness towards 21000 levels. The cotton sowing during the ongoing Kharif season in three states of north India Haryana, Rajasthan and Punjab has already topped the year-ago level, while the acreage in west and south India has been lagging, data provided by respective states showed. The acreage in south and western India has been down due to scanty rains. The total area in Punjab, Haryana and Rajasthan has reached 1.62 mln ha, up from 1.60 mln ha a year ago and also up from five-year average normal area of 1.47 mln ha, the data showed. Meanwhile, we may see a consolidation in U.S cotton futures in the range of 63-69 cents per pound. The market participants are cautious due to inexplicable change in weather during the ongoing sowing season. In the Midwest, relentless rain flooded fields. Meanwhile, parts of the Southeast have been gripped by extreme heat and drought. Both scenarios are terrible for farmers, who may plant less crop than projected. Castor seed futures (July) is expected to take support near 5360 levels & trade with an upside bias till 5550-5600 levels. This commodity is witnessing gains in key spot markets of Gujarat owing to decline in acreage. Area under kharif castor was at 2,039 ha as of June 20, down 72% on year, according to the latest data from the farm ministry. Cocud futures (July) may continue to face resistance near 2900 levels & witness profit booking. Sluggish demand from the cattle-feed industry as concerns over low availability of fodder eased, after monsoon progressed in the key drought-prone areas of Gujarat and Maharashtra, is seen weighing on prices.

OTHER COMMODITIES

In base metal counter, Nickel and copper may witness lower level buying but

further movement in base metals depend upon the news regarding the trade

tensions between US and China. China's central bank stated that it will

maintain support for the slowing economy as global risks rise, while vowing

not to adopt "flood-like" stimulus that could exacerbate debt and structural

risks. Copper may further recover towards 425 levels while taking support

near 400 levels. Copper prices got some support following news that dozens of

artisanal miners were killed when part of a copper and cobalt mine owned by

Glencore collapsed in Congo. Refining charges in China have fallen, signaling a

tightening in market, and Chinese copper premiums have started to make a

comeback. Meanwhile, Lead may trade sideways as it can face resistance near

160 while taking support near 149 levels. Zinc may trade with weak bias as it

can test 194 levels while taking resistance near 206 levels. Nickel can further

recover towards 930 while taking support near 870 levels. The downside in

Nickel may be capped amid supply worries. Meanwhile, production is also

halted temporarily from Glencore’s Koniambo nickel plant in New Caledonia

amid leak. Aluminium can test 135 levels while taking resistance near 148

levels. Aluminum downside may be capped amid reports of possible idling of

Quebec Plant by Alcoa Corp. as it has threatened to idle the entire facility of

Quebec Plant if workers don’t sign what it’s calling a “final offer’’.

BASE METALS

11

TREND SHEET

Closing as on 27.06.19

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING

PRICE CHANGED CHANGED STOP/LOSS

NCDEX SOYABEAN JUL 3682.00 27.03.19 Sideways 3650.00 3520.00 3820.00 -

NCDEX JEERA JUL 17075.00 20.06.19 Sideways 16970.00 16650.00 18050.00 -

NCDEX REF.SOY OIL JUL 744.10 26.04.19 Sideways 746.00 728.00 760.00 -

NCDEX RMSEED JUL 3946.00 11.03.19 Down 3969.00 - 4020.00 4050.00

NCDEX CHANA JUL 4237.00 17.06.19 Down 4425.00 - 4470.00 4500.00

NCDEX GUARSEED JUL 4170.00 27.05.19 Down 4350.00 - 4450.00 4480.00

NCDEX COCUD JUL 2808.00 01.01.19 UP 1940.50 2770.00 - 2750.00

NCDEX CASTOR JUL 5464.00 25.04.19 Down 5900.00 - 5670.00 5700.00

MCX CPO JUL 515.90 07.03.18 Down 547.00 - 520.00 522.00

MCX MENTHA OIL JUL 1257.60 21.01.19 Down 1551.90 - 1330.00 1340.00

MCX SILVER SEP 38066.00 05.06.19 UP 37000.00 36700.00 - 36500.00

MCX GOLD AUG 34175.00 05.06.19 UP 33350.00 32600.00 - 33300.00

MCX COPPER JUL 444.75 27.06.19 UP 444.75 438.00 - 435.00

MCX LEAD JUL 155.80 24.05.19 UP 149.00 147.00 - 145.00

MCX ZINC JUL 199.90 27.06.19 DOWN 199.90 192.00 210.00 -

MCX NICKEL JUL 911.90 18.06.19 UP 880.00 890.00 - 885.00

MCX ALUMINIUM JUL 143.20 01.05.19 Sideways 144.80 138.00 145.00 -

MCX CRUDE OIL JUL 4114.00 18.06.19 UP 3778.00 3700.00 - 3650.00

MCX NATURAL GAS JUL 161.40 21.01.19 Down 217.90 - 165.00 166.00

TECHNICAL RECOMMENDATIONS

DHANIYA NCDEX (JUL) contract closed at Rs. 6828.00 on 27th Jun’19. The contract

made its high of Rs. 7791.00 on 22st May’19 and a low of Rs. 6760.00 on 11th May’19. The

18-day Exponential Moving Average of the commodity is currently at Rs. 7103.00.On the

daily chart, the commodity has Relative Strength Index (14-day) value of 38.450

One can buy near Rs. 6800 for a target of Rs. 7250 with the stop loss of Rs. 6650.

