A Weekly Update from SMC

2018: Issue 659, Week: 26th - 30th November (For private circulation only)

WISE M NEY

8
DIES 201
WEST IN

Brand smc 483

ICC WOMEN’S WORLD T20 2018

BEST WISHES TO TEAM INDIA FOR THE TOURNAMENT
 OD
P ERI 2018 2018 2018 2017 2017 2017 2016
D
ITE FER THE COMPANY BEST CORPORATE BEST PERFORMING BEST ONLINE BEST ROBO ADVISORY ACHIEVING
LIM OF OF THE YEAR
FINANCIAL SERVICES
FINANCIAL SERVICES
PROVIDER
BROKERAGE HOUSE OF
THE YEAR
RETAIL BROKER
(NORTHERN REGION)
TRADING SERVICES
BROKER OF THE YEAR
FOR FINANCIAL SERVICES
OF THE YEAR
MARKET LEADERSHIP
(ORDER OF MERIT)
Awarded by:

S OCH Investors' Protection Fund

GET A
*

DEMAT &
TRADING A/C

VISIT: SMCTRADEONLINE.COM

Top 6 reasons to avail this exciting offer:

1 Zero* account opening fee
2 Trade in Shares, Commodities & Currency
3 Invest in Mutual Funds online
4 Real-Time stock update
5 Seamless trading across multiple devices
6 Dedicated customer support

Equity I Commodity I Currency I IPOs I Mutual Funds I Bonds I Life & General Insurance I Real Estate Advisory I
Financing I Wealth Management I Investment Banking I NRI & FPI Services I Institutional Broking I Research

Delhi | Mumbai | Kolkata | Ahmedabad | Chennai | Dubai

NSE INB/INF/INE 230771431, BSE INB/INF/INE 011343937, MCX- SX INB/INF 260771432 INE 260771431, USEL INE 271343936, CDSL IN-DP-CDSL-583-2010, NSDL IN-DP-NSDL-333-2010 (SMC Global Securities Ltd.) NCDEX: NCDEX/TCM/CORP/0131,
MCX: MCX/TCM/CORP/0385, MCX MEMBER ID: 8200, NMCE: NMCE/TCM/CORP/0215, ICEX: ICEX/TCM/CORP/009, ACE: ACEL/CM/CORP/0267, UCX: 210001 (SMC Comtrade Ltd.), PMS INP000003435 (SMC Investments and Advisors Ltd.), IRDAI Regi:
No: DB 272/04 License No. 289 (SMC Insurance Brokers Pvt. Ltd.) Valid upto 27/01/2020
Investment in securities & commodities market are subject to market risk • Insurance is the subject matter of solicitation • All insurance products sold through SMC Insurance Brokers Pvt. Ltd. • Investment Banking Services provided by SMC Capitals
Ltd. • Equity PMS and Wealth management services provided by SMC Investments & Advisors Ltd. • IPOs and Mutual Funds distribution service is provided by SMC Global Securities Ltd. • Financing Services provided by moneywise Financial Services
Pvt Ltd. • Commodity broking services provided by SMC Comtrade Ltd. • Real Estate Advisory services are offered through SMC Real Estate Advisors Pvt. Ltd.
• Award Sources: Best Financial Services Provider 2018 – Assocham Excellence Awards. MCX Award Corporate Brokerage House of the Year 2018 National Stock Exchange (NSE) Awards Best Performing Retail Broker (Northern region)- 2017 Elets
Digital Banking & Payments Conclave Best Robo Advisory for Financial Services -2017 Assocham Excellence Awards Best Online Trading Services Broker of the year- 2017 Assocham Excellence Awards.
 From The Desk Of Editor
Contents

G
Equity 4-7 lobal stock markets came under pressure after Dow Jones gave up all its gains for
Derivatives 8-9 the year after sharp selloff in technology stocks. Investors view that the major
Commodity 10-13 U.S. Tech stocks earnings are peaking out and they are likely to underperform in
Currency 14 the next few quarters. The slide in crude oil prices that has been one of the dominant
IPO 15 factors of inflation in the global economy is expected to slow down the expected
FD Monitor 16
withdrawal of stimulus and interest rate hikes by the major central banks. It is expected
Mutual Fund 17-18
that the fall in oil prices may halve the Japan’s inflation target over the next six months and
would result in continuation of stimulus by Bank of Japan. Business confidence has
SMC GLOBAL SECURITIES LTD. weakened in the Euro zone and Euro fell to 17-month low.
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005. Back at home, Indian markets closed on a negative note this week after posting three
Tel: 91-11-30111000, Fax: 91-11-25754365
consecutive weekly gains. After the board meeting, Reserve Bank of India (RBI) said that a
MUMBAI OFFICE:
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , panel would be formed to consider the funds transfer to the government. RBI board
Graham Firth Steel Compound, Off Western Express Highway, discussed Basel regulatory capital framework, a restructuring program for stressed small
Jay Coach Signal, Goreagon (East) Mumbai - 400063
businesses and the health of weak banks under the prompt corrective action (PCA) in the
Tel: 91-22-67341600, Fax: 91-22-67341697
meeting. Information Technology sector took a beating on the bourses on the back of
KOLKATA OFFICE:
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001 appreciation in Rupee on account of fall in crude prices, fresh foreign fund inflows and
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
increased selling of the greenback by exporters. So far this November, the home currency
AHMEDABAD OFFICE :
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, has gained nearly 4%. On the flip side, the Indian rupee strengthened for the seventh
C G Road, Ahmedabad-380009, Gujarat consecutive session, against the US dollar as falling crude oil prices reduced fears of fiscal
Tel : 91-79-26424801 - 05, 40049801 - 03
slippage and higher inflation. However, in a bid to support rupee India’s Forex reserves has
CHENNAI OFFICE:
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, declined by $121.2 million. Going forward, the volatility will continue in the stock market
Chetpet, Chennai - 600031.
amid states elections.
Tel: 044-39109100, Fax -044- 39109111

SECUNDERABAD OFFICE: On the commodity markets front, commodities witnessed further correction last week, and
315, 4th Floor Above CMR Exclusive, BhuvanaTower,
crude suffered the most. CRB crashed below 190 levels; but some recovery in crude on
S D Road, Secunderabad, Telangana-500003

Tel : 040-30031007/8/9 Wednesday helped it to bounce back from the low. Bullion counter can witness some
DUBAI OFFICE: recovery at lower levels due to increased safe-haven demand amid heightened risk
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers,
aversion on Brexit and Italy concerns. In base metal counter, Nickel and Aluminium can
PO Box 117210, Dubai, UAE
Tel: 97145139780 Fax : 97145139781
continue to remain under pressure while rest of the metals can move sideways. ECB's Draghi
Email ID : [email protected] speak in European Parliament in Brussels, BOE Governor Carney, former Fed Chairman
[email protected]
Greenspan Speech, Consumer Confidence Index, Advance Goods Trade Balance, GDP, Fed's

Printed and Published on behalf of

Powell Speaks to Economic Club of New York, PCE Core and FOMC Meeting Minutes of US,
Mr. Saurabh Jain @ Publication Address Unemployment and CPI of Euro zone, GDP of Canada etc are important triggers for the
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com
commodities market which should be taken care of.
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]

(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.
EQUITY

NEWS TREND SHEET

DOMESTIC NEWS
Economy Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing
• The Reserve Bank of India’s (RBI) decision to extend the timeline for Price Trend Trend S/l
the implementation of the capital conservation buffer (CCB) norm by a
Changed Changed
year to March 2020 could reduce banks’ capital requirements by
around Rs 35,000 crore for the current fiscal. Theoretically, this in turn S&P BSE SENSEX 34981 DOWN 05.10.18 34970 35600 36500
could allow the banks to lend an additional Rs 3.5 lakh crore this fiscal. NIFTY50 10527 DOWN 05.10.18 10316 10700 11000
Pharmaceuticals NIFTY IT 13836 UP 21.07.17 10712 13600 13400
• Glenmark Pharmaceuticals received approval from the US health regulator
NIFTY BANK 25999 DOWN 21.09.18 25597 26000 26300
for Azelaic Acid gel used in treatment of acne. Citing market data, the
company said for the 12-month period ended September 2018, Finacea Gel ACC 1456 UP 16.11.18 1501 1450 1430
(15%) achieved annual sales of approximately USD 64.1 million. BHARTIAIRTEL 328 DOWN 25.01.18 453 340 360
Telecom BPCL 319 UP 16.11.18 322 290 280
• Reliance Jio to take over as service provider for Indian Railways from CIPLA 518 DOWN 26.10.18 604 560 570
January 1, 2019 with officials saying it is likely to slash the railways
SBIN 283 UP 02.11.18 286 270 260
phone bills by around 35%. Railways has been using Bharti Airtel for
over six years as its telecom provider with validity to be expired on HINDALCO* 218 UP 31.08.18 238 - 215
31st December this year ,while Airtel is serving around 1.95 lakh ICICI BANK 352 UP 02.11.18 355 330 320
railway subscribers, Jio will serve 3.78 lakh personnel of the railways. INFOSYS 621 DOWN 26.10.18 634 680 700
Metal ITC 280 DOWN 05.10.18 277 295 300
• JSW Steel plans to pump in over Rs 5000 crore to strengthen its
L&T 1409 UP 02.11.18 1358 1280 1250
downstream manufacturing capacity and is also keen to pursue
stressed downstream assets that will come up for bidding in the next MARUTI 7390 DOWN 14.09.18 8627 7600 7800
round. This will enable the company to re-orient its product mix and NTPC 146 DOWN 26.10.18 159 160 165
focus on high-value special steel products and customization. ONGC 152 DOWN 05.10.18 147 165 170
Oil & Gas RELIANCE 1100 DOWN 05.10.18 1049 1150 1170
• Reliance Industries is planning a new plant at its Jamnagar refinery with a
TATASTEEL 539 DOWN 26.10.18 552 590 600
refining capacity of as much as 30 million tonnes of crude oil per year. The
*HINDALCO has broken the support of 220 Closing as on 22-11-2018
plant of the size planned by the company may cost $10 billion.
• GAIL (India) announced that the company's Jagadishpur — Haldia —- NOTES:
1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name
Bokaro — Dhamra pipeline project, also popular as ‘Pradhan Mantri 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
Urja Ganga', shall serve as the feeder source for natural gas supply to coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and
the proposed city gas project at Deoghar, Sheikhpura and Jamui taking a long-term view and not a short-term view.

