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WISE M NEY
EID MUBARAK
2013: Issue 383, Week: 12th - 15th AugustA Weekly Update from SMC(For private circulation only)
Bra
nd
sm
c 2
05
(Saurabh Jain)
Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
Fixed Deposit 16
Mutual Fund 17-18
EDITORIAL STAFF
Editor Saurabh Jain
Executive Editor Jagannadham Thunuguntla
+Editorial Team
Dr. R.P. Singh Nitin Murarka
Vandana Bharti Tejas Seth
Sandeep Joon Dinesh Joshi
Vineet Sood Shitij Gandhi
Dhirender Singh Bisht Subhranil Dey
Parminder Chauhan Ajay Lakra
Mudit Goyal
Content Editor Kamla Devi
Graphic Designer Pramod Chhimwal
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365
MUMBAI OFFICE:
Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road
Malad (West), Mumbai 400064
Tel: 91-22-67341600, Fax: 91-22-28805606
KOLKATA OFFICE:
18,Rabindra Sarani, Poddar Court, Gate No-4, 4th & 5th Floor,
Kolkata-700001
Tel : 91-33-39847000/39801300, Fax No : 91-33-39847004
AHMEDABAD OFFICE :
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
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Tel : 91-79-26424801 - 05, 40049801 - 03
CHENNAI OFFICE:
2nd Floor, Mookambika Complex, 4, Lady Desikachari Road,
Mylapore, Chennai-600004
Tel: 91- 44 - 39109100 Fax: 91- 44 - 39109111
SECUNDERABAD OFFICE:
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Tel: 91-40-30780298/99, 39109536
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Tel: 97143963120, Mobile : 971502612483
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Printed and Published on behalf of
Mr. Saurabh Jain @ Publication Address
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lobal stock markets largely remained in a fix prior to the Bank of Japan
monetary policy meeting review and as investors were trying to assess that Gwhether economic condition of U.S. has improved to an extent that it can
lead to reduction in bond purchase program by U.S. Fed in September 2013. China saw
better growth than estimates in Exports and Imports in July to 5.1% and 10.9%
respectively. Bank of Japan (BOJ) maintained its stance to expand bond purchase by
60 trillion yen to 70 trillion yen per year. BOJ raised its estimates for economic growth
for the seventh consecutive month as economy saw an annualized expansion of 3.6% in
the quarter ending June 2013.
Back at home, eight core industries having a combined weight of 37.90% in the Index
of Industrial Production (IIP) grew at a pace of 0.1% in the month of June 2013 over the
corresponding period. The government named Raghuram Rajan as a new governor of
the Reserve Bank of India who would be joining office in the first week of September
for a term of three years. Mr. Rajan currently working in capacity of chief economic
advisor in the Finance Ministry since last one year worked earlier with International
Monetary Fund as chief economic advisor. Lot of expectations have been built on his
appointment as he has lot of credibility in the international community because of his
independent views and intellectual standards.
Indian markets have largely underperformed the global stock markets and stocks have
been battered down heavily in the last fortnight or so as a result of risk aversion.
Markets are eyeing on the ongoing monsoon session of parliament in which important
legislations are expected to be passed including bills related to Insurance, Pension,
food security, etc. It is also understood that a High Level Committee (HLC) meeting is
being conducted by the government to consider host of measures to strengthen
currency and boost demand. Opening up of External Commercial Borrowing limit,
allowing public sector banks to raise Tier I capital from ECB route, bond issuance by
the Public Sector Undertakings are some of the measures that are being discussed in
the HLC. For investors, it is the time to remain more vigilant and informed that can be
very fruitful in terms of making investment decisions.
On the commodities front, concerns that the Fed may soon begin to reduce stimulus
due to improved economic data may keep the crude oil along with bullion under
pressure. This week US advance retail sales data and CPI data along with Euro zone
GDP will give direction to metal and energy. Base metals continue to remain buoyant
with upside bias. Some improvement in euro zone economy also supported the base
metals as Euro zone sentiment brightened in August as data pointed to an economic
recovery in some struggling euro zone states. Euro zone business expanded for the
first time in 18 months in July, albeit very slightly. Dollar index may move in the range
of 80.5-82.5 levels. Middle East tensions continue to influence crude oil prices. In agro
pack, a mixed trend was witnessed in physical edible oil market with prices of
imported oils rising as the rupee dropped against the dollar. Local refiners raised
prices with stockists too showing interest in building inventories ahead of the festival
season.
From The Desk Of Editor
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 18665 DOWN 01.08.13 19317 19500 19700 19900
S&P NIFTY 5519 DOWN 01.08.13 5728 5780 5850 5900
CNX IT 7768 UP 18.07.13 7306 7300 7200 7100
CNX BANK 9757 DOWN 13.06.13 11687 10600 10800 11000
ACC 1160 DOWN 17.01.13 1359 1230 1260 1300
BHARTIAIRTEL 326 UP 18.07.13 324 325 315 310
BHEL 116 DOWN 01.11.12 227 130 140 150
CIPLA 390 UP 18.07.13 413 395 385 380
DLF 131 DOWN 21.03.13 239 155 160 170
HINDALCO 87 DOWN 13.06.13 97 95 100 105
ICICI BANK 868 DOWN 13.06.13 1069 960 975 990
INFOSYS 2963 UP 18.07.13 2800 2800 2750 2700
ITC 322 DOWN 07.08.13 322 340 345 350
L&T 779 DOWN 23.05.13 945 870 890 920
MARUTI 1331 DOWN 13.06.13 1457 1450 1480 1510
NTPC 136 DOWN 20.06.13 140 140 145 150
ONGC 273 DOWN 13.06.13 309 295 305 315
RELIANCE 872 UP 04.07.13 862 860 840 830
TATASTEEL 208 DOWN 07.02.13 390 250 260 270
NEWS
EX DATE SYMBOL PURPOSE13-AUG-13 LT DIVIDEND - RS 12.33/- PER SHARE13-AUG-13 MARUTI FINAL DIVIDEND RS.8/- PER EQUITY SHARE14-AUG-13 HINDPETRO DIVIDEND RS.8.50 PER SHARE14-AUG-13 RELCAPITAL DIVIDEND RS 8/- PER SHARE14-AUG-13 MOIL DIVIDEND RS 3.50/- PER SHARE14-AUG-13 RCOM DIVIDEND RE 0.25/- PER EQUITY SHARE16-AUG-13 CHAMBLFERT DIVIDEND RS 1.90 PER SHARE19-AUG-13 RENUKA DIVIDEND RS 0.50 PER SHARE
MEETING DATE SYMBOL PURPOSE
12-AUG-13 TECHM RESULTS12-AUG-13 ONGC RESULTS12-AUG-13 SBIN UPDATES12-AUG-13 IGL RESULTS12-AUG-13 HINDPETRO RESULTS12-AUG-13 INDIACEM RESULTS12-AUG-13 INDBANK RESULTS12-AUG-13 BAJAJHIND RESULTS12-AUG-13 DLF RESULTS13-AUG-13 VOLTAS RESULTS13-AUG-13 M&M RESULTS13-AUG-13 OPTOCIRCUI RESULTS/RIGHTS13-AUG-13 OIL RESULTS13-AUG-13 HINDALCO RESULTS/OTHERS13-AUG-13 IOC RESULTS14-AUG-13 WOCKPHARMA RESULTS14-AUG-13 SAIL RESULTS14-AUG-13 HDIL RESULTS14-AUG-13 BHUSANSTL RESULTS
FORTHCOMING EVENTS
DOMESTIC NEWS
Economy
• According to the survey report from Markit Economics and HSBC, Business
activity across Indian private sector contracted for the first time in more
than four years in July. The HSBC composite output index, that measures
combined output of both manufacturing and service sectors, fell to 48.4 in
July from 50.9 in June. Readings above 50 indicate expansion of the sector
while readings below 50 suggest contraction.
Information Technology
• Tata Consultancy Services (TCS) has been selected by Australian
Pharmaceutical Industries (API) to unify the firm's IT systems across retail
and wholesale operations.
Pharmaceuticals
• Lupin has acquired US rights to Alinia® for Oral Suspension through its US
subsidiary Lupin Pharmaceutical Inc. The drug is indicated for treatment of
diarrhea and was being marketed by the US pharmaceutical Company
Romark Laboratories.
Metal
• Jindal Steel and Power will commission 2.5 million tonne electric arc
furnace at its upcoming ̀ 30,000 crore steel mill in Angul, Odisha. Initially,
JSPL will conduct trial runs to stabilise the furnace. Post stabilisation,
which will take few months, its steel making capacity will increase to 6
million tonne per annum (MTPA).