NICKEL MCX (JUL) contract closed at Rs. 911.90 on 27th Jun’19. The contract made its

high of Rs. 912.90 on 27th Jun’19 and a low of Rs. 845.00 on 06th Jun’19. The 18-day

Exponential Moving Average of the commodity is currently at Rs. 882.14. On the daily

chart, the commodity has Relative Strength Index (14-day) value of 61.331.

One can buy around Rs. 895 for a target of Rs. 925 with the stop loss of Rs. 880.

GUARSEED NCDEX (JUL) contract was closed at Rs. 4170.00 on 27th Jun’19. The contract

made its high of Rs. 4608.00 on 13th May’19 and a low of Rs. 4140.00 on 11th Jun’19. The 18-

day Exponential Moving Average of the commodity is currently at Rs. 4347.40. On the daily

chart, the commodity has Relative Strength Index (14-day) value of 34.782.

One can buy near Rs. 4150 for a target of Rs. 4300 with the stop loss of Rs 4075.

NEWS DIGEST

Buying spree was continued in commodities and it is evident by the fact that CRB is continuously

trading up since last three week. The entire world was looking for the G 20 meet. The leaders of

the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated

meeting is between U.S. President Donald Trump and Chinese President Xi Jinping on Saturday.

Ahead of G20, gold took some correction from the higher levels as investors were cautious ahead

of meeting. Decline in physical demand of gold in India at higher prices is also capping the

upside. India's gold consumption dipped 1.5% in 2018 to 760.4 tonnes, below a 10-year average

of 838 tonnes, according to data compiled by the World Gold Council. Gold prices extended

losses after a revision to first-quarter gross domestic product data showed more inflationary

pressure than previously thought. Silver also saw fall in the prices whereas in COME gold was up

and silver was down. In energy counter, crude saw fresh buying. Crude prices rose, buoyed by an

outage at a major refinery on the US East Coast and industry data that showed US crude

stockpiles fell more than expected. Philadelphia Energy Solutions is expected to seek to

permanently shut its oil refinery in the city after a massive fire caused substantial damage to

the complex, as per the source. US crude stockpiles fell by 7.5 million barrels in the week ended

June 21 to 474.5 million, compared with analyst expectations for a decline of 2.5 million

barrels. Natural gas prices bounced back from the lower level but stability on upper levels is

doubtful. Copper prices were on track for their weakest quarterly performance since the end of

2015, weighed down by demand fears from the U.S.-China trade war. Nickel saw some buying

whereas, lead, zinc and aluminum were down on trade dispute issue.

Soyabean traded up on lower acreage issue. Key growing areas for soybean have seen rainfall

significantly below average for monsoon season. Mustard saw some buying after a four week

fall. Castor seeds sentiments were positive owing to fall in the acreage of the oilseed and

tracking gains in key spot markets of Gujarat. Prices of castor seed rose in Gujarat's key markets

today due to rising demand from domestic stockists amid a fall in arrivals. Jeera prices dropped;

the reason being its exports have fallen due to sluggish demand from China and Bangladesh.

Cardamom prices rose further. The various reasons such as absence of carry-over stocks, last

year’s production loss and anticipation of a delayed production this year is being attributed to

this rally.

12

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

WEEKLY COMMENTARY

COMMODITY UNIT 19.06.19 26.06.19 DIFFERENCE

QTY. QTY.

ALUMINIUM MT 1471.11 1920.48 449.37

COTTON BALES 144900.00 140300.00 -4600.00

GOLD KGS 87.00 87.00 0.00

GOLD MINI KGS 77.60 77.60 0.00

GOLD GUINEA KGS 7.36 7.36 0.00

MENTHA OIL KGS 30234.55 64823.17 34588.62

SILVER (30 KG Bar) KGS 10426.05 13799.74 3373.69

ZINC MT 467.44 467.44 0.00

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COMMODITY UNIT 20.06.19 27.06.19 DIFFERENCE

QTY. QTY.

BARLEY MT 8636 8636 0

CASTOR SEED MT 107505 104066 -3439

CHANA MT 99765 100428 663

COCUD MT 14610 13822 -788

CORIANDER MT 5890 6227 337

GUARGUM MT 11421 11863 442

GUARSEED MT 16110 16180 70

JEERA MT 1771 1594 -177

MAIZE (RABI) MT 12852 12873 21

RM SEED MT 65962 65356 -606

SOYBEAN MT 30083 29528 -555

TURMERIC MT 4424 4743 319

WHEAT MT 31308 31905 597

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

• Euro zone economic sentiment main indicator of

economic confidence dropped to 103.3 points in June

from 105.2 a month earlier.

• India exported 319,000 tonnes of finished steel in May,

down 28% from the same month last year and the lowest

level since April 2016.

• Russia became the largest crude oil supplier to China in

May, supported by robust demand from private refiners.

• US Conference Board stated that its consumer

confidence index dropped 9.8 points to a reading of

121.5 last month, the lowest since September 2017.

• The Government has procured over 768,900 tons of

chana, harvested in 2018-19 (Jul-Jun), in nine states as

of 24th June, 2019 under the price support scheme.

• Aluminium stocks at MCX-accredited warehouses were at

2,518.4 tons as on 26th June, 2019. The stock is the

highest since base metal contracts were brought under

the compulsory delivery regime from April, as per SEBI's

directions.