districts, in addition to maintaining supplies to various fertilizer and

industrial units enroute.
Agro Chemicals FORTHCOMING EVENTS
• UPL Mauritius, a wholly-owned subsidiary of UPL is set to acquire 100% Meeting Date Company Purpose
shares of agro-chemicals-focused Bioquim Group that has entities in
Costa Rica, the Caribbean and Central American region, with an aim to 26-Nov-18 Housing & Urban Financial Results
enhance its market access in the region. The group is engaged in the Development Corporation
business of producing, selling and marketing of agro-chemicals and 26-Nov-18 HEG Buyback
crop protection products. 26-Nov-18 GIC Housing Finance Financial Results/Other business
Textile matters
• Rajesh Exports has bagged an order for Rs 933 crore. The order has 27-Nov-18 Vadilal Industries Financial Results
been procured beating global competition from a well established and
27-Nov-18 Reliance Capital Financial Results/Other business
prestigious global white label importer from UAE. The said order is to matters
be completed by March 2019.
27-Nov-18 Sunil Hitech Quarterly Results
INTERNATIONAL NEWS 28-Nov-18 Gammon India Financial Results
• U.S. Durable Goods orders plunge 4.4% in October more than expected 29-Nov-18 Videocon Industries Financial Results
following a revised 0.1 percent dip in September. The steep drop in 29-Nov-18 MIC Electronics Financial Results
durable goods orders was primarily due to the sharp pullback in orders
for transportation equipment, which tumbled by 12.2 percent in Ex-Date Company Purpose
October after climbing by 0.9 percent in September.
26-Nov-18 Rain Industries Interim Dividend - Re 1 Per Share
• US initial jobless claims rose to 224,000, an increase of 3,000 from the
previous week's upwardly revised level of 221,000. Economists had 26-Nov-18 Sadbhav Infrastructure Interim Div - Re 0.20 Per Share
expected jobless claims to slip to 215,000 from the 216,000 originally Project
reported for the previous week. 26-Nov-18 Kaveri Seed Company Interim Dividend - Rs 3 Per Share
• U.S. Housing rebounded in the month of October by 1.5 percent to an 27-Nov-18 Polyplex Corporation Interim Dividend - Rs 10 Per Share
annual rate of 1.228 million after plunging by 5.5 percent to a revised 28-Nov-18 Arvind Demerger
rate of 1.210 million in September.
29-Nov-18 Jamna Auto Industries Interim Dividend - Re 0.50 Per Sh
• Eurozone construction output increased in September after declining
in the previous month figures from Eurostat showed. On a year-on-year 29-Nov-18 NHPC Buyback
basis, construction output rose 4.6 percent in September after a 2.2 29-Nov-18 Britannia Industries Face Value Split (Sub-Division) - From
percent increase in August, revised from 2.5 percent. Rs 2/- Per Share To Re 1/- Per Share
• Japan October Nationwide CPI Climbs 1.4% on year in October. That 30-Nov-18 Oil India Buy Back
was in line with expectations and up from 1.2 percent in September. 3-Dec-18 Esab India Interim Dividend
• Japan posted a merchandise trade deficit of 449.3 billion yen in October,
according to the Ministry of Finance. That missed forecasts for a shortfall
of 70.0 billion yen following the 131,3 billion yen surplus in September.

4
EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
0.10 0.06 4.00

0.00
3.00 2.88
-0.04
-0.10

2.00
-0.20

-0.30
1.00
0.56
-0.40 0.29 0.24
0.13 0.05
0.00
-0.50 -0.02
-0.49

-0.60 -1.00
-0.68
-0.59

-0.70 -1.44

-0.73 -2.00
-0.80 -0.77
-2.46
-0.90 -3.00
Ni y Sensex BSE Midcap BSE Smallcap Ni y Next 50 S&P CNX 500

SMC Trend -4.00

-4.01

Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500
-5.00
Auto Index Bankex Cap Goods Index Cons Durable FMCG Index Healthcare Index IT Index Metal Index Oil & Gas Index Power Index Realty Index
Index

GLOBAL INDICES (% Change)

0.50
SMC Trend
0.22 Auto Cap Goods FMCG IT Oil & Gas
Bank Cons Durable Healthcare Metal Power
0.00
Realty

-0.50

-0.81
-1.00 -0.80
-1.03 -0.99
FII/FPI & DII TRADING ACTIVITY (In Rs. Crores)
-1.50
-1.46 1500.00
1103.36
-2.00
1000.00 844.82
606.73
-2.50

500.00
-3.00
0.00 0.00
-3.16 0.00
-3.50 44.06
-310.26
-3.80
-3.73 -500.00 -372.24
-4.00

-753.17
-4.50 -1000.00
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40

-1500.00
SMC Trend -1652.04
Nasdaq Nikkei Hang Seng FTSE 100 -2000.00
Dow jones Strait times Shanghai CAC 40
S&P 500 Friday Monday Tuesday Wednesday Thursday
FII / FPI Activity DII trading activity
Up Down Sideways
BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
5.00 6.00
5.04
4.11
4.00 3.97 3.83
3.50 4.00 3.74
3.22 3.04
3.00 2.65
2.22 2.00
2.00

1.00 0.00

0.00
-2.00

-1.00
-4.00
-4.02 -3.95
-2.00
-4.88
-5.13
-6.00
-3.00

-4.00 -3.75 -3.75 -3.65 -8.00

-4.02 -7.94

-5.00 -4.54
-10.00
Adani Ports Yes Bank IndusInd Bank Tata Motors Sun Infosys NTPC Tata Steel TCS Wipro
Pharma.Inds. Dr Reddy's Labs Adani Ports Grasim Inds Yes Bank IndusInd Bank Indiabulls Hous. Tech Mahindra Infosys NTPC TCS

5
EQUITY
Beat the street - Fundamental Analysis
ASIAN PAINTS LIMITED CMP: 1322.90 Target Price:1512 Upside:14
VALUE PARAMETERS Investment Rationale expectation as the company delivered strong
Face Value (Rs.) 1.00 • Asian Paints is India's leading paint company and double-digit volume growth. However,% profit
ranked among the top ten decorative coatings declined as crude-related margin pressures
52 Week High/Low 1488.60/1082.00 became visible in the quarter gone by.
companies in the world. Asian Paints is also
M.Cap (Rs. in Cr.) 126892.28 present in the home improvement and Décor space Risk
EPS (Rs.) 22.31 in India through Sleek (kitchens) and Ess Ess (bath • Rising crude oil prices,
fittings). Asian Paints along with its subsidiaries • Significant depreciation in the Rupee,
P/E Ratio (times) 59.28 have operations in 16 countries across the world • Tight monetary conditions and challenging
P/B Ratio (times) 14.48 with 26 paint manufacturing facilities, servicing business environment.
consumers in over 65 countries. Valuation
Dividend Yield (%) 0.66
• The total capex plan for the standalone operations Being one of the market leaders offering its innovative
Stock Exchange BSE for the current year is about Rs. 1000 crore products, it is better placed to capture incremental
including spends of about Rs. 800 crore on the two growth in the industry on the back of its strong
% OF SHARE HOLDING
new plants. The first phase of the plant at Mysuru, distribution network, cost efficient operations, better
Karnataka was commissioned as per plan in the brand positioning amongst peers. Operating margins
month of September 2018 and the company is on are likely to improve in the longer term on
13.09 16.12 schedule to commission the first phase of the plant commencement of the newer plants, lower logistics
11.24 Foreign at Vizag, Andhra Pradesh in the last quarter of the costs and production of high-margin water-based
Institutions
6.76 Non Promoter Corp. Hold. current financial year. These new plants' capacity paints. It is expected that the stock will see a price
52.79 Promoters
Public & Others
addition will help the company cater to rising target of Rs.1512 in 8 to 10 months time frame on three
demand over the next four-five years. year average P/E of 54.41 and FY20 EPS of Rs.27.8.
• The company has taken a price hike of 2.35% P/E Chart
effective from October 1, 2018 and guided at a few 1800.00
` in cr more price hikes in upcoming quarters to negate 1600.00
ACTUAL ESTIMATE the impact of higher crude related raw material 1400.00

FY Mar-18 FY Mar-19 FY Mar-20 prices and adverse currency movements. 1200.00

Revenue 16824.55 19140.22 22088.48 • The management expects Indian paints industry to 1000.00

800.00
Ebitda 3197.61 3565.37 4276.26 grow at around 8 percent 12 percent in next few 600.00
Ebit 2837.14 3174.30 3818.17 years and demand factors remain strong in terms 400.00
Pre-Tax Profit 3022.69 3349.50 4019.76 of growth. The management has indicated to 200.00

Net Income 2027.52 2231.42 2676.77 conduct further price hike as needed due to 0.00

24-Dec-15

19-Dec-16
1-Apr-16

17-Oct-16

4-Sep-17

24-Aug-18

31-Oct-18
27-Apr-17

19-Apr-18
7-Jun-16
8-Jul-16
23-Nov-15

27-Jan-16

17-Nov-16

18-Jan-17
26-Feb-16

12-Sep-16

20-Feb-17

7-Dec-17
10-Jan-18
30-May-17

12-Feb-18

22-May-18

27-Sep-18
9-Aug-16

5-Oct-17
30-Jun-17
1-Aug-17

21-Jun-18
23-Jul-18
24-Mar-17

16-Mar-18
7-Nov-17
6-May-16
EPS 20.53 23.24 27.80 increase in raw material costs owing to crude oil.
BVPS 87.68 98.86 111.40 • The company has reported a mixed set of earnings
RoE 25.32 24.94 26.40 in Q2 FY19. Revenue came in-line with the market 42 51 60 69 Close Price