• Engineers India Ltd has bagged a `670 crore contract from Chennai
Petroleum Corp Ltd (CPCL) for construction of a coker unit that will convert
residual oil in the refinery into fuel.
Engineering
• Larsen and Turbo Ltd (L&T) has been awarded `646.56 crore contract for
equipment supply and construction of 28 mega lift irrigation projects in Tel
River basin by the water resources department of Odisha government.
• Era Infra Engineering Ltd (EIEL) has bagged a `357 crore contract from
Nabinagar Power Generating Company Ltd (NPGC). NPGC is a Joint Venture
(JV) between state-owned power generator NTPC Ltd and Bihar State
Electricity Board.
Realty & Infra
• Godrej Properties has entered into a development agreement with Oasis
Buildhome to build a premium residential group housing project in
Gurgaon. This will be the company's third project in Gurgaon. It is already
developing two residential projects in Gurgaon - Godrej Frontier and
Godrej Summit. Besides, it will develop a residential project in Okhla, New
Delhi.
INTERNATIONAL NEWS
• US trade deficit narrowed to $34.2 billion in June from a revised $44.1
billion in May. Economists had expected the deficit to narrow to $43.0
billion from the $45.0 billion originally reported for the previous month.
• US non-manufacturing index jumped to 56.0 in July from 52.2 in June, with
a reading above 50 indicating growth in the service sector. Economists had
been expecting the index to show a more modest increase to a reading of
53.0.
• US non-farm payroll employment increased by 162,000 jobs in July
following a downwardly revised increase of 188,000 jobs in June.
Economists had expected employment to increase by about 175,000 jobs
compared to the addition of 195,000 jobs originally reported for the
previous month.
• US construction spending fell by 0.6 percent to a seasonally adjusted
annual rate of $883.9 billion in June. Economists had been expecting
spending to increase by about 0.4 percent.
• US factory orders increased by 1.5 percent in June following a revised 3.0
percent increase in May. Economists had been expecting orders to rise by
about 2.3 percent.
• US consumer credit increased by $13.8 billion in June following a
downwardly revised $17.5 billion increase in May. Economists had expected
credit to increase by about $15.0 billion compared to the $19.6 billion
increase originally reported for the previous month.
*Stock price has been adjusted according to the Bonus ratio 1:2
®
5
BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)
SECTORAL INDICES (% Change)
SMC Trend
SMC Trend
FMCGHealthcare
FTSE 100CAC 40
Auto BankRealty
Cap GoodsCons Durable
Oil & GasPower
NasdaqDow jonesS&P 500
NikkeiStrait times
Hang SengShanghai
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
ITMetal
Down SidewaysUp
SMC Trend
Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500
GLOBAL INDICES (% Change)
INDIAN INDICES (% Change)
®
-2.80-2.60
-1.69
-0.23-0.35
-2.34
-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
0.00
-2.58 -2.47
-6.50
-5.26
-2.80
-1.91
-1.17-1.49
2.64
0.60
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index Healthcare Index
IT Index Metal Index Oil & Gas Index
Power Index Realty Index
0.86
-0.96-1.20 -1.10
-4.43
-0.74
-2.71
-2.06
-0.18
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.
FTSE 100 CAC 40
9.04
5.043.73 3.22 2.67
-22.42
-9.69-8.77
-7.19-5.93
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
Jindal Steel NTPC Sterlite Inds. Coal India Tata Steel B H E L H D F C Tata Power Co.
Bajaj Auto Larsen & Toubro
8.887.33
5.69 5.04 4.38
-22.69
-14.93
-9.73-8.88
-7.68
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
Jindal Steel Reliance Infra.
Sesa Goa NTPC JP Associates B H E L Asian Paints H D F C Tata Power Co.
UltraTech Cem.
-265.80
440.30
150.90
356.60
7.70
-471.90-600.00
-400.00
-200.00
0.00
200.00
400.00
600.00
Friday Monday Tuesday Wednesday Thursday
FII Activity MF Activity
Beat the street - Fundamental Analysis
6
® Above calls are recommended with a time horizon of 1 year. Source: Company Website Reuters Capitaline
Face Value (`) 2.00
52 Week High/Low 46.55 / 29.80
M.Cap (` Cr.) 599.34
EPS (`) 6.09
P/E Ratio (times) 6.26
P/B Ratio (times) 0.64
Dividend Yield (%) 1.97
Stock Exchange BSE
VALUE PARAMETERS
% OF SHARE HOLDING
ESSEL PROPACK LIMITED CMP: 38.15 Upside: 35%Target Price: 52
Investment Rationale •During Q1 FY'14, Germany turned around positively and performed as expected. Holland •The company's capex for FY'14 is expected to be also saw things to improve with the shift in plastic around `140-150 crore. Overall for FY'14, tube manufacturing capacity to India, helped. management expects consolidated net sales While in Russia, the progress is moving slowly. growth of 14% with EBIDTA margin improvement of Overall, the management aims to bring the region around 80-100 bps and bottom line of the `100 into break even around, by the year-end. Also new crore. customers were added in almost all the •The management expects strong third quarter in geographies, like Holland, Germany, Columbia, FY'14 and continues to remain positive about its Mexico, Egypt, US, China, apart from retaining the mission hi 5, which depicts a target of about US $ existing customers. 465 million turnover at consolidated level by 2015.
Valuation•New capacity was implemented in Europe for The Company's business is driven by strong and supply of tubes from Poland under a large long sustained growth of the FMCG sector. Its R&D term contract with an FMCG major, and the ramp capability, global customer network, large scale and up is making good progress. The off-take and manufacturing expertise, may help in seizing the operational efficiencies improved significantly at opportunity that is being continuously thrown up the German unit. Consequently, Europe region has
cut its losses by 30% over the previous year. across the globe. We, thus, expect the stock to see a price target of `52 in one year time frame, based on •AMESA (Africa, Middle East & South Asia) region estimated FY14E EPS of 6.45 on target P/Ex of 8.continues to grow strongly in tubes sales. The
region is actively creating new opportunities in the pharma and other non-oral care categories across South Asia, Middle East and Africa. The expansion of plastic tube facility at Wada is in progress to meet the growing demand.
•The Company is actively driving growth in the high value non-oral care categories such as cosmetics, pharma, hair care, foods etc. helped by innovation in structures and advanced decoration capability. The value share in its sales of the non-oral care category during the quarter ended June 2013 at 40.1% was higher than 38.6 % during the previous quarter.
` in cr
Particular Mar 2013 Mar 2014 Mar 2015
Revenue 1,811.28 2,081.15 2,390.15
EBITDA 313.11 367.05 436.10
EBIT 186.94 231.30 290.10
Pre-Tax Profit 125.98 160.55 211.90
Net Profit 80.96 101.05 132.65
EPS 5.15 6.45 8.44
BVPS 60.13 65.50 72.80
ROE 8.86 10.41 12.50
P/BV Chart
Face Value ( ) 5.00
52 Week High/Low 386.95 / 258.20
M.Cap (` Cr.) 2918.75
EPS (`) 23.74
P/E Ratio (times) 11.23
P/B Ratio (times) 2.10
Stock Exchange BSE
`
` in cr
Particular Mar 2013 Mar 2014 Mar 2015
Revenue 1,629.48 1,878.04 2,052.53
EBITDA 381.22 505.13 522.01
EBIT 342.02 702.95 798.19
Net Profit 273.93 393.46 401.92
EPS 25.03 36.06 36.84
BVPS 178.24 193.29 230.11
ROE 14.83 17.63 16.66
VALUE PARAMETERS
% OF SHARE HOLDING
Investment Rationale Company Ltd, is expected to record EBDITA USD 0.5 million as against USD 0.2 million last year.•The company manages 47 tea estates in the
Assam Valley, 6 tea estates in the Dooars region of •Net profit of the company rose 35.73% to `26.21 West Bengal, 3 factories in Vietnam and 6 estates crore in the quarter ended June 2013 as against Rs in Uganda and has management control of the 19.31 crore during the previous quarter ended world renowned Gisovu estate in Rwanda. Every June 2012. Sales rose 21.61% to `174.45 crore in year its estates produce approximately 100 million the quarter ended June 2013 as against `143.45 kilograms of black tea, which is marketed crore during the previous quarter ended June worldwide under the registered Elephant 2012.trademark. Valuation
•The company expects tea prices for better quality The company has been reporting steady growth both teas and orthodox teas to improve over last year in terms of revenue and profit over the last few years. both in domestic and global markets. Tea prices The geographical diversification has helped the ruled lower by `7 per kg in India Auctions. The company to maintain its performance even in times of trend has reversed and currently the prices are economic slowdown. Favorable climate and stable marginally higher than the last year. operating cost along with improvement in demand
•It has incorporated a trading outfit in Kenya to may continue to benefit the company going forward. procure and supply African tea to the company's On the estimated FY14E EPS of `36.06 and target Dubai blending unit. It has similar blending unit at P/Ex of 10x, we expect the stock to see a price target of Kolkata. These units serve the global blended tea 361 in one year time frame. market for the company.