• MCX Copper Option 22 July 2019, 21 August 2019 and 19

September 2019 contracts will be available for trading

with effect from June 27, 2019.

• The Australian Bureau has further downgraded its El Nino

'watch' status to ‘inactive.’ Separately, it reiterated that

the positive Indian Ocean Dipole (IOD) phase will run

from July to November.

5.84%

2.69%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

NATURAL GAS NICKEL CRUDE OIL LEAD MINI GOLD GUINEA ZINC MINI SILVER MENTHA OIL GOLD PETAL ALUMINIUM MINI

2.41%

2.06%

1.53%

-1.85%

-1.09%-0.95%

-0.80% -0.74%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

MAIZE RABI SOYABEAN CASTOR SEED SOY OIL RM SEEDS GUARGUM KAPAS CORIANDER GUAR SEED JEERA

2.95%

1.97%

1.45%

0.66%0.56%

-2.44%

-1.98%-1.88%

-1.70%

-1.39%

COMMODITY

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

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

SPOT PRICES (% change) NATIONAL MISSION FOR VEGETABLE OILS

13

COMMODITY EXCHANGE CONTRACT 21.06.19 27.06.19 CHANGE%

ALUMINIUM LME CASH 1743.50 1782.00 2.21

COPPER LME CASH 5941.00 5953.00 0.20

LEAD LME CASH 1894.00 1912.50 0.98

NICKEL LME CASH 12135.00 12665.00 4.37

ZINC LME CASH 2542.50 2518.00 -0.96

GOLD COMEX AUG 1400.10 1412.00 0.85

SILVER COMEX SEPT 15.37 15.29 -0.49

LIGHT CRUDE OIL NYMEX SEPT 57.43 59.43 3.48

NATURAL GAS NYMEX JULY 2.19 2.32 6.31

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

20.06.19 27.06.19

ALUMINIUM 1038700 998600 -40100

COPPER 248375 241700 -6675

NICKEL 170088 164838 -5250

LEAD 67725 67150 -575

ZINC 99475 100825 1350

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 21.06.19 27.06.19 CHANGE(%)

Soybean CBOT JULY Dollars Per Bushel 9.03 8.88 -1.66

Soy oil CBOT JULY Cents per Pound 28.44 27.81 -2.22

CPO BMD SEPT MYR per MT 4340.00 4282.00 -1.34

Cotton ICE DEC Cents per Pound 65.56 66.09 0.81

The government is soon going to launch new National Mission for Vegetable Oils to reduce reliance on hefty imports by promoting output of home-grown oilseeds, including palm oil. The imported cost of vegetable oil in India is around 73,000 crore rupees. So it is an urgent need to cut dependency on it. India, the world's top buyer, imports 14-15 mln tn of edible oil annually to meet domestic consumption of around 25 mln tn. Currently, the country does not produce enough edible oil to meet even half the requirement. So the farm ministry is working with government think tank NITI Aayog to devise ways to stem huge imports of edible oil in the country, and support the industry and domestic oilseed growers.

Palm oil accounts for 60% of the total edible oils imported annually, most of it from Indonesia and Malaysia. Most of the crude degummed soyoil is imported from Argentina, the world's third largest soybean producer, crude canola oil is purchased from Canada and crude sunflower oil is bought from Ukraine.

Measures under National Mission for Vegetable Oils to promote output of oilseeds

• There are many ways to curb imports such as levying cess on imports, increase base tariff, or increasing custom duties. But the mission will initially focus on providing subsidies on farm inputs and higher minimum support price.

• Procurement by state-run agencies will be pushed to encourage farmers to shift to oilseed crops.

• For the long term, the ministry is trying to add more area under oil palm plantation by announcing fair and remunerative price on fresh fruit bunches of oil palm at 8,000-8,500 rupees per ton. India has 325,000 ha under oil palm trees at present and it may grow to 350,000 ha in 2019-20 (Apr-Mar).

• However, of the total area under oil palm, fruit-bearing trees cover only 225,000 ha. The government aims to increase area under the plantation primarily in coastal areas and northeast.

• With new plantation, production may increase in next four to five years, which is the gestation period of the oil palm tree

• The government is also aiming to set up seed hubs in the country to provide good quality certified oilseed seeds to the farmers.

According to the Solvent Extractors’ Association of India, Import of vegetable oils during May 2019 decreased by 5% to 1,221,989 tons compared to 1,286,240 tons in May 2018, consisting 1,180,786 tons of edible oils and 41,203 tons of non-edible oils. However the overall import of vegetable oils during November 2018 to May 2019 is reported at 8,763,678 tons compared to 8,604,535 tons i.e. up by 2%.

Sharp Increased in Import of RBD Palmolien

India’s monthly refined edible oil imports hit a six-year high in May, due to a cut in customs duty by the Indian government under the Comprehensive Economic Cooperation Agreement (CECA) between India and Malaysia. Effective since January 1, the Centre cut the overall import duty on crude palm oil (CPO) from Malaysia, Indonesia and other members of the Association of the South East Asian Nations (ASEAN) to 40 per cent from 44 per cent earlier, while that on refined edible oil (RBD or refined, bleached de-odorized palmolein) from Malaysia was slashed to 45 per cent and from other countries to 50 per cent. The earlier duty rate was 54 per cent irrespective of the source. This has flooded the domestic market with RBD palmolein from Malaysia and has hit domestic oilseed crushing mills and farmers hard.