COROMANDEL INTERNATIONAL LIMITED CMP: 408.85 Target Price: 470 Upside:15%

VALUE PARAMETERS Investment Rationale turnover improved by 14% to Rs. 571 crores, up from
Face Value (Rs.) 1.00 • Coromandel International Limited, a flagship of Rs. 501 crores last year.
Murugappa group, is India’s second largest Risk
52 Week High/Low 588.00/340.00 Phosphatic fertilizer player & produces Fertilizers, • Increase in commodity prices.
M.Cap (Rs. in Cr.) 11955.34 Specialty Nutrients & Crop Protection. The • Foreign exchange fluctuations.
EPS (Rs.) 24.98 Company manufactures a wide range of fertilizers Valuation:
and markets around 4.5 million tons making it a The company continues to invest towards
P/E Ratio (times) 16.37 leader in fertilizer markets. infrastructure augmentation and capability
P/B Ratio (times) 3.70 • On the developmental front, the acquisition of the development to offer differentiated solution to the
bio pesticides business of EID Parry would enhance farming community. Government’s ambitious plan to
Dividend Yield (%) 0.73
the company’s market presence in North America double the farm income by 2022 & fixation of the
Stock Exchange BSE & Europe and push incremental revenues from the minimum support prices for crops at 1.5 times the cost
crop protection segment. of production brings out a sizeable opportunity for the
% OF SHARE HOLDING
• The company’s focus on R&D has lead to introduction company. Also, increase in prices of higher-fertilizer-
of four differentiated products in water-soluble consuming crops such as paddy, soybean and sugarcane
3.77
12.8
fertilizers and value-added single-support augurs well for the company. We believe that the
21.63
phosphate, which received positive feedback. company is well-positioned for holistic growth, led by
Foreign • Coromandel’s key southern peninsula markets of increased volumes and higher realizations. It is
Institutions
Promoters
Telangana, coastal Andhra and south interior expected that the stock will see a price target of Rs.470
Public & Others Karnataka received normal rains. With improved in 8 to 10 months time frame on three year average P/E
61.8
reservoirs levels & northeast monsoons expected of 16 and FY20 EPS of Rs.29.35.
to be normal, the company expects favorable P/E Chart
agriculture environment during the second-half of 800.00
` in cr
the year. 700.00
ACTUAL ESTIMATE
• The company during Q2 FY19 has posted 28% YoY 600.00
FY Mar-18 FY Mar-19 FY Mar-20 growth in sales volume. Revenue from operations 500.00
Revenue 10990.14 13919.75 15335.57 came at Rs. 5,008 crores, up 36% YoY. Profit after Tax 400.00

Ebitda 1226.90 1374.42 1528.07 was Rs. 366 crores up by 6% YoY. The management of 300.00

Ebit 1129.31 1189.17 1403.96 the company has guided for a stable EBITDA of Rs. 200.00

Net Income 663.62 728.33 858.28 2,500 per metric ton in terms of margins. Capacity 100.00

0.00
EPS 22.64 24.91 29.35 utilization was 88% in H1FY 19 and 96% in Q2 FY19.
22-Apr-16

10-Apr-17

27-Apr-18
18-Feb-16

15-Sep-16

27-Feb-18

21-Sep-18
17-Jun-16

3-Aug-17

3-Oct-17
18-Jul-16

25-Jun-18
23-Jul-18
22-Dec-15

18-Mar-16

13-Dec-16

29-Dec-17

28-Mar-18
1-Nov-17
16-Aug-16

17-Oct-16

8-Feb-17

4-Sep-17

21-Aug-18

23-Oct-18
7-Jun-17
6-Jul-17
23-Nov-15

20-Jan-16

15-Nov-16

10-Jan-17

9-Mar-17

29-Nov-17

29-Jan-18
20-May-16

10-May-17

28-May-18

BVPS 106.64 122.06 141.86 The complex fertilizer sales grew by 26% while the
DAP (Diammonium phosphate) grew by 19%. Crop
RoE 22.06 21.62 22.05
protection business also had a very good quarter as 12 17 22 27 Close Price

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

6
EQUITY

BEML Limited (BEML)

The stock closed at Rs 751.50 on 22nd November, 2018. It made a 52-week low at
Rs 521.25 on 26th October 2018 and a 52-week high of Rs. 1728 on 24th
November 2017. The 200 days Exponential Moving Average (DEMA) of the stock
on the daily chart is currently at Rs 907.58

The stock has witnessed a sharp correction from all time high of 1947 and tested
520 levels in single down swing, traded in lower highs and lower lows downward
sloping channel on weekly chart. Then after it showed a smart recovery from
lower levels and tested 700 after consolidating in narrow range, formed a “Flag”
pattern on daily charts and has given the breakout of same in last traded week. It
also manages to close above the pattern breakout as well as 100DEMA which give
positive outlook for coming days. Therefore one can buy in the range of 740-745
levels for the upside target of 810-830 levels with SL below 700.

Dr. Reddy's Laboratories Limited (DRREDDY)

The stock closed at Rs 2607.30 on 22nd November, 2018. It made a 52-week low
at Rs 1887 on 21st May 2018 and a 52-week high of Rs. 2670.80 on 21st September
2018. The 200 days Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs 2357.37

The stock is consolidating in wide range of 1900 to 2600 from past fourteen
months and forming an “Inverse Head and Shoulder” pattern on weekly charts,
which is bullish in nature. It has given the pattern breakout by gained over 5% in
last week and manages to close above the breakout, so follow up buying can
continue for coming days. Therefore, one can buy in the range of 2570-2580
levels for the upside target of 2850-2900 levels with SL below 2450.

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

Charts by Spider Software India Ltd

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

7
DERIVATIVES
WEEKLY VIEW OF THE MARKET
Nifty dragged down due to liquidation of long positions. Recent data has again turned cautious and is indicating probability of further profit booking. We have
seen call writing and put unwinding in recent trading sessions. Call writes were active in 10500 and 10600 strike calls are indicating limited upside. This clearly
indicates lack of buying interest and discomfort in the market. The levels of 10500 will remain crucial for this week as indicated by option open interest
concentration. If Nifty falls below the 10500 mark, it could correct to 10300 levels on the back of further selling. On bounce, the index will face strong resistance
at 10600-10650 levels. The options open interest concentration is at the 10700-strike calls with the highest open interest of above 40 lakh shares; among put
options, the 10000-strike taking the total open interest to 38 lakh shares, with the highest open interest among put options. Next support is placed around 10300-
10350 levels.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
BRITANNIA HCLTECH HINDALCO

BUY NOV 6000. CALL 76.00 BUY NOV 980. PUT 14.00 BUY NOV 215. PUT 3.55
OPTION SELL NOV 6100. CALL 39.00 SELL NOV 970. PUT 10.00 SELL NOV 210. PUT 1.85
STRATEGY
Lot size: 100 Lot size: 700 Lot size: 3500
BEP: 6037.00 BEP: 976.00 BEP: 213.30

Max. Profit: 6300.00 (63.00*100) Max. Profit: 4200.00 (6.00*700) Max. Profit: 11550.00 (3.30*3500)
Max. Loss: 3700.00 (37.00*100) Max. Loss: 2800.00 (4.00*700) Max. Loss: 5950.00 (1.70*3500)

BEML (NOV FUTURE) CADILAHC (NOV FUTURE) BAJAJ-AUTO (NOV FUTURE)

Buy: Above `760 Sell: Below `352 Sell: Below `2590
FUTURE
Target: `785 Target: `340 Target: `2505
Stop loss: `745 Stop loss: `360 Stop loss: `2640

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

In lakhs In lakhs
45.00

6.61
8.00
39.17

5.82

4.84
36.04

40.00 6.00

4.26
3.54
33.27
32.94

3.07
4.00
31.13

35.00
30.44

1.50
28.04

0.56
2.00
26.65

25.78

0.02
30.00
24.47
23.41

0.00
25.00
-0.08

-0.28

-0.44
-0.55

-0.81

-0.92
-0.99

-2.00
-1.22
17.58

-1.46
-1.57

20.00
-2.82

-4.00
12.73

11.37

15.00
-6.00
8.32
8.07

10.00
6.57

-8.00
4.45

3.63

-8.05
3.22

1.81

5.00 -10.00
-9.23
0.43

0.00 -12.00
9800 10000 10200 10300 10400 10500 10600 10700 10800 10900 11000 9800 10000 10200 10300 10400 10500 10600 10700 10800 10900 11000
Call Put Call Put

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

In 10,000 In 10,000
17.69
16.95

90.00 20.00
76.92

80.00 15.00
64.96

70.00
7.27

10.00
56.79

5.22

60.00
51.00

2.54
2.45

5.00
44.51
42.40

50.00
38.68

0.00
33.89

-0.02

- 0.13
-0.19

-0.22

-0.24
-0.58

40.00
-1.48
-1.74
28.57

-2.23
-2.55

-5.00
21.83

30.00
20.89

-6.49

-7.48

-8.32

-10.00
14.62

-8.65
12.89

12.46

20.00
11.07

7.26
6.52

-12.97

-15.00
4.90

-13.96
3.45

10.00
3.14
2.06

1.92

0.00 -20.00
23000 24000 24500 25000 25500 25800 26000 26200 26500 27000 27500 23000 24000 24500 25000 25500 25800 26000 26200 26500 27000 27500

Call Put Call Put

8
DERIVATIVES

SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)

21-Nov 20-Nov 19-Nov 16-Nov 15-Nov 21-Nov 20-Nov 19-Nov 16-Nov 15-Nov
NIFTY Discount/Premium 21.55 15.75 4.75 5.05 13.85 DISCOUNT/PREMIUM 70.25 44.55 18.30 8.35 41.05
COST OF CARRY% 0.89 0.88 0.86 0.82 0.82 COST OF CARRY% 0.89 0.88 0.86 0.82 0.82
PCR(OI) 1.36 1.51 1.67 1.56 1.49 PCR(OI) 1.50 1.49 1.75 1.66 1.54
PCR(VOL) 0.97 1.02 1.05 0.91 0.90 PCR(VOL) 0.96 0.83 1.06 1.18 1.22
A/D RATIO(Nifty 50) 1.04 0.21 2.92 1.55 1.22 A/D RATIO(BANKNIFTY) 5.00 0.33 1.40 1.40 3.00
A/D RATIO(All FO Stock)* 2.06 0.18 2.39 0.90 1.92 A/D RATIO(ALL FO STOCK)# 9.50 0.24 1.11 2.00 2.50
Implied Volatility 17.47 16.82 16.35 17.32 19.11 IMPLIED VOLATILITY 17.05 21.16 20.28 17.22 19.98
VIX 19.56 19.33 19.26 18.35 18.35 VIX 19.56 19.33 19.26 18.35 18.35
HISTORY. VOL 18.87 19.30 19.31 19.58 19.97 HISTORICAL VOLATILITY 19.06 19.47 19.78 20.38 20.95
*All Future Stock #All Future Stock

FII’S ACTIVITY IN NIFTY FUTURE FII’s ACTIVITY IN DERIVATIVE SEGMENT

In Cr. In Cr.