•During the six months ended 30th June 2013 McLeod Russel Uganda has achieved a total production of 8.9 million kg as against 6.8 million kg during same period last year. Average prices for the period was USD 2.06 per kg against USD 1.96 per kg last year. It is estimated to record EBDITA USD 6.2 million as against USD 4 million last year.
•During the first six month ending June 2013 the global operating subsidiaries of the company have witnessed increase in production as well as increase in prices. The company's 100% step-down subsidiary in Vietnam, Phu Ben Tea
P/E Chart
MCLEOD RUSSEL INDIA LTD CMP: 266.65 Upside: 35%Target Price: 361
36.44
3.23
4
45.71
10.62
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
11.393.27
9.75
58.94
16.67
Foreign
Institutions
Non Promoter Corporate Holding
Promoters
Public & Others
Charts by Spider Software India Ltd
7
The stock closed at 36.75 on 07th August 2013. It made a 52-week low at 32.60
on 27th June 2013 and a 52-week high at `76.65 on 28th September 2012. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at ̀ 65.10.
After a major downtrend, it made a reversal by forming double bottom
formation at the lower levels. It has still room left on the upside. So, we
anticipate that it will reach our targets in the near term. One can buy in the
range of 35-37 levels with closing below stop loss of 33.50 levels for the target of
39-40 levels.
` `
EQUITY
Above calls are recommended with a time horizon of 1-2 months
The stock closed at 40 on 07th August 2013. It made a 52-week low at 33.15 on
05th August 2013 and a 52-week high of `81.25 on 22nd January 2013. The 200
days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at ̀ 71.64.
After making 52 week low of 33 levels, it rebounded sharply by forming a
reversal bar with the increase in volumes at lower levels, which shows that
bargain hunting is there due to which it gave a closing on positive note on the
weekly basis. One can Buy in the range of 40-42 levels with closing below stop
loss of 38 levels for the target of 45-48 levels.
` `
The stock closed at 207.95 on 07th August 2013. It made a 52-week low at
`195.30 on 07th August 2012 and a 52-week high at `448 on 07th January 2013.
The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart
is currently at ̀ 427.90.
After a steep fall, it finally paused by forming 52 week low of 195 levels and
rebounded sharply with the support of increase in volumes in it. There is still a
possibility of upside in the near term, which may help it to reach our desired
targets. One can Buy in the range of 215-217 levels with closing below stop loss
of 209 levels for the target of 230-235 levels.
`
CHAMBAL FERT
TATASTEEL
PTC
®
DERIVATIVES
BASIS GAP IN NIFTY
Nifty opened on a negative note last week around 5680 levels and saw selling pressure throughout the week. It closed below the crucial level of 5600 mark. Majority of the liquid stocks in the F&O segment are trading at multi year lows indicating strong bearish sentiment in the market. On the contrary, global markets are trading at yearly highs thus indicating a contrasting picture. For the Aug series, the basis decreased to a premium of 29.00 points from 35.00 points over the week. For the Sep series, the premium fell to 58.00 points from 65.00 points. The Implied Volatility (IV) of calls rose and closed at 20.22% while that for put options closed at 21.25%.The Nifty VIX for the week rose sharply and it is currently trading above its 10-day SMA. Overall market cost-of-carry decreased on the back of addition in open interest indicating short build up. Among Nifty options, the 6000-strike call has the highest open interest of 66 lakh shares followed by the 5400-strike put which have OI of over 65 lakh shares. Last week 5700-strike call saw the highest addition in open interest of over 20 lakh shares, followed by 5400-strike put with addition of over 20 lakh shares respectively. The PCR OI for the week closed at 0.94. On the technical front, Nifty is placed at the lower end of the range (5500-6000), below which strong down move can be expected. It is likely to see increased selling pressure if it breaks below 5470. On the upside, traders should watch for 5625 levels, above which short covering can come in.
WEEKLY VIEW OF THE MARKET
NIFTY TOTAL OPEN INTEREST (in share)
FIIs ACTIVITY IN INDEX FUTURE (F&O) IN LAST WEEK
(Derivative segment)
®
FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS
(Derivative segment) `(Cr)
DLF (AUG FUTURE)
Buy: Above `140
Target: `150
Stop loss: `136
JINDALSTELBuy AUG 210 CALL 11.00Buy AUG 190 PUT 5.00
Lot size: 1000Upside BEP: 226.00Downside BEP: 174.00Max. Profit: UnlimitedMax. Loss: 16000.00 (16.00*1000)
OPTIONSTRATEGY
FUTURESTRATEGY
RELIANCEBuy AUG 880 CALL 20.00Buy AUG 840 PUT 13.00
Lot size: 250Upside BEP: 913.00Downside BEP: 807.00Max. Profit: UnlimitedMax. Loss: 8250.00 (33.00*250)
SBIN (AUG FUTURE)
Sell: `1641
Target: `1591
Stop loss: `1666
Below
LTBuy AUG 800 CALL 17.00Buy AUG 760 PUT 21.00
Lot size: 375Upside BEP: 838.00Downside BEP: 722.00Max. Profit: UnlimitedMax. Loss: 14250.00 (38.00*375)
VOLATILITY STRATEGY
DERIVATIVE STRATEGIES
AMBUJACEM (AUG FUTURE)
Sell: `177
Target: `169
Stop loss: `181
Below
BUY0.0%
SELL100.0%
0
5
10
15
20
25
30
35
40
45
50
24-Jul 25-Jul 26-Jul 29-Jul 30-Jul 31-Jul 01-Aug 02-Aug 05-Aug 06-Aug 07-Aug
148450 176350
1023050
2244000
3855400
3908350
5701550
5515500
6707900
4238350
2496200
4561200
3722350
7175600
4808200
3489700
4079550
3005050
1410750
1179200
531200 409050
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
5200 5300 5400 5500 5600 5700 5800 5900 6000 6100 6200
Call Put
1269.62
1614.75
139.78
-14.83
-304.41
1164.30
771.35
-732.37-497.89
-2013.62-2500.00
-2000.00
-1500.00
-1000.00
-500.00
0.00
500.00
1000.00
1500.00
2000.00
25-Jul 26-Jul 29-Jul 30-Jul 31-Jul 01-Aug 02-Aug 05-Aug 06-Aug 07-Aug
8
9
BHARTIARTL 9795000 9331000 -4.74 1.19 0.86 -0.33 41.87 40.69 -1.18
DLF 28360000 31275000 10.28 0.36 0.55 0.19 81.40 87.27 5.87
HINDALCO 26972000 26620000 -1.31 0.51 0.53 0.02 57.29 49.26 -8.03
HINDUNILVR 7837500 8115500 3.55 1.08 0.98 -0.10 29.08 26.55 -2.53
ICICIBANK 9269500 9361500 0.99 0.53 0.72 0.19 43.45 41.01 -2.44
IDEA 8276000 8576000 3.62 0.27 0.24 -0.03 59.12 57.37 -1.75
INFY 2911375 2564750 -11.91 1.26 1.30 0.04 23.59 27.34 3.75
ITC 22101000 23020000 4.16 0.70 0.65 -0.05 34.47 33.61 -0.86
JPASSOCIAT 85448000 85628000 0.21 0.44 0.48 0.04 94.25 87.29 -6.96
NTPC 11472000 10548000 -8.05 0.48 0.61 0.13 33.51 33.61 0.10
ONGC 8725000 8796000 0.81 0.38 0.36 -0.02 41.39 42.96 1.57
RANBAXY 3612000 3398500 -5.91 0.67 1.07 0.40 59.66 67.78 8.12
RCOM 28848000 29568000 2.50 0.56 0.60 0.04 75.37 71.44 -3.93
RELIANCE 7677000 7570250 -1.39 0.48 0.68 0.20 31.42 32.30 0.88
NIFTY 15449500 15568400 0.77 1.02 0.94 -0.08 19.92 21.25 1.33
SAIL 12892000 13400000 3.94 0.54 0.53 -0.01 58.75 52.24 -6.51
SBIN 5674875 5375750 -5.27 0.61 0.77 0.16 46.27 47.80 1.53
TATASTEEL 22546000 22142000 -1.79 0.48 0.55 0.07 49.44 48.36 -1.08
UNITECH 66800000 65864000 -1.40 0.47 0.62 0.15 94.31 88.31 -6.00
IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS
OPEN INTEREST PCR RATIO IMPLIED VOLATILITY
SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE
DERIVATIVES
Put Call Ratio Analysis : The Put-Call open interest ratio of Nifty has decreased
to 0.94 from 1.02. At the end of the week, the maximum stocks had a positive of
change in put call open interest ratio.