0.22

0.58

-3.00 -2.50 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00

GUAR GUM (JODHPUR)

GUAR SEED (JODHPUR)

GUR (MUZAFFARNGR)

COTTON (KADI)

CORIANDER (KOTA)

COTTON SEED OIL CAKE (AKOLA)

RAW JUTE (KOLKATA)

PEPPER MALABAR GAR (KOCHI)

MUSTARD (JAIPUR)

SUGAR (KOLKATA)

SOYABEAN (INDORE)

BARLEY (JAIPUR)

TURMERIC (NIZAMABAD)

JEERA (UNJHA)

CRUDE PALM OIL (KANDLA)

WHEAT (DELHI)

-0.56

-0.24

-0.20

-0.20

-0.13

-2.38

-2.32

-2.18

-1.42

-1.29

-1.22

-1.06

-0.76

-0.64

Source : SEA

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 69.9550 69.9625 69.32 69.36

EUR/INR 79.31 79.7950 79.0275 79.0925

GBP/INR 88.76 89.35 88.18 88.2975

JPY/INR 65.1975 65.30 64.3225 64.46

News Flows of last week

(* NSE Currency future, Source: nseindia.com, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)

24th JUN RBI Deputy Governor Viral Acharya quits six months before his term

ends.

25th JUN FED chief warns against policy bending to “short term political

interests”.

25th JUN US Consumer Confidence declined to lowest levels since 2017.

27th JUN Donald Trump lashes out at India, Japan, Germany on tariffs ahead

of G20 summit.

Market Stance

Indian Rupee is heading to post weekly gain, level seen last in mid April this year.

Precisely just a day ago Trump's tweet feeds started to complain about India's trade

policies, President Trump met our PM at G20 summit with greetings on second term.

Moreover Mr. Trump said the relation with India has not "ever been better than it is

right now". Simultaneously Mr. Modi said that he will discuss with Trump on Iran, 5G,

mobile communications, bilateral discussion and defense strategy. Although,

Trump's tweet sent the gesture that India's import tariff is highest while comparing

with developed countries. Indian Rupee was particularly experienced the upward

momentum amid ease in political talks ahead of G20. Admittedly, flows in the

interbank pushed Rupee to head north towards 69.00. Globally, recent comment by

Fed officials to remains cautious for rate-cuts once again halted rally in Euro. From

Brexit front, Boris Johnson and Jeremy Hunt are heading to one-off to become next

UK PM due to be announced on 23rd July. Pound remains subdued as traders are

waiting for fresh cues from Brexit development. Next week, US labor data will be

key economic release where Fed officials will closely monitor before taking rate-

cut decisions. USDINR is likely to stay below 69.40 and move lower towards 68.80.

14

EUR/INR (JUL) contract closed at 79.0925 on 27th Jun’19. The contract made its

high of 79.7950 on 24th Jun’19 and a low of 79.0275 on 27th Jun’19 (Weekly Basis).

The 14-day Exponential Moving Average of the EUR/INR is currently at 79.16

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 49.10.

One can sell at 79.32 for a target of 78.72 with the stop loss of 79.62.

EUR/INR

USD/INR (JUL) contract closed at 69.36 on 27th Jun’19. The contract made its


The 14-day Exponential Moving Average of the USD/INR is currently at 69.82

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of

35.95. One can sell at 69.53 for the target of 68.93 with the stop loss of 69.83.

USD/INRTechnical Recommendation

GBP/INR (JUL) contract closed at 88.2975 on 27th Jun’19. The contract made its

high of 89.35 on 24th Jun’19 and a low of 88.18 on 27th Jun’19 (Weekly Basis). The

14-day Exponential Moving Average of the GBP/INR is currently at 88.72

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 38.41.

One can sell at 88.55 for a target of 87.95 with the stop loss of 88.85.

GBP/INR

JPY/INR (JUL) contract closed at 64.46 on 27th Jun’19. The contract made its


The 14-day Exponential Moving Average of the JPY/INR is currently at 64.78

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 46.08.

One can buy at 64.15 for a target of 64.75 with the stop loss of 63.85.

JPY/INR

Economic gauge for the next week

Date Currency Event Previous

1st JUL ALL OPEC Meetings -

1st JUL INR Nikkei manufacturing PMI 52.7

1st JUL USD ISM Manufacturing PMI 52.1

2nd JUL ALL OPEC-JMMC Meetings -

3rd JUL INR Nikkei Services PMI 50.2

3rd JUL USD ISM Non-Manufacturing PMI 56.9

5th JUL USD Average Hourly Earnings m/m 0.2%

5th JUL USD Non-Farm Employment Change 75K

5th JUL INR Foreign Exchange Reserves 28-JUN -

IPOIPOIPOIPO

15

IPO NEWS

The initial public offering of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 36.16 times on the final day of

bidding June 26. The Rs 475-crore IPO received bids for 9,73,85,775 shares against the total issue size of 26,92,824 shares, according to the NSE data. The

qualified institutional buyers' book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail individual investors 13.37 times,

according to merchant banking sources. The initial public offering (IPO) is for 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares. Price

range for the offer, which opened for bidding on Monday, was Rs 970-973 per share. Dinesh Agarwal, founder and managing director, IndiaMART InterMESH, said,

"We are confident that together, we will deliver value for all stakeholders in the times to come and will continue to look forward to our increasing contribution

towards the growth of the Indian economy and employment by use of technology."ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd

were the managers to the offer. The shares of the company are proposed to be listed on the BSE and the National Stock Exchange.