2301
1000
861

2500

2112
800
647

2000

600
1500
440

419

400
1000
171
163

200 500
92

176

13

0 0

-188
-111

-200
-290

-500
-169

-454
-400 -1000

-836

-956
-600 -1500

-1376
-705

-800 -2000
07-Nov 09-Nov 12-Nov 13-Nov 14-Nov 15-Nov 16-Nov 19-Nov 20-Nov 21-Nov 07-Nov 09-Nov 12-Nov 13-Nov 14-Nov 15-Nov 16-Nov 19-Nov 20-Nov 21-Nov

TOP 10 LONG BUILD UP TOP 10 SHORT BUILD UP

LTP % Price Change Open interest %OI Chng LTP % Price Change Open interest %OI Chng
BPCL 327.05 1.81% 12533400 15.38% SIEMENS 915.45 -6.35% 2439000 23.34%
FEDERALBNK 83.20 3.87% 47591500 15.31% APOLLOHOSP 1218.55 -1.57% 1537000 14.45%
INFIBEAM 47.85 2.13% 13504000 13.48% IOC 141.60 -1.56% 29058000 12.58%
DALMIABHA 2341.70 3.47% 458700 10.88% IBULHSGFIN 707.70 -7.79% 20355000 8.39%
MRF 67506.50 2.69% 26160 9.64% TORNTPHARM 1638.25 -1.23% 373000 7.03%
HINDPETRO 246.75 1.31% 19323675 8.95% CIPLA 523.85 -1.55% 10349000 5.87%
ULTRACEMCO 4045.25 2.56% 2383000 3.20% SRTRANSFIN 1187.55 -4.22% 3604800 5.37%
JPASSOCIAT 7.20 8.27% 108392000 2.91% TATACHEM 687.25 -1.51% 2553750 4.61%
ADANIPORTS 361.60 3.97% 17142500 2.54% JETAIRWAYS 299.20 -7.40% 5011200 4.30%
JUSTDIAL 505.55 2.83% 1953000 2.50% BAJAJ-AUTO 2612.60 -3.25% 2235000 3.93%

**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

9
 SPICES BULLIONS
Turmeric futures (Dec) is expected to break the major support near 6400 & Bullion counter may witness some recovery at lower levels due to increased
descend towards 6300-6250 levels. On the spot markets, buying activities is safe-haven demand amid heightened risk aversion on Brexit and Italy
very sluggish at major spot markets due to the absence of stockists amid concerns. But on domestic bourses appreciation in local currency rupee is
steady arrivals and availability of mostly low quality stocks. Moreover, it is capping the upside in yellow metal. Local currency rupee is appreciating amid
reported that the quality of stocks lying with state-run agencies in Andhra falling crude oil prices and on support from RBI’s announcement to buy bonds
Pradesh is not good. So, the state government has directed to all the state-run worth Rs 8,000 crore via open market operations (OMOs) to ease tight cash
agencies in the state to clear/offload turmeric stocks at market rates on an conditions. Rupee can further appreciate towards 70.6 levels in near term.
immediate basis. Around 2 lakh bags of stocks are still lying with the state-run The Federal Reserve is pushing ahead with gradual rate-hike plans next month
agencies in the state. Meanwhile, powder making companies are submitting as it marches toward a more normal policy stance that would keep the
tender applications to get stocks. The auction process is likely to be held in a economy expanding. U.S. President Donald Trump's administration last week
week. Jeera futures (Dec) is likely to witness correction & test 18700 levels. stated that China had failed to alter its "unfair" practices at the heart of the
As per reports, sowing prospects are still gloomy as the water, which is being U.S.-China trade conflict, adding to tensions ahead of a high-stakes meeting
released from the Banaskantha canal for irrigation seems insufficient. Some later this month between Trump and Chinese President Xi Jinping. According
of the areas have received water but interior areas are still facing a drought to World gold council “The demand for gold bars and coins jumped 28 percent
like situation. But, if the state government releases sufficient water than in Q3 2018, while central bank reserves grew 22 percent year-on-year”. Gold
there could be a short term correction in prices. Coriander futures (Dec) may can take support near 30400 and can face resistance near 31200 while silver
continue to hold the uptrend & trade in the range of 6300-6600 levels. The can take support near 36000 while it faces resistance near 37800. Trade
counter will take positive cues from the weak arrivals and a likely fall in tensions and higher interest rates are slowing the global economy, though for
acreage because of dry conditions in Rajasthan and Gujarat. It is reported now there are no signs of a sharp downturn, the OECD stated last week,
that the sowing is lagging behind poorly in Gujarat, while, it has not yet lowering its outlook for next year. Russia produced 231.65 tonnes of gold in the
started in Madhya Pradesh and Rajasthan. first nine months of 2018, up from 227.88 tonnes in the same period last year.

OIL AND OILSEEDS ENERGY COMPLEX

Soybean futures (Dec) is expected to trade sideways to up in the range of 3370- Crude oil prices have witnessed sharp downside momentum in past few weeks
3485 levels. The overall bias is positive on the expectations of fall in arrivals. The which can continue further due to increasing US production and as the
crushers buying is also said to be good amid improved enquiries for soymeal from International Energy Agency (IEA) warned of unprecedented uncertainty in oil
domestic poultry feed industry. However the concerning factor is an increasing markets due to a difficult economic environment and political risk. Recently
price of domestic soymeal in the international market, which could restrict the demand outlook has been clouded by slowdown in Chinese economy and
overseas demand. Indian soymeal is tentatively costlier by $56 per tonne (CNF- challenges to global economy. Crude oil prices can take support near 3700 and
Rotterdam). Indian soymeal was at around $413 versus rival Argentine origin at resistance near 4200. The Organization of the Petroleum Exporting Countries
$357. Mustard futures (Dec) will possibly witness some lower buying near 4050 (OPEC) is pushing for a supply cut of 1 million to 1.4 million barrels per day
levels & witness gain towards 4150-4200 levels. Supported by China lifting the (bpd). U.S. crude oil production EIA remained at a record 11.7 million barrels
ban on Indian import of mustard meal, oilseed prices are firming up in the spot. per day (bpd), Fearing a glut, the Middle East dominated producer cartel of
The optimism is again coming back among the market participants as they hope the Organization of the Petroleum Exporting Countries (OPEC) is considering
that the benefit of mustard meal exports to China will be reflected in the coming supply cuts when it next meets on Dec. 6, although some members like Iran
months, as the shipments will take about 15 days to a month to begin. Moreover, are expected to resist any voluntary reductions. Meanwhile, US President
with winters getting stronger the consumption of mustard oil will rise. A study Donald Trump has thanked Saudi Arabia for lower price and called for further
conducted by Yale University and Princeton University found that 90% of mustard lower prices. Wild swings can persist in natural gas counter as it can trade in
oil in India is used for cooking; only 10 per cent gets into pickling, massage, hair 285-350 in MCX as natural gas futures are having their most volatile November
care, etc. Looking at the bounce back in CPO futures (Dec) from 495 levels, it since 2008 due to changing weather forecasts and worries about low storage
seems that the downtrend will take a back seat & we may see more short ahead of the winter heating season. Meanwhile weighing on prices are
covering towards 520-525 levels. On the Bursa Malaysia Derivatives, palm oil concerns about sustainability of current cold weather in US and reducing
prices may rebound taking support near 1950 ringgit per ton on account of lower incentive to use gas for power generation. However, supporting price are
level buying. lower stocks which are at the lowest level since 2002 for this time of the year.

OTHER COMMODITIES BASE METALS

The downtrend of cotton futures (Dec) will resume & test 21500-21200 levels, if In base metal counter, Nickel and Aluminium can continue to remain under
it breaks the weekly support near 21790 levels. The overall sentiments are pressure while rest of the metals can move sideways. Copper can trade in
bearish as the cotton prices are dropping in major spot markets in central and range as it can take support near 425 and can face resistance near 450. Copper
south India amid poor buying from mills and exporters along with weak global market was expected to see a small surplus of 13,500 tonnes this year and a
cues weighed on prices. There are also bearish indications of poor sales in cotton small deficit of 44,000 tonnes in 2019. Meanwhile Lead may remain with
yarn and garments and thus mills were mostly in wait and watch mode. sideways bias as it can take support near 136 while it has resistance near in
Additionally, there are worries over export for cotton, cotton yarn and garments 147. Aluminium can take support near 136 and resistance near 146. According
this season mainly due to concern about gloomy picture of global economy, to the International Aluminium Institute (IAI) “Global primary aluminium
particularly in emerging markets. Guar seed futures (Dec) is expected to remain output rose to 5.414 million tonnes in October from 5.301 million tonnes in
September”. Zinc can take support near 180 levels and resistance near 193
on the correction path & test 4300-4250, while guar gum (Dec) is seen plunging
levels. The London zinc market is experiencing unprecedented tightness as
towards 8600-8400 levels. Crushers demand for guar seed is also slow as they
the London Metal Exchange's (LME) benchmark cash-to-three-months spread
have ample stocks against slow guar gum export demand amid strength in
was valued at a backwardation of $97 per tonne the highest since at least June
rupee. The local currency is trading near one month low due to the expected fall 2009. Nickel may take support near 750 levels while it can face resistance
in trade deficit, thanks to lower crude oil prices. In days to come, more strength near 840 levels. Nickel prices continue to be under pressure, while stockpiles
can be seen in Rupee against Dollar as the government hopes to end the year on the ShFE edged down to 14,911 tonnes last week, but still near a three-
with a relatively lower current account deficit (CAD) of 2.2 to 2.3% of the GDP month high. Russian metals producer Nornickel plans to ramp up nickel
against an earlier estimated 2.8%. The outlook of chana futures (Dec) is bullish & production to 240,000 tonnes by 2025 to meet growing demand in the battery
it has the potential to test 5000 levels. The sentiments are positive amid slower sector. Nornickel expects to meet its nickel production guidance of 210,000-
progress of Rabi crop sowing, which is lagging behind as compared to last year 215,000 tonnes in 2018. Expectations of a supply avalanche hitting the nickel
and also market talks on extension of curbs on import of yellow peas till March market next year due to new capacity in Indonesia have been dragging the
2019. prices.