Implied Volatility Analysis : The Implied Volatility (IV) for Nifty futures this week
has increased to 21.25% from 19.92%. The IV of the stock futures has changed this
week ranging from -8.03% to 8.12%.
Open Interest Analysis : The open interest for the index at the end of this week
has increased by 0.77% as compared to the previous week. All future stocks saw
changes in their open interest ranging from -11.91% to 10.28%. DLF has the
maximum increase in open interest as compared to other stocks.
Statistical Analysis·
Open 5779.00 High 5787.30
Low 5515.80 Close 5554.15
NIFTY & IV CHART NIFTY ANALYSIS
®
18
19
20
21
22
23
5400
5500
5600
5700
5800
02-Aug 05-Aug 06-Aug 07-Aug
Nifty Close IV
10
®
Bullion counter may trade on volatile path on mixed fundamentals.
Greenback can take support near 80.50 levels. On the domestic bourses
weakness in local currency rupee has capped the downside in the gold
prices. Local currency rupee has again weakened to 61.8 Vs Dollar. Gold may
trade in the range of $1200-1340 in COMEX and 26500-28600 in MCX. White
metal silver can also trade in the range of 39500-43000 in near term. COMEX
gold tumbled 23 percent this year amid speculation that the Fed will wind
down its quantitative easing program. Fed Bank of Cleveland President
Sandra Pianalto stated that there has been “meaningful improvement” in
the labor market and tapering may be warranted if it continues to
strengthen. Dallas Fed President Richard Fisher said on Aug. 5 the central
bank is closer to slowing bond buying and warned investors not to rely on
stimulus. Fed Bank of Chicago President Charles Evans said on Aug. 6 that he
“would clearly not” rule out a decision to begin curbing bond purchases in
September. Assets in the SPDR Gold Trust fell to 910.53 metric tons last week
the lowest since February 2009, according to data on the fund's website and
the Holdings are down 440.29 tonnes this year. China's gold demand is likely
to remain elevated with prices below $1,300. China's gold imports from
Hong Kong increased to 113 metric tonnes in June from 68 in the same month
last year. Recently, the Reserve Bank of India imposed restrictions on import
of gold, which could put pressure on the supply side.
BULLIONS
Crude oil may witness some profit booking at higher levels. Recently improvement in US economy and Middle East tensions along with declining greenback gave support to the prices. An Energy Information Administration report showed that U.S. crude supplies fell for the fifth time in six weeks. On the domestic bourses, weakness in the local currency has also given support to the prices. Crude oil futures can move in the range of 6200-6600 in MCX and $100-110 in NYMEX. Recently inventories of crude oil fell 1.32 million barrels to 363.3 million. Crude output rose 0.2 percent to 7.56 million barrels a day last week, the highest level since December 1989, the EIA said. Production has surged as the combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies trapped in shale formations in the central part of the country. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, dropped 2.25 million barrels to 39.9 million last week, the lowest level since March 2012, according to the EIA. Supplies reached a record 51.9 million barrels in the week ended Jan. 11. Bearishness in Natural gas may persist as it can dip below 190 in MCX due to feeble demand and burgeoning inventories. Natural gas futures skidded to a fresh five-month low amid expectations of above average increase in domestic gas inventories as cool weather damped demand for the fuel. Private forecaster Commodity Weather Group last week stated that a "seasonal to cool pattern continues for the Midwest/East over the majority of the next two weeks."
ENERGY COMPLEX
Base metals complex may trade with upside bias on strong China imports and positive data but profit booking at higher levels cannot be denied. Both the export and import figures surprised the market on the upside, thanks to an improving external environment as well as Beijing's targeted measures to shore up the economy. Exports from China, a top metals consumer, rose 5.1 percent in July from a year ago and imports jumped 10.9 percent, a solid turnaround from unexpected falls in June. The government signaled last month that it will defend its 7.5 percent economic growth target for the year after expansion slowed for a second quarter. Red metal copper can trade in the range of 420-450. China's apparent copper demand, after adjusting for changes in stocks, surged over 20 percent in the second quarter. Underground production at Freeport McMoRan Copper and Gold Inc's Indonesian unit is running at 50 percent of capacity after the accident last month. Aluminum prices may move in the range of 106-113 levels while Zinc prices can hover in the range of 110-115 in MCX. China's oversupply of aluminium is likely to escalate in the second half of 2013 as more new capacity is set to come on-stream, further reducing the need for imports by the world's top consumer and producer of aluminium. Beijing has tried unsuccessfully to limit aluminium capacity and last month further tightened regulations for new and existing smelters. Nickel prices can trade in the range of 830-890 in MCX. While battery metal Lead can move in the range of 126-135.
BASE METALS
Turmeric futures (Sept) will possibly consolidate in the range of 5200-4700 level, tracking selling pressure at spot markets. There are reports that farmers are having huge stocks & they are eager selling them to meet their immediate expenses of sowing operations. The major areas of Erode have already completed 40% of their sowing, while Maharashtra has completed 45-50% of their sowing for the current years. On the demand side, the exporters are lacking sufficient upcountry orders due to ongoing monsoon. Jeera futures (Sept) might continue to move upside towards 13700 levels. In the current scenario, the counter may get pushed up by anticipation of higher offtakes from global markets, which normally edges up after Ramadan. Moreover, there are persistent worries over supplies from Syria in world markets. The spot markets are witnessing a good activity amid renewed buying interest. The downside in chilli futures (Sept) might get further extended breaching 5050 levels as the market participants are expecting fresh supplies from September month in all the mandies. There is an anticipation of bumper supplies in Madhya Pradesh along with comfortable stocks in local mandis. It is being estimated that there are around 65-68 lakh bags in Andhra Pradesh mandies. Cardamom futures (Sept) will probably witness a consolidation in the range of 760-820 levels & the downside may remain capped taking advantage of crop damage due to heavy rains. It is being reported that the Idukki district, the hub of cardamom and pepper, has received 65 per cent excess rainfall this season.
SPICES
OTHER COMMODITIES
Kapas futures (Apr'14) will trade higher towards 1030 levels, taking into the account that the bullish factors are getting attached to the counter. There are reports that excess rainfall in July has harmed the cotton crop in large parts of southern and central India. According to the Central Institute of Cotton Research (CICR), Nagpur, if rains continue to be heavy in August too, the cotton yield may decline by about 40% to 50% in Amaravati, Vardha, Nagpur and Chandrapur districts in Vidarbha. The supplies have declined sharply in the domestic market with just around 10,000 bales of 170 kg each coming on daily basis to mandies. In the days to come, Chana futures (Sept) will possibly consolidate in the range of 2650-2900 levels, with upside getting capped owing to profit booking. Reports of higher stocks of imported chana at Mumbai port & stockiest attempting to sell the commodity to take advantage of the recent gains, may keep the upside limited. The fundamentals of international markets show that chickpeas prices declined in Australia amid lack of demand from India, which has adequate stocks in the domestic markets. Guar complex may continue to plunge further on reports of higher sowing this season. As per the latest reports from Department of Agriculture, Rajasthan as on 30th July, guar has been sown in 1354.70 lakh hectares as compared to 1118.10 lakh hectares by this period during last year. The sowing has been completed in parts of Rajasthan especially in irrigated areas of Ganganagar and Hanumangarh region. In Haryana, acreage is likely to increase by double as compared to the prior year.
The short covering in Soybean futures (Oct) is likely to face resistance near 3070 levels. Lack of fresh cues of demand for crushers amid lower export enquires may keep the upside capped. However, any large downside is not seen in days to come as incessant rainfall in the key soybean producing regions of Madhya Pradesh, Rajasthan and Maharashtra led to fears of damage to the standing crop in these regions. Further, arrivals were affected in the spot markets during the week across all states. The weakness in U.S soybean futures is likely to prevail on reports that cool temperatures in the U.S. Midwest into mid-August will enhance soybean yield prospects despite some areas of dryness. There are talks that Chinese are still expected to auction off domestic reserves to crushers although the cost to import supplies from Brazil is cheaper. Funds continue to liquidate positions ahead of the USDA report next week. The market participants would keenly watch the outcomes of the world agricultural supply and demand estimates from U.S Department of Agriculture, scheduled to release on Monday, alongwith the palm oil output data, which is to be released by Malaysian Palm Oil Board (MPOB) on Aug. 14. CPO futures (Aug) is likely to remain stable taking support above 485 levels. A weaker rupee would possibly restrict the imports & demand may pick up on account of festivities in August. Mustard futures (Sept) will possibly hover below 3300 levels. Higher global production estimates for rapeseed and higher domestic oilseed acreage estimates in the current season are likely to put slight pressure on the counter.