KPR Agrochem withdraws Rs 283-cr IPO.

Andhra Pradesh based agri-input company KPR Agrochem late evening on June 27 announced withdrawal of its initial public offering from capital market. The IPO

issue was to open on June 28 with a price band at Rs 59-61 per share. "Selling shareholders and board of directors of KPR Agrochem have decided not to presently

proceed with the formalities leading to opening of the IPO. We have been directed by the Issuer Company vide its letter dated June 26, 2019 to take steps to

withdraw the issue of equity shares," the merchant banker said in its statement. "Hence, the initial public offering of KPR Agrochem stands withdrawn," it added.

The IPO consisted a fresh issue aggregating up to Rs 210 crore and an offer for sale of 1.2 crore equity shares by promoters. The company had intended to use

fresh issue proceeds for repayment of certain borrowings and additional working capital requirement. The book running lead manager to the Issue was PL Capital

Markets, part of Prabhudas Lilladher group. KPR Agrochem is an agri-input company focused on manufacturing, distribution and retailing of a wide range of crop

yield enhancing and protection products. In order to secure the supply of sulphuric acid, one of the key ingredients for company's various products, the company

also ventured into manufacturing of sulphuric acid.

IndiaMART IPO subscribed over 36 times on final day of bidding

*Closing price as on 27-06-2019

IPO TRACKER

Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price %Gain/Loss*

Neogen Chemicals Ltd Chemicals 810.61 132.35 8-May-19 215.00 251.00 348.25 61.98

Polycab India Ltd Cable 9096.02 1346.00 16-Apr-19 538.00 633.00 612.95 13.93

Metropolis Healthcare Limited Healthcare 4779.65 1204.00 15-Apr-19 880.00 960.00 956.80 8.73

Rail Vikas Nigam Ltd Railway 5750.75 481.57 11-Apr-19 19.00 19.00 27.70 45.79

MSTC Ltd Trading 608.15 212.00 29-Mar-19 128.00 111.00 86.50 -32.42

Chalet Hotels Hotels & Restaurants 6268.36 1641.00 7-Feb-18 280.00 294.00 305.40 9.07

Xelpmoc Design IT 88.66 23.00 4-Feb-18 66.00 56.00 64.85 -1.74

Garden Reach Shipbuilding Ship Building 1358.07 345.00 10-Oct-18 118.00 104.00 118.95 0.81

AAVAS Financiers Ltd NBFC 11727.97 1734.00 8-Oct-18 821.00 758.00 1502.80 83.05

Ircon International Ltd Railway 3647.64 470.00 28-Sep-18 475.00 410.30 388.10 -18.29

CreditAccess Grameen Ltd. NBFC 7509.32 1131.00 23-Aug-18 422.00 393.00 521.95 23.68

HDFC Asset Management Co AMC 43186.11 2800.00 6-Aug-18 1100.00 1726.25 2036.45 85.13

TCNS Clothing Co. Limited Retail 4784.38 1125.00 30-Jul-18 716.00 715.00 779.45 8.86

Varroc Engineering Limited Auto Ancillary 6361.41 1945.00 6-Jul-18 967.00 1015.00 471.60 -51.23

Fine Organic Industries Limited FMCG 4304.05 600.00 6-Jul-18 783.00 815.00 1402.05 79.06

RITES Limited Railway 5803.54 460.00 6-Jul-18 185.00 190.00 290.95 57.27

Indostar Capital Finance Ltd NBFC 3360.77 1844.00 21-May-18 572.00 600.00 366.55 -35.92

Lemon Tree Hotels ltd Hotel 5117.67 1038.00 9-Apr-18 56.00 61.60 64.90 15.89

ICICI Securities Ltd Broking House 7010.05 4016.00 4-Apr-18 520.00 431.10 218.40 -58.00

Mishra Dhatu Nigam Ltd Metal 2343.40 439.00 4-Apr-18 90.00 87.00 125.70 39.67

Karda Construction Ltd Construction 252.57 78.00 2-Apr-18 180.00 136.00 203.60 13.11

FIXED DEPOSIT MONITOR

FIXED DEPOSIT COMPANIES

96-120M=7.75%; 0.25% FOR FEMALE, SENIORCITIZEN & TRUST

0.35% EXTRA FOR SR. CITIZEN OR 0.25% EXTRA FOR EXISTING CUSTOMER (15 DAYS GAP IN FIRST & SECOND DEPOSIT) & 0.10% EXTRA IN RENEWAL UPTO ` 5 CR.

0.50% ADD. INTEREST TO SR. CITIZEN,EMPLOYEES,SHAREHOLDERS AND PERSON INVESTING ` 5 LACS AND ABOVE - MAX. 0.50%

` 20000/- BUT` 40000/-

IN MONTHLY

1 BAJAJ FINANCE LTD.(UPTO ` 5 CR.) ` 25000/-

3 GRUH FINANCE LTD. ` 1000/-

HDFC LTD- PREMIUM DEPOSIT FOR INDIVIDUAL(UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.4

HDFC LTD- REGULAR FOR INDIVIDUAL & TRUST(> ` 2 CR TO ` 10 CR)

0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.93 - 7.93 7.93 - 7.93 7.93 -

HDFC LTD- PREMIUM DEPOSIT FOR TRUST &INSTITUTION (UPTO ` 2 CR.)