10
 TREND SHEET

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN DEC 3419.00 01.11.18 UP 3407.00 3348.00 - 3315.00
NCDEX JEERA DEC 19460.00 14.11.18 Sideways 20020.00 19200.00 20400.00 -
NCDEX REF.SOY OIL DEC 728.90 09.11.18 Down 743.35 - 735.00 740.00
NCDEX RMSEED DEC 4081.00 19.11.18 Down 4133.00 - 4142.00 4200.00
NCDEX CHANA DEC 4725.00 06.11.18 UP 4424.00 4440.00 - 4390.00
NCDEX GUARSEED DEC 4427.00 19.11.18 Down 4515.00 - 4500.00 4535.00
NCDEX COCUD DEC 1938.00 09.10.18 UP 1722.50 1910.00 - 1888.00
NCDEX CASTOR DEC 5622.00 19.11.18 Sideways 5732.00 5500.00 6000.00 -
MCX CPO DEC 508.80 24.10.18 Down 585.40 - 518.00 521.00
MCX MENTHA OIL DEC 1658.10 19.11.18 Down 1724.60 - 1730.00 1750.00
MCX SILVER DEC 36909.00 08.11.18 Down 37613.00 - 37200.00 37600.00
MCX GOLD DEC 30825.00 08.11.18 Down 31406.00 - 31170.00 31370.00
MCX COPPER NOV 438.55 25.10.18 Down 447.80 - 449.00 453.00
MCX LEAD NOV 141.90 23.10.18 Down 147.80 - 145.00 147.00
MCX ZINC NOV 187.30 30.10.18 Down 190.40 - 192.00 194.00
MCX NICKEL NOV 780.50 24.10.18 Down 900.70 - 810.00 830.00
MCX ALUMINIUM NOV 139.05 05.10.18 Down 157.70 - 143.00 146.00
MCX CRUDE OIL DEC 3949.00 10.10.18 Down 5454.00 - 4055.00 4160.00
MCX NATURAL GAS DEC 326.60 05.11.18 UP 257.60 296.00 - 282.00
Closing as on 21.11.18

TECHNICAL RECOMMENDATIONS
ALUMINIUM MCX (NOV)

ALUMINIUM MCX (NOV) contract closed at Rs. 139.05 on 21st Nov’18. The contract made its high of Rs.
168.85 on 4th Oct’18 and a low of Rs. 137.20 on 19th Nov’18. The 18-day Exponential Moving Average of
the commodity is currently at Rs. 141.75.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 35.12. One can sell at
Rs. 141. 50 for a target of Rs. 137.50 with the stop loss of Rs. 143.50.

SILVER MCX (DEC)

SILVER MCX (DEC) contract closed at Rs. 36909 on 21st Nov’18. The contract made its high of Rs. 43059
on 14th Jun’18 and a low of Rs. 36036 on 14th Nov’18. The 18-day Exponential Moving Average of the
commodity is currently at Rs. 37295.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 39.88. One can sell
below Rs. 36700 for a target of Rs. 35900 with the stop loss of Rs. 37100.

SYOREF NCDEX (JAN)

SYOREF NCDEX (JAN) contract closed at Rs. 727.60 on 21st Nov’18. The contract made its high of Rs.
784.50 on 17th Oct’18 and a low of Rs. 718.40 on 20th Nov’18. The 18-day Exponential Moving Average of
the commodity is currently at Rs. 741.20.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 39.06. One can buy in
range of Rs. 730 for a target of Rs. 750 with the stop loss of Rs.720.

11
 NEWS DIGEST WEEKLY COMMENTARY
• The commodity market regulator SEBI has raised In the week gone by, commodities witnessed further correction, and crude suffered the
apprehension over the high cost of trading in most. CRB crashed below 190 levels; though some recovery in crude on Wednesday helped it
commodity futures market and urged the exchanges to bounce back from the low. Oil prices rose about $1 a barrel a barrel on Wednesday,
and supporting eco-system facilitators to bring down bouncing from the lowest levels in months, after U.S. government data showed strong
cost to attract more hedgers and investors. demand for refined fuel, but concerns remained over rising global crude supply. Crude stocks
• MCX is gearing up for delivery-based settlement versus at the Cushing, Oklahoma, delivery hub for WTI fell 116,000 barrels, the first drop in nine
weeks, EIA said. The overall market remained weak after crude fell more than 6% the
the current cash system. This means traders can ask for
previous session, while world equities tumbled on worries about economic prospects. OPEC is
actual goods than cash for closing the contract.
now pushing for a supply cut of 1 million to 1.4 million barrels per day (bpd). Natural gas
• Sugar production as on 15th November 2018 was 11.63 surprised traders with its giant move in past few trading sessions. Prices last to last week
lac tons, as compared to 13.73 lac tons produced as on skyrocketed to the highest in more than four years as cold weather stoked concerns of a
15th November, 2017. supply crunch. Positive trend continued in this week as well, and every dip was well utilized
• Farmers of Maharashtra’s Waigaon have received a for buying by traders. Gold prices rose to a two-week high on Wednesday as the dollar
Geographical Indication (GI) tag for organically grown slipped, with uncertainty on the pace of interest rate hikes by the U.S. Federal Reserve and
turmeric that is rich in curcumin and also known for this has also supported the metal in comex. Silver prices revived too; nevertheless in Indian
many health benefits. market both trade in negative territory on appreciation in local currency, which traded near
• MCX Mock Trading is scheduled on Saturday, November 71. Gains in the metal were, however, capped by a bounce in equity markets. Weaker than
24, 2018. expectation economic data from US hurt the sentiments of base metals and most of them
traded weak.
• A Brazilian court has ordered Vale SA, to stop its mining
iron or Nickel at its Onça Puma unit and pay damages to In agri counter, spices gave opportunities for both buying and selling. Cardamom and dhaniya
two indigenous tribes in the area. prices augmented whereas jeera and turmeric traded in negative trading zone. Chana saw
strong revival, gathering strength from spot market which is firm now. Upside sentiments in
• US housing starts increased 1.5% to a seasonally
other pulses like tur and urad is nullifying the negative impact of NAFED selling in spot
adjusted annual rate of 1.228 million units last month.
market. Castor prices were remained on path of profitbooking though the downside was
• Indian crude imports in October climbed 10.5% from a limited near 5600. Cotton counter was weak on profitbooking from higher side. Though, ICE
year earlier to 21.02 million tonnes, the highest monthly cotton futures gained nearly about 2% on Wednesday after two days of losses, as investors
import figure in PPAC data going back to April 2011. covered short positions ahead of the U.S. Thanksgiving Day holiday. Recovery in global
• Japan's crude steel output fell 4.5% in October from a equities and crude oil also supported the bullish cause. Guar and mentha saw no respite and
year earlier to 8.56 million tonnes. prices fell further.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
6% 15%
5.16%

4%

10% 9.63%
2.34%
2%

0.89%
0.62% 0.53%
5%
0%

1.29%
-2% 0.28%
-2.02% 0%

-3.39%
-4%
-2.55%
-3.08%
-4.76% -3.89%
-5% -4.48%

-6% -5.83%

-6.63%
-8.60%
-8% -10%
CHANA MAIZE (RABI) SOYABEAN CORIANDER WHEAT GUARGUM CASTOR SEED GUAR SEED COCUD CPO NATURAL GAS CARDAMOM CPO MENTHA OIL NICKEL MINI CRUDE OIL RBD PALMOLEIN CASTOR SEED

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COMMODITY UNIT 16.11.18 21.11.18 DIFFERENCE COMMODITY UNIT 15.11.18 21.11.18 DIFFERENCE
QTY. QTY.
QTY. QTY.
BARLEY MT 633 120 -513
CASTOR SEED MT 32026 36677 4651 BRASS MT 2.89 2.89 0.00
CHANA MT 23524 18169 -5355 CARDAMOM MT 2.80 2.80 0.00
CORIANDER MT 4429 3376 -1053
GUARGUM MT 15800 17637 1837 COTTON BALES 1600.00 1900.00 300.00
GUARSEED MT 20292 23095 2803 GOLD KGS 19.00 19.00 0.00
JEERA NEW MT 2567 1585 -982
GOLD MINI KGS 24.20 24.20 0.00
MAIZE RABI MT 2619 2368 -251
RM SEED MT 7505 8082 577 GOLD GUINEA KGS 4.62 4.62 0.00
SOYBEAN MT 95264 109662 14398 MENTHA OIL KGS 760817.65 760820.60 2.95
TURMERIC MT 501 577 76
WHEAT MT 774 715 -59 SILVER (30 KG Bar) KGS 26480.96 27513.25 1032.29

12
COMMODITY
SPOT PRICES (% change) Black Gold......losing vitality on soaring supply

Recently the crude, nickname black gold, prices have plummeted more than 30%
since four-year highs reached at the start of October, falling into bear-market
RAW JUTE (KOLKATA) 2.49
territory. In Nymex WTI crude price reached a peak of $76.90 per barrel and Brent
touched to $86.74 on October 3. In MCX the prices had jumped to Rs 5669 on same day.
CORIANDER (KOTA) 1.43 2018 will be remembered as historical big swings in crude prices after 2014, when
black gold had entered into bear market owing to massive production amid normal
BARLEY (JAIPUR) 0.15
demand. Like 2014, despite geopolitical tensions in many countries prices nose dived
due to rising supply glut, weakening global economic growth and spellbound rise in
dollar index. Missing “geopolitical premium” as U.S. decision to grant waivers to
SOYABEAN (INDORE) -0.17
major buyers of Iranian crude following the enactment of sanctions on Iran's oil
industry at the start of the month are also causing slide of crude prices and are giving a
WHEAT (DELHI) -0.33 nightmare to oil producing countries, especially to OPEC which enjoyed fairly strong
position as price setter of this most political commodity in world.
SUGAR (KOLKATA) -0.43 • According to the IEA’s monthly oil Rs/b The movement of crude prices in NYMEX &MCX In $/b
6000 90
market report, the oil output from
the top producers is holding global 5500 80
JEERA (UNJHA) -0.45
supply steady, at around 100.7 5000 70