OIL AND OILSEEDS
Closing as on 07.08.2013
11
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
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN (OCT) 2933.50 25.07.13 DOWN 2884.50 - 3400.00 3500.00 3700.00
NCDEX JEERA (AUG) 13242.50 11.04.13 UP 13795.00 12400.00 - 12000.00 - 11500.00
NCDEX RED CHILLI (AUG) 4936.00 17.04.13 DOWN 6362.00 - 6000.00 6200.00 6300.00
NCDEX RM SEEDS (AUG) 3178.00 25.07.13 DOWN 3099.00 - 3700.00 3900.00 4000.00
MCX MENTHA OIL (AUG) 849.50 13.06.13 SIDEWAYS
MCX CARDAMOM (AUG) 787.60 28.02.13 DOWN 965.00 - 820.00 850.00 900.00
MCX SILVER (SEP) 41517.00 20.12.12 DOWN 57351.00 - 43000.00 44000.00 45000.00
MCX GOLD (OCT ) 27677.00 25.07.13 SIDEWAYS
MCX COPPER (AUG) 431.70 30.05.13 UP 414.55 400.00 - 390.00 - 380.00
MCX LEAD (AUG) 129.30 30.05.13 UP 122.90 122.00 - 119.00 - 116.00
MCX ZINC (AUG) 112.35 30.05.13 UP 107.55 107.00 - 105.00 - 103.00
MCX NICKEL (AUG) 859.50 21.02.13 DOWN 920.30 - 870.00 900.00 920.00
MCX ALUMINUM (AUG) 108.60 27.06.13 SIDEWAYS
MCX CRUDE OIL (SEP) 6406.00 06.06.13 UP 5404.00 6200.00 - 6100.00 - 6000.00
MCX NATURAL GAS (AUG) 200.80 06.06.13 DOWN 218.60 - 225.00 230.00 235.00
TREND RATE TREND S1 R1 S2 R2 CLOSING
*
TREND SHEET
COMMODITY
NATURAL GAS MCX (AUGUST) contract closed at 200.80 on 7th August '13. The contract made its high
of `230.20 on 18th July '13 and a low of `197.80 on 8th August '13. The 18-day Exponential Moving
Average of the commodity is currently at ̀ 209.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 30. One can sell 202-
205 the range with the stop loss of ̀ 209 for a target of ̀ 192.
`
CRUDE OIL MCX (AUGUST) contract closed at 6409.00 on 7th Aug '13. The contract made its high of
`6637.00 on 2nd August '13 and a low of ̀ 4933.00 on 2nd May '13.The 18-day Exponential Moving Average
of the Commodity is currently at ̀ 6379.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 54.One can buy in the
range 6350-6320 with the stop loss of ̀ 6275 for target of ̀ 6500.
`
JEERA NCDEX (SEPTEMBER) contract closed at 13417.50 on 7th August '13.The contract made its high
of `14362.50 on 22nd June '13 and a low of `12970.00 on 30th July '13.The 18-day Exponential Moving
Average of the Commodity is currently at ̀ 13427.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 50. One can buy in the
range 13400-13200 with the stop loss of ̀ 12900 for a target of ̀ 14200.
`
®
NATURAL GAS MCX (AUGUST)
CRUDE OIL MCX (AUGUST)
JEERA NCDEX (SEPTEMBER)
COMMODITY
NEWS DIGEST
Bullion counters on the domestic bourses started the past week at lower note tracking weak
global cues as statements by Fed president spurred speculation about QE3 tapering in September.
Meanwhile, the weakness in local currency rupee has curtailed the downside to some extent in
MCX. Last week two Federal Reserve officials made comments that the market place perceived as
slightly favoring the hawkish side of U.S. monetary policy. The market place remains preoccupied
with the timing of just when the U.S. central bank will begin to “taper” its monthly bond-buying
program, also known as quantitative easing. So, when any Fed officials make remarks to the
press, markets tend to see knee-jerk reactions of varying degrees. The stunning upside in the
Crude oil prices came to pause as profit booking was witnessed last week. After testing high of
above 6600 in MCX , its prices fell below 6450 during the latter part of the week. Base metals
continued their upside momentum since last week gains on better China data and declining
greenback. Copper managed to move higher and tested nearly 440 in MCX. Zinc also remained
sideways in the range of 111.50-114.50 while Lead moved nearly in the range of 128.50-131.70 in
domestic bourses.
Many of the agri-commodities such as chana, soybean, palm oil, mentha & cardamom witnessed a
recovery at the spot markets, supported by dwindling arrivals amid heavy rainfall across the
country. Report of crop damage, fungal disease attacking crops & water logging in areas under
cultivation added to the positive sentiments. It is being assessed that on current projections, the
monsoon is set to cross 100% of its long period average. Normal rainfall for four months of the
season is 890 mm and so far 528.1 mm has already been recorded. Models indicate that August will
record about 96% of normal rain. Cotton prices propped up on news that government eased
restrictions on exports by the Cotton Corp of India (CCI), while improved buying by millers amid
thin supplies are supported the counter. On the contrary, the yellow spice – turmeric, the kitchen
king- chilli, dipped the most due to selling pressure from farmers as they needed finance for their
ongoing sowing operations. On the international market, U.S soybean futures made a 3-month
low, pressurized by figures of higher sowing & funds continued to liquidate positions ahead of the
USDA report next week. Palm oil prices on Malaysian market dropped to their lowest in more than
a week, fanned by the concerns that the production may jump & could outstrip resilient export
demand.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 31.07.13 06.08.13 DIFFERENCEQTY.
BARLEY MT 27795 26884 -911
CASTOR SEED MT 137827 120221 -17606
CHANA MT 150296 145918 -4378
CHILLI MT 8858 8351 -507
COTTONSEED OILCAKE MT 57191 49822 -7369
JEERA MT 6253 5300 -953
MAIZE MT 10062 8886 -1176
RAPE MUSTARD SEED MT 87525 78825 -8700
SOYA BEAN SEEDS MT 73 41 -32
SUGAR M MT 9142 7904 -1238
WHEAT MT 16444 16444 0
COMMODITY UNIT 01.08.13 07.08.13 DIFFERENCE
QTY. QTY.
CARDAMOM MT 40.90 52.50 11.60
COTTON BALES 124700.00 113000.00 -11700.00
GOLD KGS 366.00 334.00 -32.00
GOLD MINI KGS 250.20 32.20 -218.00
GOLD GUINEA KGS 133.37 7.98 -125.38
MENTHA OIL KGS 1822748.00 1937849.40 115101.40
MILD STEEL MT 1045.70 1045.70 0.00
SILVER (30 KG Bar) KGS 27713.60 18973.20 -8740.39
•NCDEX imposed a 10% special margin on short side of turmeric contracts from Aug. 6. Applicable to all current and yet to be launched contracts of turmeric.
•Govt. scraps customs duty on import of rice bran and rice bran oil cake from October 1, against 15%.
•Govt. has relaxed restrictions on the export of cotton by the state-run Cotton Corporation of India (CCI) in the current season to end-September.
•India's oilmeal exports fell to 177,011 tonnes in July from 282,703 tonnes a year earlier.
•According to the International Sugar Organization (ISO), the world sugar surplus will shrink to 3.5 million tonnes in the 2013/14 crop year that begins Oct. 1, down nearly 70% from this year.
•According to the International Grains Council (IGC), global grains output is forecast to rise by 8% in 2013/14, soyabean crop is projected to expand by 6% y/y in 2013/14 to a new all-time high.
•· China's net gold imports from key supplier Hong Kong slipped about 4 percent in June from a month ago.
•The National Spot Exchange Ltd (NSEL) has stopped trading in e-series contracts.
•The world's No. 1 copper producer Codelco said on Tuesday it had placed a $750 million bond to help fund the miner's plans to boost output.
•Russian aluminium producer Rusal may cut more production this year than it previously planned after being hit by a sharp fall of the metal's price.
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
12
®
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
QTY.