-

8 15M=7.98 - - 30M=7.98 - -

HDFC LTD- SPECIAL DEPOSIT FOR TRUST(UPTO ` 2 CR.) 0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.33M=8.03 - - 66M=8.03 - -9

HDFC LTD- REGULAR DEPOSIT FOR TRUST &INSTITUTION (UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.88 - 7.88 7.88 - 7.88 7.88 -10

8.00 - 7.90 8.20 - 8.25 8.25 8.30ICICI Home Finance (less than ` 1 Cr.)11 0.25% EXTRA FOR SR. CITIZEN

ICICI Home Finance (less than ` 1 Cr.)12 0.25% EXTRA FOR SR. CITIZEN

8.00 - 8.25 8.35 - - - -J K LAKSHMI CEMENT LTD13

0.50% ADD. INTEREST TO SR. CITIZEN,EMPLOYEES, SHAREHOLDERS AND PERSONINVESTING ` 5 LACS AND ABOVE - MAX. 0.50%

8.00 - 8.25 8.35 - - - -J K TYRE INDUSTRIES LTD.14

8.50 - 8.50 8.50 - 8.25 8.25 -KTDFC (KERALA TRANSPORT) ` 10000/-15 0.25% EXTRA FOR SR. CITIZEN

8.15 8.15 8.20 8.25 - - 8.30 -LIC HOUSING FINANCE LTD.(UPTO ` 25 CR.) ` 10000/-16 0.25% FOR SENIOR CITIZEN IF APP ABOVE ` 50,000/- & 0.10% IF APP UPTO ` 50,000/-

M&M FINANCIAL SERVICES LTD(FOR BELOW ` 1 CRORE)

8.10 8.10 8.50 8.80 - 8.80 8.80 -17 ` 10000/-0.25% FOR SENIOR CITIZEN

10.50 - 11.00 11.50 - - - -OMAXE LTD18 -

8.30 - 8.30 8.40 - 8.40 8.45 8.30PNB HOUSING FINANCE LTD.(UPTO ` 5 CR.)

` 10000/-

19 0.25% EXTRA FOR SR. CITIZEN UPTO ` 1 CRORE

15M=8.30 22M=8.35 30M=8.30 44M=8.45 PNB HOUSING FINANCE LTD.(UPTO ` 5 CR.)20 0.25% FOR SENIOR CITIZEN

8.25 - 8.50 9.00 - 9.00 9.25 -SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME ` 5000/-21 0.25% FOR SENIOR CITIZEN,0.25% EXTRA FOR RENEWALS

8.25 - 8.50 9.00 - 9.00 9.25 -SHRIRAM CITY UNION SCHEME ` 5000/-22 0.25% FOR SENIOR CITIZEN,0.25% EXTRA FOR RENEWALS

2 CENT BANK HOME FINANCE (ONLY RENEWAL)CUM-` 5000/-

NON CUM-` 10000/-

7

0.25% FOR SENIOR CITIZEN

HDFC LTD- SPECIAL DEPOSIT FOR INDIVIDUAL(UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.33M=7.98 - - 66M=7.98 - -5

HDFC LTD- REGULAR DEPOSIT FOR INDIVIDUAL(UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.78 - 7.78 7.78 - 7.78 7.78 -6

15M= 20m= 30m= 35m= 40m= 75m= 90m=

8.20% 8.25% 8.35% 8.35% 8.35% 8.40% 8.40%

* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application.

* For Application of Rs.50 Lac & above, Contact to Head Office.

* Email us at [email protected]

16

-

12M 18M 24M 36M 45M 48M 60M 84M

PERIOD

ADDITIONAL RATE OF INTEREST (%)

MIN.

INVESTMENT

(`)NBFC COMPANY - NAME S.NO

8.00 15M= 8.15 8.60 - 8.60 8.60 -

8.05%

7.75 8.00 8.00 8.00 - 8.25 8.25 8.00

7.75 13M= 7.75 8.00 - 8.00 8.00 8.25

7.75

15M=7.83 22M=7.93 30M=7.88 44M=7.93

INDUSTRY & FUND UPDATE

Quantum Mutual Fund has launch Quantum India ESG (Environment, Social and Governance) Equity Fund

Quantum Mutual Fund has launch Quantum India ESG (Environment, Social and Governance) Equity Fund on June 21, which will remain open until July

5. The open-ended equity oriented scheme will invest in a basket of stocks with good environment, social and governance standards. ESG investing, a

well-known concept outside India (Europe, US, Canada, Australia and Japan), has been gaining traction in the country. Not only Fund houses, but

regulators are also pushing for good corporate governance practices, company disclosures, timely audits, and uniform accounting standards through

circulars. In terms of asset allocation, Quantum Mutual Fund will invest at least 80 percent of its assets in equity and equity-related instruments of

companies following ESG criteria, while the balance 20 percent will be in money market instruments and liquid schemes of mutual funds.

Sebi tightens regulations for troubled debt mutual funds

The Securities and Exchange Board of India (Sebi) has tightened rules for debt mutual funds in the wake of the recent credit crisis that led to the

values of these schemes taking a hit. The regulator has made early redemptions from liquid funds more expensive and strengthened norms for debt

mutual funds’ lending against shares to make these products safer for investors. Sebi also expressed its disapproval of the so-called standstill

agreement that mutual funds have reached with the indebted Essel Group.