million barrels a day in October, 2.6

PEPPER MALABAR GAR (KOCHI) -0.47 million barrels a day higher 4500 60

compared to October 2017. 4000 50

COTTON SEED OIL CAKE (AKOLA) -0.67 • The world's top producers — the 3500 40

United States, Russia and Saudi

3000 30

TURMERIC (NIZAMABAD) -0.77 Arabia — have been pumping at or

near records. The 15-member OPEC
MCX WTI Brent
cartel has also been ramping up
MUSTARD (JAIPUR) -0.92 Source: Reuters & SMC research
production.
• U.S. crude output rose sharply last month and touched to 11.6 million barrels a
COTTON (KADI) -2.38
day in early November--solidifying its spot ahead of Russia as the world's largest
producer crude.
CRUDE PALM OIL (KANDLA) -2.62
• Russian crude production soared to 11.4 million barrels a day, according to the
report.
GUAR SEED (JODHPUR) -4.28 • OPEC’s crude oil production jumped by 200,000 bpd in October to 32.99 million
bpd, which was 240,000 bpd higher from a year ago.
GUR (MUZAFFARNGR.) -5.50 • Saudi Arabia's oil supply rose month-on-month to 10.65 million barrels a day in
October.
GUAR GUM (JODHPUR) -5.73 • Since May, global oil output has climbed by 1.8 million barrels a day, with the
U.S. providing 1 million barrels a day of growth and Saudi Arabia and Russia
adding 620,000 barrels a day and 445,000 barrels a day.
• The IEA noted that gains in crude supply are more than offsetting output
WEEKLY STOCK POSITIONS IN LME (IN TONNES) reductions from Iran due to U.S. sanctions and supply outages in Venezuela.
• Crude supply has declined from Iran (-480,000 b/d), Venezuela (-140,000 b/d),
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE and seasonal declines in Canada (-200,000 b/d) and Kazakhstan (-100,000 b/d).
15.11.18 21.11.18 • Iranian oil production peaked at 3.8 million barrels a day in the second quarter
ALUMINIUM 1057450 1073050 15600 of this year, according to data from OPEC and the International Energy Agency.
Global demand of crude oil
COPPER 167075 145250 -21825
• On the demand side, the IEA kept its forecasts of oil demand growth at 1.3
NICKEL 216306 215562 -744 million bpd in 2018 and 1.4 million bpd in 2019, but lowered its 2019
LEAD 110975 109950 -1025 expectations for demand growth in non-OECD countries, the developing
ZINC 130900 122625 -8275
nations, many of which drive demand growth.
• The demand for OPEC crude is expected to drop to 31.3 million bpd in 2019,
which is 1.7 million bpd below the cartel’s current production.
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $) Lower crude prices support growth rate of any country dependent on crude import.
In Indian context, weakness in crude price augurs well for India, which imports
COMMODITY EXCHANGE CONTRACT 16.11.18 21.11.18 CHANGE% about 70% of its petroleum requirement, and results in lower inflation,
ALUMINIUM LME CASH 1914.00 1945.00 1.62 improvement in fiscal and current account balances and higher growth that could
provide much needed comfort to government approaching to election next year.
COPPER LME CASH 6181.00 6242.00 0.99
LEAD LME CASH 1960.00 1949.00 -0.56
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 11280.00 11085.00 -1.73
COMMODITY EXCHANGE CONTRACT UNIT 16.11.18 21.11.18 CHANGE(%)
ZINC LME CASH 2641.00 2670.00 1.10
GOLD COMEX DEC 1223.00 1228.00 0.41 Soybean CBOT JAN Dollars Per Bushel 8.92 8.83 -1.01

SILVER COMEX DEC 14.38 14.50 0.83 Soy oil CBOT DEC Cents per Pound 27.40 27.80 1.46
LIGHT CRUDE OIL NYMEX DEC 56.46 54.63 -3.24 CPO BMD FEB MYR per MT 1972.00 2006.00 1.72
NATURAL GAS NYMEX DEC 4.27 4.45 4.19 Cotton ICE DEC Cents per Pound 76.12 76.51 0.51

13
CURRENCY
Currency Table News Flows of last week
Currency Pair Open High Low Close 16th NOV India's forex reserves declined by $121.2 million.
16th NOV EUROZONE final CPI improved in October at 2.20%.
USD/INR 71.9900 72.1200 71.2850 71.4825
19th NOV RBI to rework PCA framework for banks, restructure MSME loans.
EUR/INR 81.9550 82.3300 81.7025 81.7725
19th NOV RBI to transfer surplus funds to govt.
GBP/INR 92.4500 92.6350 91.7150 92.0150 21th NOV RBI move to boost banks’ lending ability up to $42 billion: sources
JPY/INR 63.7900 64.0275 63.3625 63.5850 21th NOV Bank of England Governor Mark Carney back the deal struck by May.
(* NSE Currency future, Source: Reliable, Open: Monday 9.00 AM IST, Close: Tuesday (5.00 PM IST)
21th NOV World economy to slow down in 2019 due to trade wars: OECD

Market Stance Economic gauge for the next week

RBI board meeting this week brought a much needed relief for government & the
Date Currency Event Previous
rupee in general. In the meeting, RBI agreed to transfer surplus funds to
government and to rework PCA framework for banks, restructure MSME loans apart 26th NOV EUR German Ifo Business Climate Index 102.80
from injecting 80 Billion liquidity in the system to support rupee. In addition, INR 26th NOV EUR ECB President Draghi Speaks
appreciation was also fuelled by further 5% crack in crude oil prices which has now 27th NOV EUR French Consumer Confidence (Nov) 95.00
corrected by more than 30% from the peak in last 45 days. However, in a bid to 27th NOV USD CB Consumer Confidence (Nov) 137.90
support rupee India’s Forex reserves has declined by $121.2 million. With lot of 28st NOV USD GDP (QoQ) (Q3) 3.50%
positives around the appreciation in rupee is here to stay. On the global front, 28th NOV USD New Home Sales (Oct) 553K
dollar continue to strengthen even after some dovish comments from FED MPC 29th NOV EUR German Unemployment Rate 5.10%
members on further rate hikes citing global growth concerns. EURO, Pound and YEN 29th NOV EUR EUROZONE Consumer Confidence -2.70
continue to trade weak on back of weak data and disappointing future growth 29th NOV EUR German CPI (MoM) (Nov 0.20%
projections. Pound was further dented on fears of no brexit deal even after BOE
29th NOV USD Pending Home Sales (MoM)(Oct) 0.50%
governor’s backing of PM Theresa May brexit proposal. OECD is of the view that
30th NOV INR GDP Quarterly (YoY) (Q2) 8.20%
world economy is to slow down in 2019 to 3.50% due to trade wars. Next week rupee
will continue to surge, ahead of India’s quarterly GDP numbers to be released on 30th NOV EUR EUROZONE Unemployment Rate(Oct) 8.10
Thursday. The local unit can test levels of 70.10 - 70.25 to a dollar. 30th NOV EUR EUROZONE CPI(YoY)(Nov) 2.20%

Technical Recommendation USD/INR EUR/INR

USD/INR (NOV) contract closed at 71.4825 on 21th Nov’ 18. The contract made its EUR/INR (NOV) contract closed at 81.7725 on 20th Nov’ 18. The contract made its
high of 72.1200 on 19th Nov’18 and a low of 71.2850 on 20th Nov’ 18 (Weekly Basis). high of 82.3300 on 19th Nov’18 and a low of 81.7025 on 20th NOV’18 (Weekly
The 14-day Exponential Moving Average of the USD/INR is currently at 72.4832 Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 82.51
33.47. One can go short on rise at 71.00 for the target of 70.40 with the stop loss of On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 33.18.
71.35. One can sell on rise around 81.10 for a target of 80.50 with the stop loss of 81.55.
GBP/INR JPY/INR

GBP/INR (NOV) contract closed at 92.0150 on 20th Nov’18. The contract made its JPY/INR (NOV) contract closed at 63.5850 on 20th Nov’18. The contract made its
high of 92.6350 on 19th Nov’18 and a low of 91.7150 on 20th NOV’18 (Weekly Basis). high of 64.0275 on 19th NOV’18 and a low of 63.3625 on 20th Nov’18 (Weekly
The 14-day Exponential Moving Average of the GBP/INR is currently at 93.60 Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at
64.12
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 30.66.
One can buy above 91.40 for a target of 92.00 with the stop loss of 91.00. On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 36.48.
One can buy around 62.80 for a target of 63.30 with the stop loss of 62.40.

14
IPO
IPO NEWS

SEBI seeks RoC stamp for IPO prospectus

In a bid to cut down on the time taken for listing of shares via an Initial Public Offering, SEBI is in discussions with the Ministry of Corporate Affairs to make it
mandatory for the Registrar of Companies (RoC) to approve or reject the prospectus filed by companies within a specific time period. Currently, the RoC is not
required to issue an approval or denial when a company files for listing of shares. But it can raise objections at a later stage, which the market regulator feels can
delay the whole process. SEBI had recently announced that it wanted to reduce the time taken for the listing of shares from six days to three days after an IPO is
concluded. As part of this plan, the market regulator wants the Ministry of Corporate Affairs to amend the Companies Act to ensure that the RoC also acts within
the timeline, according to sources aware of the discussions. SEBI recently approved a proposal to introduce Unified Payments Interface (UPI) as an alternative
payment option for retail investors buying IPO shares. RoC is an office under the MCA, and deals with the administration of companies and limited liability
partnerships in India. It completes regulation and reporting of companies and their shareholders and directors, and also administers government reporting of
several matters, including annual filing of numerous documents. The registrar can also ask for supplementary information from a company, and has powers to
search their premises and seize account books with prior court approval.

Reliance Nippon CPSE ETF to raise Rs 8,000 crore

Reliance Nippon Life Asset Management has launched the follow-on offer of Reliance Nippon Central Public Sector Enterprises (CPSE) Exchange Traded Fund
(ETF) on November 20. The third FFO will open for subscription on November 28 and close on November 30. It will raise Rs 8,000 crore through Reliance Nippon
CPSE ETF with a greenshoe option to retain Rs 4,000 to Rs 6,000 crore. According to sources from the finance ministry, the ETF will have a greenshoe option to
retain Rs 4,000 to Rs 6,000 crore . The government will offer a discount over 4.5 percent in its third CPSE ETF FFO. Reliance Nippon Life Asset Management had
filed draft papers with a third follow-on offer of CPSE ETF last month.