3.02
1.150.86 0.75
0.60
-6.99
-6.09
-5.18
-2.38
-1.72
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
COTTON KAPAS NICKEL COPPER CARDAMOM GUARGUM GUARSEED MENTHAOIL NATURA LGAS CRUDE OIL
5.92 5.79
4.634.33
1.41
-6.39-5.98
-4.86
-2.40-1.88
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
MAIZE RABI CORIANDER CASTOR SEED NEW
COTTON 29 MM WHEAT (DELHI) GUAR GUM GUAR SEED RED CHILLI SOYABEAN NEW STEEL LONG
Lead…………healthy demand from the battery industry
13
SPOT PRICES (% change)
COMMODITY
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
01.08.13 07.08.13
ALUMINIUM 5478525 5480625 2100
COPPER 612800 605125 -7675
NICKEL 203028 204906 1878
LEAD 200225 200200 -25
ZINC 1049475 1055300 5825
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 02.08.13 07.08.13 CHANGE(%)
Soya CBOT NOV Cent per Bushel 1181.50 1165.75 -1.33
Maize CBOT SEPT Cent per Bushel 476.00 468.25 -1.63
CPO BMD SEPT MYR per MT 2276.00 2236.00 -1.76
Sugar LIFFE OCT 10 cents per MT 490.00 494.30 0.88
COMMODITY EXCHANGE CONTRACT 02.08.13 07.08.13 CHANGE%
ALUMINIUM LME 3 MONTHS 1809.00 1797.00 -0.66
COPPER LME 3 MONTHS 7005.00 7006.00 0.01
LEAD LME 3 MONTHS 2121.00 2105.00 -0.75
NICKEL LME 3 MONTHS 14000.00 13975.00 -0.18
ZINC LME 3 MONTHS 1865.00 1848.00 -0.91
GOLD COMEX DEC 1310.50 1285.30 -1.92
SILVER COMEX SEPT 19.91 19.51 -2.03
LIGHT CRUDE OIL NYMEX SEPT 106.94 104.37 -2.40
NATURAL GAS NYMEX SEPT 3.35 3.25 -2.99
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
Lead is majorly used in car batteries, mobiles and e-bikes. Its corrosion resistant
quality makes it suitable to store sulfuric acid. Due to its malleability and anti
corrosion characteristics, it is also used in building construction.
Currently, at Multi Commodity Exchange (MCX), the lead metal monthly average price
rose 18% in July , up 18% in June, up 2% in May and up 4% in April. Average lead LME
prices were USD 2,049/tonne in Q1FY14. Lead premium bounced back to USD 348/t,
increase in premium is attributed to the lack of availability of physical metal in the
market.
Global production of lead
International Lead and Zinc Study Group (ILZSG) forecasted that the global market
for refined lead metal will remain surplus in 2013. However, the surplus position for
Lead revised down to 42,000 tonne, due to sign of lower metal production. Global
Lead mine output predicted to increase by 3.5% to 5.43 million tonne in 2013. Global
refined lead metal production is forecasted to increase by 4.8% to 11.13 million
tonne. Global refined lead metal production increased 5.8% YoY to 4.37 million
tonnes during the first five months of 2013 on the consequence of higher production
in China and Italy.
Global lead consumption
The lead usage
globally expected to
rise 4.8% to 11.09
million tonne in 2013,
on the back of
demand surge from
China, Europe,
United States, Brazil,
India, Indonesia, the
Republic of Korea,
Mexico, Thailand and
Turkey. The Lead
usage rose sharp 8.2%
YoY to 4.40 million tonne during the first five months of 2013, due to 12.2% demand
growth in China and 10.9% in the United States. Demand in Europe rose by 5.1% due
mainly to increased usage in the Czech Republic, Germany and Poland. In US, lead
acid battery industry remained a major consumer of lead in the country. The battery
industry consumed 86% of the reported US lead consumption.
Indian lead production
Indian lead production targets were not achieved in first two month of FY14.
Cumulative Lead production by the Hindustan Zinc declined from 22008 tonne in April
to 18653 tonnes in May.
Outlook:
Lead price is expected to find support on supply shortage in August 2013. The lead
price was marching up since May 2013, receiving support from healthy demand from
the battery industry. Battery market in India is experiencing rising demand from
various sectors, thereby providing immense opportunities to manufacturers to grow
and operate in the market lucratively. The decline in vehicle sales numbers in China is
a cause of grave concern for the metal. China's GDP growth slowed in the second
quarter to 7.5 percent year-on-year as weak overseas demand weighed on output and
investment. It may also lower the demand of lead. But US auto sales continued to
accelerate, posting the best July performance since 2006. Total industry sales rose
14% from results in July 2012, according to Autodata. So, US remain a growth driver
for metals as sign of recovery has seen now with shrinking unemployment numbers.
Another area from where the market has been facing high demand is the renewable
energy market where batteries are required to store the energy generated from
renewable sources.
®
-6.87
-1.07
-0.79
-0.76
-0.60
0.00
0.00
0.06
0.31
0.44
0.46
0.50
0.89
0.93
0.98
1.14
1.42
1.70
1.84
2.71
2.81
-8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00
TURMERIC (NIZAMABAD)
GOLD KG (MUMBAI)
GUR (MUZAFFARNGR.)
CHILLI (GUNTUR)
SILVER (DELHI)
MILD STEEL INGOTS (GHAZIABAD)
WHEAT (DELHI)
JEERA (UNJHA)
RUBBER (KOCHI)
BARLEY (JAIPUR)
CORIANDER (KOTA)
PEPPER MALABAR GAR (KOCHI)
REFINED SOYA OIL (INDORE)
RAW JUTE (KOLKATA)
MUSTARD (JAIPUR)
CARDAMOM (VANDANMEDU)
SOYABEAN (INDORE)
CRUDE PALM OIL (KANDLA)
MENTHA OIL (CHANDAUSI)
MASOOR (INDORE)
CHANA (DELHI)
8.4
9.2
9.2
9.8
10
.5
10
.6
4.4
8.4
9.2
9.2
9.8
10
.4
10
.6
4.4
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012 Jan-May'13
Mil
lio
n t
on
ne
s
World Refined Lead Supply & Usage 2007-2013
Lead Production Lead Usuage
CURRENCY
Currency Table
Currency Pair Open High Low Close
USD/INR 61.30 62.11 60.93 61.53
EUR/INR 81.07 82.31 80.93 81.84
GBP/INR 93.60 95.36 93.06 95.00
JPY/INR 61.71 63.74 61.51 63.24
(Source: FX Central, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)
News Flows of last week
06th Aug: British car sales rose by an annual 12.7 percent to more than
162,000 in July,
06th Aug: BOJ maintains stimulus, keept economic view intact
06th Aug: U.S Home prices jumped in June
06th Aug: The ratio of unemployed Americans to every job opening fell in June
to its lowest level in over four years
06th Aug: Fed could taper in September but doesn't have to: Lockhart
07th Aug: Bank of England said housing market recovering, not too fast
07th Aug: U.S. consumer credit rose less than expected in June
EUR/INR (AUGUST) contract closed at 81.84 on 07thAugust'13. The contract made its high of `82.31 on 06th August'13 and a low of `80.93 on 05th August'13 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 80.39.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 70.63. One can buy around 80.50 for a target of 81.60 with the stop loss of 79.90
`
JPY/INR (AUGUST) contract closed at 63.24 on 07th August'13. The contract made its high of `63.74 on 07th August'13 and a low of `61.51 on 05thAugust'13 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 61.73.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 70.49. One can buy around 63.05 for a target of 64.10 with the stop loss of ̀ 62.50.
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Market Stance
In the week gone by, rupee made its all time low on local bourses on the back of
weak equities and heavy dollar demand by importers and oil firms. However,
strong euro against dollar in overseas market along with RBI intervention capped
the sharp slide in local currency. The appointment of Raghuram Rajan, currently
the Chief Economic Advisor to the government of India, as the governor of RBI for
three years also came in as a sentimental respite. Pessimism in the market
remains even as the government is widely expected to announce steps soon to
encourage more foreign inflows, including potentially raising debt abroad, after
the Reserve Bank of India's steps to drain cash from the financial system failed to
prop up the currency. A record high current account deficit at 4.8 per cent of
gross domestic product has made India particularly vulnerable in an emerging
markets sell-off sparked by anticipation the US Federal Reserve will soon wind
down its ultra-loose monetary policy.
EUR/INR
USD/INR (AUGUST) contract closed at 61.53 on 07th August'13. The contract made its high of `62.11 on 06th August'13 and a low of `60.93 on 05th August'13 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 60.70.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 61.67. One can buy around 60.60 for a target of 61.65 with the stop loss of 60.00.
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GBP/INR (AUGUST) contract closed at 95.00 on 07th August'13. The contract made its high of ̀ 95.36 on 06th August'13 and a low of ̀ 93.06 on 05th August'13 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 93.02.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 68.37. One can buy around 94.35 for a target of ̀ 95.50 with the stop loss of ̀ 93.80.