Mahindra Finance, Manulife in 51:49 JV for Mahindra AMC

Mahindra & Mahindra Financial Services subsidiary, Mahindra Asset Management Company, has entered in to 51:49 joint venture with global financial

services group, Manulife. The joint venture with Manulife will be signed by Manulife Asset Management (Singapore) Pte Ltd. Toronto-headquartered

Manulife, operates as John Hancock in the US, providing wealth and asset management, and life insurance services. As of March 31, the assets of

Manulife stood at $849 billion (Rs 58.98 lakh crore). It largely has operations in Asia, Canada and the US. Anand Mahindra-promoted M&M Finance is the

parent of Mahindra AMC, which is among the smaller asset management companies in India, with assets under management of a little under Rs 5,000

crore. Of this, Rs 1,600 core is equity funds, while the rest is debt funds.

MUTUAL FUND

17

NEW FUND OFFER

Scheme Name Aditya Birla Sun Life Pharma & Healthcare Fund - Regular Plan (G)

Fund Type Open Ended

Fund Class Growth

Opens on 20-Jun-2019

Closes on 04-July-2019

Investment Objective The scheme seeks to provides long term capital appreciation by investing in equity/equity related instruments of the companies in the Pharmaceuticals, Healthcare and Allied sectors in India.

Min. Investment Rs. 5,000/-

Fund Manager Mr. Mahesh Patil / Mr. Pranay Sinha

Scheme Name Quantum India ESG Equity Fund - Regular (G)Fund Type Open endedFund Class GrowthOpens on 21-Jun-2019Closes on 05-July-2019Investment Objective The scheme seeks to achieve long-term capital appreciation by investing in share of companies that meet Quantums

Environment, Social and Governance (ESG) criteria.Min. Investment Rs. 500/-Fund Manager Mr. Chirag Mehta / Ms. Sneha Joshi

Scheme Name Reliance Fixed Horizon Fund - XLI - Series 12 (1116D) - Regular Plan (G)Fund Type Close endedFund Class GrowthOpens on 25-Jun-2019Closes on 9 -July-2019Investment Objective The scheme seeks to generate returns and growth of capital by investing in a diversified portfolio of Central and State

Government securities and Other fixed income/ debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility.

Min. Investment Rs. 5,000/-Fund Manager Mr. Amit Tripathi

Note: Indicative corpus are including Growth & Dividend option . The above mentioned data is on the basis of 27/06/2019Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

MUTUAL FUND Performance Charts

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

Kotak Taxsaver - Reg - Growth 45.67 23-Nov-2005 888.53 5.76 11.27 13.73 14.30 11.82 1.65 0.94 -0.04 60.88 27.10 10.81 1.21

Mirae Asset Tax Saver Fund-Reg-Growth 18.10 28-Dec-2015 1405.40 4.31 9.56 13.12 19.68 18.48 1.78 1.01 0.00 75.77 15.52 7.45 1.26

Canara Robeco Equity Tax Saver Fund-G 67.32 02-Feb-2009 876.41 3.94 10.25 13.10 14.67 20.12 1.71 0.96 0.00 63.49 14.91 19.75 1.85

Tata India Tax Savings Fund-Reg-Growth 18.87 14-Oct-2014 1623.26 5.14 12.55 12.61 14.45 14.49 1.89 0.99 -0.03 75.71 11.95 6.61 5.73

HDFC Long Term Advantage Fund - G 369.23 02-Jan-2001 1451.17 3.34 9.18 12.14 15.27 21.55 1.72 0.98 -0.04 73.00 5.22 14.77 7.02

DSP Tax Saver Fund - Growth 49.10 18-Jan-2007 4828.61 3.06 10.31 11.30 13.47 13.64 1.82 1.01 -0.05 72.68 13.14 10.18 4.01

ICICI Pru Long Term Equity F (Tax Saving)-R-G 387.61 19-Aug-1999 5686.28 3.88 8.56 9.84 11.87 20.21 1.64 0.85 -0.02 70.76 13.68 8.30 7.26

TAX Fund


Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &


HDFC Equity Fund - Growth 701.45 01-Jan-1995 20973.50 4.87 12.71 19.58 16.11 18.94 2.08 1.12 -0.04 82.03 11.87 5.66 0.44

HDFC Top 100 Fund - Growth 518.09 11-Oct-1996 15452.70 4.88 12.65 19.46 16.15 20.01 1.88 1.07 -0.01 88.67 10.55 N.A 0.78

Reliance Multi Cap Fund - Growth 100.53 28-Mar-2005 9941.14 2.72 6.17 15.59 12.90 17.57 2.04 1.04 -0.04 50.66 26.24 21.67 1.43

Franklin India Focused Equity Fund - G 42.82 26-Jul-2007 7609.72 5.29 13.43 15.22 13.52 12.97 2.06 1.07 -0.06 60.40 8.09 16.55 14.96

Reliance Large Cap Fund - Growth 35.92 08-Aug-2007 11656.00 3.46 9.29 14.43 15.90 11.35 1.92 1.05 -0.02 80.06 13.69 5.51 0.74

Mirae Asset Emerging Bluechip Fund - G 54.39 09-Jul-2010 6542.37 3.60 9.45 14.30 18.22 20.77 1.90 1.01 -0.03 53.20 34.52 11.62 0.67

Tata Large & Mid Cap Fund - Reg - G 211.27 25-Feb-1993 1305.26 6.74 10.54 13.63 11.78 12.27 1.74 0.96 -0.06 59.13 35.57 0.90 4.40

EQUITY (Diversified)

Annualised

Aditya Birla Sun Life Income Fund - DAP 21.10 06-Mar-2009 978.32 -31.12 16.80 17.15 10.07 11.07 7.40 7.51 19.33 -0.10 7.22 7.80

Returns (%) RiskAverage Yield till

Scheme Name NAV Launch QAAUM Since Std. Sharpe

1W 2W 1M 6M 1Y 3YMaturity (Years) Maturity

(`) Date (`Cr.) Launch Dev.