IPO TRACKER

Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price* %Gain/Loss (from Issue price)
Garden Reach Shipbuilding Shipping 1072.12 345.00 10-Oct-18 118.00 104.00 92.55 -21.57
AAVAS Financiers Ltd NBFC 5385.46 1734.00 8-Oct-18 821.00 758.00 688.90 -16.09
Ircon International Ltd Railway 3730.00 470.00 28-Sep-18 475.00 410.30 398.15 -16.18
CreditAccess Grameen Ltd. NBFC 5291.62 1131.00 23-Aug-18 422.00 393.00 368.80 -12.61
HDFC Asset Management Co AMC 29971.01 2800.00 6-Aug-18 1100.00 1726.25 1411.25 28.30
TCNS Clothing Co. Limited Retail 4273.43 1125.00 30-Jul-18 716.00 715.00 696.80 -2.68
Varroc Engineering Limited Auto Ancillary 9779.62 1945.00 6-Jul-18 967.00 1015.00 726.80 -24.84
Fine Organic Industries Limited FMCG 3429.53 600.00 6-Jul-18 783.00 815.00 1122.75 43.39
RITES Limited Railway 5565.63 460.00 6-Jul-18 185.00 190.00 280.45 51.59
Indostar Capital Finance Ltd NBFC 3357.33 1844.00 21-May-18 572.00 600.00 364.55 -36.27
Lemon Tree Hotels ltd Hotel 5690.64 1038.00 9-Apr-18 56.00 61.60 71.70 28.04
ICICI Securities Ltd Broking House 8675.16 4016.00 4-Apr-18 520.00 431.10 269.00 -48.27
Mishra Dhatu Nigam Ltd Metal 2245.24 439.00 4-Apr-18 90.00 87.00 119.40 32.67
Karda Construction Ltd Construction 230.36 78.00 2-Apr-18 180.00 136.00 187.85 4.36
Sandhar Technologies Ltd Auto Industry 1944.50 513.00 2-Apr-18 332.00 345.00 321.60 -3.13
Hindustan Aeronautics Ltd Defence 26819.55 4229.00 28-Mar-18 1240.00 1169.00 803.45 -35.21
Bandhan Bank Ltd Bank 55592.53 4473.00 27-Mar-18 375.00 485.00 466.20 24.32
Bharat Dynamics Ltd Defence 5174.48 961.00 23-Mar-18 428.00 360.00 282.80 -33.93
H.G. Infra Engineering Ltd Infrastructure 1427.45 4229.00 9-Mar-18 270.00 270.00 219.80 -18.59
Aster DM Healthcare  Health Care 7507.54 981.00 26-Feb-18 190.00 182.10 150.00 -21.05
Galaxy Surfactants Ltd FMCG 4217.51 937.00 8-Feb-18 1480.00 1520.00 1187.55 -19.76
Amber Enterprises India Consumer Durables 2855.10 600.00 30-Jan-18 859.00 1180.00 906.95 5.58
Newgen Software Technologies Software 2218.82 424.00 29-Jan-18 245.00 253.00 326.10 33.10
Apollo Micro Systems Ltd Defense 278.49 156.00 22-Jan-18 275.00 478.00 134.15 -51.22
Astron Paper & Board Mill paper 515.75 70.00 28-Dec-17 50.00 120.00 111.25 122.50
Future Supply Chain Solutions Ltd Logistics 2597.28 650.00 18-Dec-17 664.00 674.00 649.50 -2.18
Shalby Ltd Hopsital 1673.50 504.00 15-Dec-17 248.00 237.00 156.00 -37.10
HDFC Standard Life Insurance Ltd Insurance  78540.78 8695.00 17-Nov-17 290.00 311.00 390.25 34.57
Khadim India Ltd Footwear 1065.79 544.00 14-Nov-17 750.00 727.00 591.15 -21.18
New India Assurance Co. Ltd. Insurance  33464.00 9600.00 13-Nov-17 800.00 748.90 203.90 -74.51
Mahindra Logistics Ltd Logistics 3772.18 830.00 10-Nov-17 429.00 432.00 528.40 23.17
Reliance Nippon Life Asset Mgmt Ltd. Life Insurance 10218.50 1542.00 6-Nov-17 252.00 294.00 166.75 -33.83
General Insurance Corp of India General Insurance 53235.39 11373.00 25-Oct-17 912.00 850.00 302.80 -66.80
Indian Energy Exchange Power Trading 4888.33 1000.00 23-Oct-17 1650.00 1500.00 161.65 -90.20
MAS Financial Services Financial Services 2969.71 460.00 18-Oct-17 459.00 660.00 552.95 20.47

*Closing price as on 21-11-2018

15
FIXED DEPOSIT MONITOR
FIXED DEPOSIT COMPANIES
PERIOD
ADDITIONAL RATE OF INTEREST (%) MIN.
INVESTMENT
S.NO (NBFC COMPANY -NAME)
12M 18M 24M 36M 45M 48M 60M 84M (Rs.)

SR. CITIZEN BENEFIT: 0.25% EXTRA FOR

1 AADHAR HOUSING FINANCE LTD. (< RS. 5 CR.) 8.50 8.75 9.00 - 9.00 9.00 8.80 12M TO 35M & 0.40% EXTRA FOR 36M TO 120M 5000/-
OR 0.05% EXTRA FOR WOMEN CUSTOMERS

0.35% EXTRA FOR SR. CITIZEN OR 0.25% EXTRA

FOR EXISTING CUSTOMER (2 MONTH GAP IN
2 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 8.00 15M=8.05% 8.15 8.75 - 8.75 8.75 - FIRST & SECOND DEPOSIT) & 0.25% EXTRA IN 25000/-
RENEWAL UPTO RS.5 CR.
CUM-5000/-
3 CENT BANK HOME FINANCE (ONLY RENEWAL) 7.75 8.00 8.00 8.00 - 8.25 8.25 8.00 0.25% FOR SENIOR CITIZEN NON CUM-
10000/-

DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.25% 14M=8.30% 18M=8.30% 40M=9.00% 0.40% EXTRA FOR SR CITIZEN,WIDOW, EXISTING
4 FOR < RS. 5 CRORE (FOR TRUST ONLY) (FOR WOMEN ONLY) DHFL HOME BORROWERS & DHFL MORTGAGE & 5000/-
SME LOAN CUSTOMERS, 0.15% EXTRA FOR
DEWAN HOUSING FINANCE CORPORATION LTD RENEWAL BUT APP SHOULD REACH IN COMPANY
5 8.25 - 8.50 9.00 - 9.00 9.00 9.00 BEFORE DUE DATE. 5000/-
(AASHRAY) FOR < RS. 5 CRORE

DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.50% 14M=8.50% 18M=8.50% 40M=9.00% 0.40% EXTRA FOR SR CITIZEN,WIDOW, EXISTING
6 FOR RS. 5 CRORE & ABOVE (FOR TRUST ONLY) (FOR WOMEN ONLY) DHFL HOME BORROWERS & DHFL MORTGAGE & 5000/-
SME LOAN CUSTOMERS, 0.15% EXTRA FOR
DEWAN HOUSING FINANCE CORPORATION LTD RENEWAL BUT APP SHOULD REACH IN COMPANY
7 8.50 - 8.60 9.00 - 9.00 9.00 9.00 BEFORE DUE DATE. 5000/-
(AASHRAY) FOR RS. 5 CRORE & ABOVE

96-120M=7.75%; 0.25% FOR FEMALE, SENIOR

8 GRUH FINANCE LTD. 7.75 13M=7.75 7.75 8.00 - 8.00 8.00 8.25 1000/-
CITIZEN & TRUST

HDFC LTD- PREMIUM DEPOSIT FOR INDIVIDUAL

9 15M=8.03 22M=8.14 30M=8.08 44M=8.14 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- SPECIAL DEPOSIT FOR INDIVIDUAL

10 33M=8.19 - - 66M=8.19 - - 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- REGULAR DEPOSIT FOR INDIVIDUAL

11 7.98 - 7.98 7.98 - 7.98 7.98 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.
(UPTO RS.2 CR.)

HDFC LTD- REGULAR FOR INDIVIDUAL & TRUST 20000/- BUT

12 8.24 - 8.24 8.24 - 8.24 8.24 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.
(>RS.2 CR TO RS. 10 CR) 40000/-
IN MONTHLY
HDFC LTD- PREMIUM DEPOSIT FOR TRUST &
13 15M=8.19 - - 30M=8.19 - - -
INSTITUTION (UPTO RS. 2 CR.)

HDFC LTD- SPECIAL DEPOSIT FOR TRUST

14 33M=8.24 - - 66M=8.24 - - 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- REGULAR DEPOSIT FOR TRUST &

15 8.08 - 8.08 8.08 - 8.08 8.08 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.
INSTITUTION (UPTO RS.2 CR.)

16 HUDCO LTD.(IND & HUF) 7.50 - 7.50 7.50 - 7.25 7.25 - 0.25% FOR SENIOR CITIZEN 10000/-

17 HUDCO LTD.(TRUST/CO/INSTITUTION) 7.25 - 7.25 7.25 - 7.00 7.00 - - 10000/-

0.50% ADD. INTEREST TO SR. CITIZEN,

18 J K LAKSHMI CEMENT LTD 8.00 - 8.25 8.35 - - - - EMPLOYEES,SHAREHOLDERS AND PERSON
INVESTING RS. 5 LACS AND ABOVE - MAX. 0.50%
0.50% ADD. INTEREST TO SR. CITIZEN,
19 J K TYRE INDUSTRIES LTD. 8.00 - 8.25 8.35 - - - - EMPLOYEES, SHAREHOLDERS AND PERSON
INVESTING RS. 5 LACS AND ABOVE - MAX. 0.50%

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

0.25% FOR SENIOR CITIZEN IF APP ABOVE

21 LIC HOUSING FINANCE LTD.(UPTO RS. 25 CR.) 8.15 8.15 8.20 8.25 - - 8.30 - 10000/-
RS. 50,000/- & 0.10% IF APP UPTO RS. 50,000/-
M&M FINANCIAL SERVICES LTD
22 (FOR BELOW RS. 1 CRORE) 8.10 8.10 8.50 8.80 - 8.80 8.80 - 0.25% FOR SENIOR CITIZEN 10000/-

23 OMAXE LTD 10.50 - 11.00 11.50 - - - - -

24 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 8.30 - 8.30 8.40 - 8.40 8.45 8.30 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE
10000/-
25 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 15M=8.30 22M=8.35 30M=8.30 44M=8.45 0.25% FOR SENIOR CITIZEN

0.25% FOR SENIOR CITIZEN,

26 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 8.25 - 8.50 9.00 - 9.00 9.25 - 5000/-
0.25% EXTRA FOR RENEWALS
0.25% FOR SENIOR CITIZEN,
27 SHRIRAM CITY UNION SCHEME 8.25 - 8.50 9.00 - 9.00 9.25 - 0.25% EXTRA FOR RENEWALS
5000/-
* 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
MUTUAL FUND Performance Charts

INDUSTRY & FUND UPDATE

SEBI to appoint SRO for mutual fund distributors

According to media reports, Securities and Exchange Board of India (SEBI) is expected to begin the process of appointing self-regulatory organisation
(SRO) for mutual fund distributors. The market regulator has already requested Association of Mutual Funds of India (AMFI) to start having SRO for
distributors.

SEBI to add strict rules for liquid funds

According to media reports, Securities and Exchange Board of India (SEBI) is planning to add strict rules for liquid funds for making is safer for
investors. The market regulator is said to be introducing robust rules for protecting investors from credit risk.

MF industry seeking SEBI clarification on expenses booked in respective schemes

According to media reports, the mutual fund industry is urgently seeking to meet SEBI for getting clarification on the expenses being booked in the
respective schemes. The industry is worried that the net asset value of liquid schemes would get adversely impacted if the borrowing costs are
adjusted against such schemes.

SIP inflows rise in first 7 months of FY19 despite markets being volatile
Systematic investment plans, better known as SIPs, are in the news again as their collections rose in the first seven months of FY19, despite the market
grappling with volatility in that period. According to data provided by Association of Mutual Funds in India, in April-October FY19, mutual funds collected a
total of Rs 52,472 crore through SIPs, around 50 percent higher than the Rs 34,887 crore they collected in the same period last year. The data reveals that
the MF industry has added 10.05 lakh SIP accounts each month on average so far this fiscal year. The average SIP size stood at around Rs 3,200 per account.
At present, domestic mutual funds have about 2.49 crore SIP accounts through which investors regularly invest in Indian mutual fund schemes.