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USD/INRTechnical Recommendation
GBP/INR JPY/INR
14
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Economic gauge for the next week
Date Currency Event PREVIOUS11th Aug: JPY Gross Domestic Product (QoQ) 1.00%11th Aug: JPY Gross Domestic Product Annualized 4.10%13th Aug: EUR German Consumer Price Index (YoY) 1.90%13th Aug: EUR German Consumer Price Index - EU Harmonised (YoY)1.90%13th Aug: GBP Consumer Price Index (YoY) 2.90%13th Aug: GBP Core Consumer Price Index (YoY) 2.30%13th Aug: EUR German ZEW Survey (Economic Sentiment) 36.313th Aug: USD Advance Retail Sales 0.40%14th Aug: EUR German Gross Domestic Product w.d.a. (YoY) -0.20%14th Aug: EUR German Gross Domestic Product n.s.a. (YoY) -1.40%14th Aug: GBP Bank of England Minutes14th Aug: EUR Euro-Zone Gross Domestic Product s.a. (YoY) -1.10%15th Aug: USD Consumer Price Index Ex Food & Energy (YoY) 1.60%15th Aug: USD Consumer Price Index (YoY) 1.80%16th Aug: USD U. of Michigan Confidence 85.1
IPOIPO
INDIAN IPO NEWS
Quick Heal plans initial public offer
Security software-maker Quick Heal Technologies, in which venture capital fund Sequoia Capital is an investor, is preparing for an initial public
offering in India to aid its expansion into new markets and product lines. Quick Heal, which expects to file its draft Red Herring prospectus and
begin the formal listing process next year, will be the first Indian anti-virus software company to go public. And, if no other technology product
firm beats it to the bourses, the first software product company to list in India after iFlex — now Oracle Financial Services — went public in
2002.
Godrej Properties to raise ̀ 700 crore via rights issue
Realty firm Godrej Properties said it will raise up to ̀ 700 crore by issuing 2.15 crore shares to existing shareholders through rights issue ̀ 325
apiece, a discount of about 30 per cent. The company would issue 8 shares for every 29 shares held by shareholders as on the record date,
which is August 20. The issue price has been fixed at ̀ 325 per share, which is almost 30 per cent less than the current market rate. Promoters
had 74.98 per cent stake in the company as on June 30. Mumbai-based Godrej Properties plans to launch the rights issue this fiscal. This will be
the third major fund-raising exercise by the Godrej Properties. The company had launched its initial public offer in December 2009 to raise
`468 crore. It had also raised ̀ 470 crore last year through Institutional Placement Programme.
Tribunal quashes SEBI order against NSDL in IPO scam
The Securities Appellate Tribunal (SAT) quashed a regulatory order against top depository NSDL, which was passed by Sebi in December 2008,
but implemented about two-and-a-half years later in July 2011 after initially being dismissed as 'null and void'. The orders required National
Securities Depository Limited (NSDL) to conduct an independent inquiry to fix individual responsibility for failure at NSDL in the wake of IPO
and demat scams between 2002-2006. NSDL board was also directed to conduct an independent audit of its systems and operations to identify
the remedial measures. After hearing NSDL's appeal against these orders, SAT today ruled that independent probes have already been carried
out by depositories and remedial measures have been taken after ascertaining that there was no individual complicity.
Just Dial service provider 4625.74 950.11 5-Jun-13 530.00 590.00 662.05 24.92
Repco Home Fin Finance 1600.93 270.39 1-Apr-13 172.00 165.00 257.55 49.74
V-Mart Retail Trading 296.34 123.00 20-Feb-13 210.00 216.00 165.00 -21.43
Bharti Infra. Telecom 27935.80 4533.60 28-Dec-12 220.00 200.00 147.90 -32.77
PC Jeweller Jewellary 1596.68 609.30 27-Dec-12 135.00 135.50 89.15 -33.96
CARE Rating Agency 1476.75 540.00 26-Dec-12 750.00 949.00 517.25 -31.03
Tara Jewels Jewellary 216.18 179.50 6-Dec-12 230.00 242.00 87.95 -61.76
VKS Projects Engineering 317.52 55.00 18-Jul-12 55.00 55.80 5.04 -90.84
Speciality Restaruants Restaurants 581.13 181.96 30-May-12 150.00 153.00 123.75 -17.50
T B Z Jewellary 1082.21 210.00 9-May-12 120.00 115.00 162.25 35.21
MT Educare Miscellaneous 376.12 99.00 12-Apr-12 80.00 86.05 94.55 18.19
NBCC Construction 1311.00 124.97 12-Apr-12 106.00 100.00 109.25 3.07
Olympic card. Media 81.88 24.75 28-Mar-12 30.00 29.95 50.20 67.33
Multi Comm. Exc. Exchange 1523.37 663.31 9-Mar-12 1032.00 1387.00 298.70 -71.06
Company Sector M.Cap(In Cr.) Issue Size(in Cr.) List Date Issue Price List Price Last Price %Gain/Loss(from Issue price)
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IPO TRACKER
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15
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MUTUAL FUND
NEWS
Investors pull out 48,000 cr from MF schemes in June
Investors have pulled out more than Rs 48,000 crore from various mutual fund schemes in June after putting in a staggering 1.44 lakh crore in the preceding two months. As per the latest data available with the Securities and Exchange Board of India (Sebi), there was a net outflow of ̀ 48,403 crore in June as against a net inflow of ̀ 37,435 crore in the previous month.
Mutual funds withdraw ̀ 2,100 cr worth shares in July
Continuing their selling spree in the stock market, domestic mutual funds have sold shares worth over ̀ 2,100 crore in July, making it 13th consecutive month of net outflows. The funds offloaded shares worth about ̀ 2,168.50 crore in the equity market during July, higher than Rs 296 crore outflows witnessed in the month of June, according to the latest data available with market regulator Sebi. With the latest sale of shares by MFs, the net withdrawal reached to `15,042 crore since the beginning of the year. In comparison, the foreign institutional investors made a net outflow of more than ̀ 6,000 crore from equities in June, almost half from ̀ 11,027 crore pulled out in the preceding month.
DSP BlackRock MF introduces FMP - Series 109 -12M
DSP BlackRock Mutual Fund has launched the New Fund Offer (NFO) of DSP BlackRock FMP - Series 109 -12M, a Close Ended income scheme. The NFO opens for subscription on Aug 8, 2013, and closes on Aug 13, 2013. The investment objective of the scheme is to seek to generate returns and capital appreciation by investing in a portfolio of Debt and Money Market Securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Scheme. There is no assurance that the investment objective of the Scheme will be realized.
BNP Paribas MF introduces Fixed Term Fund - Series 26 C
BNP Paribas Mutual Fund has launched the New Fund Offer (NFO) of BNP Paribas Fixed Term Fund - Series 26 C, a Close Ended income scheme. The NFO opens for subscription on Aug 8, 2013, and closes on Aug 13, 2013. The investment objective of the scheme is to seek to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme. However, there can be no assurance that the investment objective of the Scheme will be realized. The Scheme does not guarantee/indicate any returns.
Reliance MF introduces Fixed Horizon Fund- XXIV - Series 8
Reliance Mutual Fund has launched the New Fund Offer (NFO) of Reliance Fixed Horizon Fund - XXIV - Series 8, a Close Ended income scheme. The NFO opens for subscription on August 8, 2013, and closes on August 12, 2013. The investment objective of the scheme is to seek to generate returns and growth of capital by investing in a diversified portfolio of the following securities which are maturing on or before the date of maturity of the scheme with the object of limiting interest rate volatility - Central and State Government securities and other fixed income/ debt securities.
ICICI Prudential MF introduces Fixed Maturity Plan
ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan-Series 69-433 Days Plan E, a Close Ended income scheme. The NFO opens for subscription on August 8, 2013, and closes on August 13, 2013. The investment objective of the scheme is to seek to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the Scheme. However, there can be no assurance that the investment objective of the Scheme will be realized.
Kotak Mahindra MF introduces FMP Series 110 (370 Days)
Kotak Mahindra Mutual Fund has launched the New Fund Offer (NFO) of Kotak FMP Series 110 (370 Days), a Close Ended income scheme. The NFO opens for subscription on August 7, 2013, and closes on August 12, 2013. The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The Scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. There is no assurance that the investment objective of the Scheme will be achieved.