ICICI Pru Long Term Bond Fund - Growth 61.93 09-Jul-1998 717.68 -37.74 28.43 30.30 13.51 14.26 9.15 9.08 26.80 -0.01 12.10 7.87

Reliance Income Fund - G P - Growth 61.68 01-Jan-1998 279.40 -31.34 23.68 24.62 12.46 12.90 7.96 8.83 21.69 -0.05 9.80 7.18

IDFC D B F - Reg - Growth (Re-Launched) 23.07 03-Dec-2008 1962.65 -37.37 17.51 17.62 10.51 12.08 8.25 8.23 19.50 -0.07 7.43 7.72

IDFC Bond Fund - Income Plan - Reg - G 46.06 14-Jul-2000 699.30 -39.30 18.16 18.65 10.43 12.04 8.02 8.39 19.95 -0.08 7.88 7.76

SBI Dynamic Bond Fund - Growth 23.80 09-Feb-2004 981.41 -31.12 17.80 24.37 13.07 11.49 8.34 5.80 17.10 -0.09 8.81 7.81

L&T Triple Ace Bond Fund - Reg - Growth 48.13 31-Mar-1997 547.88 -40.17 16.15 21.46 12.46 11.48 7.13 7.32 17.09 0.01 8.99 8.10

INCOME FUND

Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe

1W 2W 1M 6M 1Y 3YMaturity (Years) Maturity

(`) Date (`Cr.) Launch Dev.

Kotak Dynamic Bond Fund - Reg - Growth 25.00 27-May-2008 593.22 -26.81 9.24 16.89 11.86 11.97 9.05 8.61 13.19 0.04 6.02 8.26

IDFC Banking & PSU Debt Fund - Reg - G 16.36 07-Mar-2013 2843.30 -10.30 5.36 4.39 10.59 10.52 7.31 8.12 12.24 0.04 3.70 7.71

ICICI Pru Banking & PSU Debt Fund-Reg-G 21.71 01-Jan-2010 4968.65 -14.34 7.01 10.11 9.80 8.58 7.88 8.51 9.60 -0.10 3.80 8.07

Aditya Birla Sun Life Corp Bond Fund-R-G 73.24 03-Mar-1997 14957.60 -4.94 6.70 9.22 9.73 9.61 8.02 9.33 7.27 0.02 2.69 8.07

Aditya Birla Sun Life Banking & PSU Debt F-R-G 243.66 02-May-2008 5997.30 -13.58 7.82 10.30 9.55 9.47 8.07 8.31 9.01 -0.02 4.23 7.86

IDFC Bond Fund - Medium Term Plan-R-G 31.93 08-Jul-2003 1957.60 -16.27 9.17 10.24 9.51 9.43 7.33 7.53 9.46 -0.08 3.93 7.63

Sundaram Banking & PSU Debt Fund - G 26.81 30-Dec-2004 989.39 -6.39 3.40 4.39 9.50 9.41 6.71 7.04 10.37 -0.05 1.96 7.51

SHORT Due to their inherent short term nature, Short term funds have been sorted on the basis of 6month returns

Annualised


Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &


Mirae Asset Hybrid - Equity Fund-Reg-G 15.14 29-Jul-2015 1510.63 3.71 8.75 12.70 13.78 11.18 1.31 -0.01 58.78 10.65 3.47 27.10

ICICI Prudential Equity & Debt Fund - G 137.21 03-Nov-1999 25914.10 3.31 8.01 11.09 13.08 14.25 1.26 -0.04 62.18 5.62 4.42 27.78

SBI Equity Hybrid Fund - Growth 137.88 09-Oct-1995 28413.30 4.12 8.26 10.53 11.91 15.66 1.18 0.00 55.49 9.19 7.95 27.37

Canara Robeco Equity Hybrid Fund - G 161.73 01-Feb-1993 1923.31 3.16 8.11 9.97 12.54 11.27 1.13 -0.03 50.98 13.57 4.99 30.46

HDFC Hybrid Equity Fund - Growth 55.06 06-Apr-2005 21842.70 2.58 8.00 9.47 10.42 12.73 1.60 -0.13 49.42 11.69 8.55 30.34

DSP Equity & Bond Fund - Growth 154.75 27-May-1999 6250.21 3.55 8.89 8.45 11.22 14.60 1.42 -0.05 52.63 10.82 9.99 26.56

Aditya Birla Sun Life Balanced Advantage F-G 53.75 25-Apr-2000 2891.58 2.26 4.96 8.15 10.29 9.16 0.73 -0.07 54.35 10.14 6.00 29.52

BALANCED

18

*Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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