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17
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NFOs WATCH
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount
19-Jul-2013 16-Aug-2013 Open-Ended Growth `5000/-ICICI Prudential CNX 100 ETF
Kayzad EghlimTo provide returns before expenses that closely correspond to the total return of the Underlying Index, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
12-Aug-2013 26-Aug-2013 Close-Ended Growth `5000/-ICICI Prudential Capital Protection Oriented-Sr IV Plan B (36M)-Regular (G)
Rajat Chandak / Rahul Goswami /Atul Patel
To seek to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The debt securities would mature on or before the maturity of the Scheme.
12-Aug-2013 12-Aug-2013 Close-Ended Growth `5000/-Birla Sun Life Fixed Term Plan - Series HK (366 Days) Regular Plan (G)
Kaustubh GuptaTo generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the Scheme.
08-Aug-2013 13-Aug-2013 Close-Ended Growth `5000/-DSP BlackRock Fixed Maturity Plan - Series 109 (12M) Regular Plan (G)
Dhawal DalalTo seek to generate returns and capital appreciation by investing in a portfolio of Debt and Money Market Securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Schemes
18
MUTUAL FUND Performance Charts
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
ICICI Prudential Service Industries Fund - G 21.52 30-Nov-2005 140.95 10.30 12.20 30.35 7.10 10.48 1.68 0.61 0.32 63.08 29.70 2.73 4.49
Tata Ethical Fund - Plan A - Growth 73.01 24-May-1996 103.22 -1.26 -0.97 12.48 4.41 16.05 1.29 0.50 0.13 65.47 25.81 -- 8.72
Axis Equity Fund - Growth 12.01 05-Jan-2010 547.42 -6.83 -1.64 12.03 2.87 5.24 1.73 0.83 0.13 76.31 6.38 3.32 13.99
Birla Sun Life India GenNext Fund - G 29.47 05-Aug-2005 150.15 -8.93 -5.76 10.87 7.64 14.44 1.81 0.76 0.13 47.48 44.26 4.45 3.82
BNP Paribas Equity Fund - Growth 38.03 23-Sep-2004 119.26 -4.90 -3.84 8.87 5.26 16.24 1.57 0.71 0.07 77.96 18.14 -- 3.91
Axis Focused 25 Fund - Growth 10.85 29-Jun-2012 141.48 -8.75 -8.36 7.75 N.A 7.65 1.76 0.82 0.04 78.62 15.69 -- 5.69
SBI Magnum Global Fund 94 - Growth 61.36 30-Sep-1994 870.54 -9.17 -9.12 7.09 2.61 12.73 1.55 0.53 0.01 12.36 74.86 4.28 8.50
EQUITY (Diversified)
BALANCED
INCOME FUND
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 01/08/2013Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%
ULTRA SHORT TERM
SHORT TERM FUND
Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns
Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch AUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
SBI Magnum Balanced Fund - Growth 54.21 09-Oct-1995 398.82 -5.03 -4.88 9.96 2.18 15.17 1.24 0.08 31.54 36.35 7.24 24.88
ICICI Prudential Balanced - Growth 52.96 03-Nov-1999 501.94 -6.36 -5.87 8.28 6.73 12.87 1.25 0.02 45.49 19.38 2.91 32.22
FT India Balanced Fund - Growth 51.90 10-Dec-1999 206.99 -6.38 -5.64 4.04 3.23 12.80 1.31 -0.01 55.96 15.95 1.23 26.87
Birla Sun Life 95 - Growth 320.72 10-Feb-1995 585.45 -8.52 -7.60 2.92 2.12 20.62 1.45 -0.02 56.71 13.20 0.43 29.66
UTI Balanced Fund - Growth 80.68 20-Jan-1995 913.59 -7.78 -7.84 2.76 0.91 15.53 1.31 -0.04 50.04 19.12 0.62 30.22
Tata Balanced Fund - Plan A - Growth 91.01 08-Oct-1995 545.88 -7.59 -5.97 2.34 4.20 15.15 1.43 0.01 53.76 19.38 0.67 26.19
Returns (%) RiskAverage Yield till
Scheme Name NAV Launch AUM Since Std. SharpeMaturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Morgan Stanley Active Bond Fund - Reg - G 12.60 03-Jun-2009 411.42 16.98 23.24 -14.59 9.62 12.04 7.52 5.68 24.83 0.13 1152.00 7.95
IDFC SSIF - Invt. Plan - Plan F - Growth 13.02 16-Jul-2010 2480.44 19.83 15.82 -15.63 6.29 10.35 9.35 8.98 19.40 0.15 1369.00 8.20
IDFC SSIF - Invt Plan - Reg - Growth 28.91 14-Jul-2000 2480.44 19.82 15.82 -15.63 6.02 10.13 8.76 8.46 19.15 0.14 1369.00 8.20
IDFC D B F- Plan A - Growth 24.11 25-Jun-2002 6885.78 18.99 15.16 -16.46 5.76 9.92 9.58 8.23 19.26 0.14 1351.00 8.20
Templeton India IBA - Growth 40.76 23-Jun-1997 1372.28 20.25 23.49 -20.58 7.58 9.88 9.69 9.10 20.57 0.13 1018.00 8.71
Templeton India IBA - Plan B - Growth 40.76 23-Jun-1997 1372.28 20.25 23.49 -20.58 7.58 9.88 9.69 9.10 20.57 0.13 1018.00 8.71
UTI Bond Fund - Growth 35.55 04-May-1998 2968.61 24.59 22.88 -25.19 4.46 9.59 9.47 8.66 23.08 0.08 N.A N.A
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Birla Sun Life Medium Term Plan - Reg - G 14.19 25-Mar-2009 825.96 17.22 16.48 -12.01 9.07 9.21 9.57 8.33 12.51 0.22 N.A 9.98
Birla Sun Life Short Term Opportunities Fund - Reg - G 19.20 24-Apr-2003 675.56 23.93 17.21 -8.86 9.07 9.58 9.62 6.54 11.33 0.27 N.A 9.69
Morgan Stanley Short Term Bond Fund - Reg - G 13.54 26-May-2009 431.16 16.62 12.72 -9.67 7.13 8.20 8.50 7.55 10.07 0.14 524.00 9.21
Tata Short Term Bond Fund - Plan A - G 22.06 08-Aug-2002 270.97 17.07 13.71 -10.45 6.61 8.11 8.21 7.46 9.50 0.12 489.00 10.50
Templeton India STIP - Growth 2398.43 31-Jan-2002 6306.13 23.92 18.28 -13.63 6.41 8.27 8.37 7.89 10.93 0.12 839.00 10.16
Canara Robeco Short Term Fund - Reg - G 13.68 31-Mar-2009 444.78 14.52 15.62 -8.73 6.25 7.65 8.25 7.47 8.35 0.09 712.00 8.33
Birla Sun Life Short Term Fund - DAP 13.57 06-Mar-2009 5347.06 21.23 13.31 -9.63 6.23 7.96 8.47 7.13 8.99 0.15 N.A 8.34
Annualised
Returns (%) Risk Average Yield tillScheme Name NAV Launch AUM Since Std. Sharpe Maturity (Days) Maturity
1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.
Templeton India Ultra Short Bond Fund - Retail - G 15.39 18-Dec-2007 4477.75 14.10 12.60 3.79 8.36 8.62 8.79 7.94 2.85 0.53 106.00 8.67
Templeton India Low Duration Fund - G 13.05 26-Jul-2010 2367.30 14.22 13.21 0.93 8.33 8.83 9.21 9.18 4.12 0.43 113.00 8.69
Union KBC Ultra Short Term Debt Fund - G 1116.74 24-Apr-2012 209.08 11.89 12.81 4.86 8.25 8.55 N.A 8.95 2.55 0.60 94.00 N.A
Principal Debt Opportunities Fund - Conservative - G 1912.78 14-Sep-2004 313.06 12.10 12.91 3.76 8.09 8.60 8.85 7.56 2.75 0.58 149.00 8.59
UTI Treasury Advantage Fund - Reg - G 3036.15 12-Jul-1999 9965.58 12.80 11.63 3.93 8.06 8.35 8.49 8.21 2.42 0.52 N.A N.A
IDFC Ultra Short Term Fund - Reg - G 16.74 17-Jan-2006 1974.22 13.71 12.69 1.77 8.04 8.62 9.18 7.05 3.87 0.47 127.00 8.37
Tata Floater Fund - Plan A - Growth 1803.11 06-Sep-2005 3599.26 12.18 12.16 2.24 7.89 8.47 8.83 7.72 3.15 0.45 90.00 10.96
Annualised
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Mr Subhash C Aggarwal (CMD, SMC Group) during National Conference on 'Mergers & Acquisitions - Tax aspects' organised by ASSOCHAM at Mumbai
SMC's CCG team took CSR initiative and spent memorable time in Destitute Home For Girls
SMC's IBT & NRI team during their excursion trip to Shimla