Investors rush to mutual funds; industry adds 11.45 lakh folios in October
The total number of folios with 42 fund houses in the country rose by 11.45 lakh in October and hit an all-time high of 7.90 crore, according to data provided
by the Association of Mutual Funds in India. Folios are numbers designated to individual investor accounts, though an investor can have multiple accounts.
The rise in the number of folios reflects a growing preference for mutual funds among investors. Over the last few years, the number of investor accounts
has increased significantly because of robust contribution from retail investors, especially from smaller towns, and huge inflows into equity schemes.
During the month under review, equity schemes, balanced funds and equity-linked savings schemes (ELSS) added a total of 10.6 lakh folios between them.

IDFC Mutual Fund announce change in fund manager

IDFC Mutual Fund announced the change in the fund manager for the debt portion of IDFC Hybrid Equity Fund from Suyash Choudhary and Anurag
Mittal to Anurag Mittal, effective Nov 21, 2018.

DSP Mutual Fund announce availability of SIP and SWP facility for all open ended funds on any day of the month
DSP Mutual Fund announced that the Systematic Investment Plan (SIP)/ Systematic Transfer Plan (STP) and Systematic Withdrawal Plan (SWP) facility
under all open ended schemes would now be available on any date of the month, effective Nov 20, 2018.

NEW FUND OFFER

Scheme Name Sundaram Long Term Tax Advantage Fund - Series - VI - Regular Plan (G)
Fund Type Close-Ended
Fund Class Growth
Opens on 25-Sep-2018
Closes on 24-Dec-2018
Investment Objective To generate capital appreciation over a period of ten years by predominantly investing in equity and equity-related instruments
of companies that can be termed as micro-cap. The investment will be eligible for Income tax benefit.
Min. Investment Rs.5000/-
Fund Manager S Krishnakumar / Dwijendra Srivastava

17
MUTUAL FUND Performance Charts

EQUITY (Diversified) Due to their inherent long term nature, the following 4 categories have been sorted on the basis of 1 year returns

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
Axis Bluechip Fund - Growth 26.07 05-Jan-2010 2657.31 -9.32 -0.08 6.06 11.43 11.39 1.42 0.80 0.08 80.10 2.42 N.A 17.48
Axis Multicap Fund - Reg - Growth 10.49 17-Nov-2017 2794.43 -8.94 -0.76 4.83 N.A 4.85 1.52 0.70 0.02 71.64 7.75 0.91 19.70
UTI Equity Fund - Growth 131.25 20-Apr-1992 8518.80 -12.73 -3.16 4.35 9.69 12.15 1.58 0.89 0.01 54.85 32.37 10.08 2.69
Axis Midcap Fund - Growth 33.81 18-Feb-2011 1581.49 -9.45 -1.02 3.05 10.60 16.99 1.72 0.78 0.09 12.30 66.33 3.53 17.84
Kotak India EQ Contra Fund-Reg-Growth 48.68 27-Jul-2005 521.50 -8.80 -0.88 2.46 13.29 12.61 1.52 0.91 0.05 74.60 10.55 0.11 14.74
ICICI Prudential Multicap Fund - Growth 278.03 01-Oct-1994 2914.25 -7.49 3.86 2.37 11.00 14.76 1.54 0.82 -0.03 78.67 6.49 5.96 8.87
Axis Focused 25 Fund - Growth 25.70 29-Jun-2012 5636.67 -12.70 -4.46 1.74 14.70 15.89 1.70 0.90 0.08 68.88 15.34 1.38 14.40

TAX Fund

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
Canara Robeco Equity Tax Saver Fund-G 59.61 02-Feb-2009 891.08 -9.82 1.09 3.20 9.72 19.97 1.56 0.91 0.00 67.32 14.29 14.65 3.73
Axis Long Term Equity Fund - Growth 41.30 29-Dec-2009 18046.70 -9.33 -2.22 3.18 10.99 17.27 1.63 0.89 0.03 64.60 23.86 5.44 6.11
ICICI Pru Long Term Equity F (Tax Saving)-R-G 353.69 19-Aug-1999 5530.61 -6.98 2.60 1.75 9.15 20.33 1.52 0.83 -0.03 72.29 10.45 12.92 4.34
Invesco India Tax Plan - Growth 47.81 29-Dec-2006 600.85 -10.54 -1.73 -0.17 11.22 14.05 1.58 0.96 0.00 73.75 14.12 9.51 2.62
Mirae Asset Tax Saver Fund-Reg-Growth 16.32 28-Dec-2015 1117.63 -6.62 2.27 -0.84 N.A 18.39 1.71 1.01 0.07 70.14 18.26 11.56 0.04
IDBI Equity Advantage Fund-Reg-Growth 25.83 10-Sep-2013 651.57 -6.85 -3.29 -1.94 8.63 20.02 1.79 0.88 -0.02 40.89 46.02 10.77 2.32
HDFC Long Term Advantage Fund-Growth 332.52 02-Jan-2001 1548.51 -6.68 0.44 -2.77 13.16 21.63 1.63 0.97 -0.02 69.39 6.51 19.87 4.23

BALANCED
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Sundaram Equity Hybrid Fund - Reg-G 84.38 23-Jun-2000 1219.20 -7.06 0.32 2.75 10.47 12.18 1.03 -0.02 52.11 16.29 3.06 28.54
JM Equity Hybrid Fund - Growth 45.24 01-Apr-1995 3575.08 -2.53 1.48 1.89 7.35 11.62 0.88 -0.03 56.42 8.06 2.18 33.34
Mirae Asset Hybrid - Equity Fund-R-G 13.80 29-Jul-2015 1293.21 -3.91 3.69 1.51 12.07 10.19 1.24 0.00 61.72 9.44 5.30 23.54
Canara Robeco Equity Hybrid Fund-G 147.43 01-Feb-1993 1700.48 -5.41 0.27 1.41 9.11 11.14 1.09 -0.02 52.63 8.94 5.58 32.85
Aditya Birla Sun Life Balanced Advantage F-G 50.68 25-Apr-2000 3228.07 -1.80 1.62 0.42 11.34 9.12 0.65 -0.03 56.63 6.03 5.62 31.73
ICICI Pru Equity & Debt Fund - Growth 127.03 03-Nov-1999 28333.40 -2.84 1.93 -1.12 11.46 14.26 1.16 -0.02 66.92 5.03 2.52 25.53
HDFC Childrens Gift Fund 113.49 02-Mar-2001 2349.17 -5.82 -0.51 -1.15 11.24 16.39 1.16 -0.01 38.51 10.46 17.04 33.99

INCOME FUND
Returns (%) Risk
Average Yield till
Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe
Maturity (Years) Maturity
(`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev.
Axis Corporate Debt Fund - Reg-Growth 10.94 13-Jul-2017 339.22 9.13 10.69 8.52 7.93 6.78 N.A 6.87 4.31 -0.12 1.10 9.43
Invesco India Ultra Short Term Fund-G 1850.76 30-Dec-2010 1109.03 9.61 8.80 7.67 7.27 6.65 7.80 8.11 2.96 -0.08 0.41 8.91
Kotak Corporate Bond Fund - Std - G 2380.66 21-Sep-2007 900.30 10.01 9.75 7.76 7.48 6.51 7.63 8.07 5.24 -0.09 1.14 9.16
Sundaram Short Term Credit Risk F-R-G 26.41 30-Jul-2002 457.02 9.69 9.57 8.14 7.44 6.47 6.74 6.13 3.81 -0.20 1.12 9.71
Franklin India Income Opportunities F-G 21.44 11-Dec-2009 3726.47 11.31 10.62 9.53 7.84 6.32 7.96 8.90 7.49 0.04 4.50 11.21
Axis Banking & PSU Debt Fund - Growth 1664.78 08-Jun-2012 1049.48 13.06 15.27 13.48 7.66 6.26 7.34 8.22 7.29 -0.06 3.50 8.56
Franklin India Credit Risk Fund - Growth 18.74 07-Dec-2011 7094.61 11.41 10.74 8.90 7.85 6.24 7.92 9.45 7.53 0.02 3.31 11.42

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

Returns (%) Risk Average Yield till

Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe Maturity (Years) Maturity
(`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev.
Franklin India STIP - Growth 3819.68 31-Jan-2002 11080.90 13.54 11.92 9.22 8.25 6.44 7.97 8.30 7.55 0.06 2.93 11.41
Kotak Dynamic Bond Fund-Reg-Growth 23.05 27-May-2008 657.78 13.86 15.91 12.55 8.23 4.49 8.13 8.29 17.78 -0.12 3.35 8.97
Aditya Birla Sun Life Corp Bond F-R-G 68.89 03-Mar-1997 14842.50 6.24 10.29 10.08 7.84 5.53 7.67 9.29 9.11 -0.11 2.18 8.82
IDFC Banking & PSU Debt Fund-Reg-G 15.25 07-Mar-2013 664.28 13.79 16.60 14.17 7.77 5.24 6.54 7.67 8.11 -0.18 4.02 8.71
Aditya Birla Sun Life Short Term Oppt F-R-G 29.86 09-May-2003 4188.35 10.14 10.19 8.68 7.64 4.91 7.52 7.29 13.26 -0.14 1.82 9.70
HDFC Short Term Debt Fund - Growth 19.91 25-Jun-2010 9827.51 10.41 11.80 9.04 7.60 5.81 7.36 8.53 6.11 -0.14 1.33 9.02
Sundaram Banking & PSU Debt Fund-G 25.25 30-Dec-2004 1034.72 13.40 13.58 10.66 7.54 4.03 6.00 6.89 8.99 -0.16 2.46 8.81
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 21/11/2018
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

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

18
 Mr. S C Aggarwal (CMD, SMC Group) addressing the audience during the ASSOCHAM Global Summit
on MRTech Hub 2.0 - Future of Market Research held on 16th November, 2018
at Hotel The Leela Ambience, Gurugram.

SMC new associates at the Training Program being held at Kolkata office.

Mr. S C Aggarwal (CMD, SMC Group), Mr. Ajay Garg (CEO & Director, SMC Global), Mr. Pranay Aggarwal
(Director, SMC Comtrade Limited) and Mr. S S Bansal (Director & CFO, SMC Investments & Advisors Ltd) along
with Japanese Delegates during the conference held on 17th November, 2018 at India Habitat Centre, New Delhi.
FOR ALL YOUR
INVESTMENT NEEDS

EQUITIES & COMMODITY & IPOs & NBFC

DERIVATIVES CURRENCY MUTUAL FUNDS FINANCING

LIFE & GENERAL MORTGAGE REAL ESTATE WEALTH

INSURANCE ADVISORY ADVISORY MANAGEMENT

NRI & FPI INVESTMENT CLEARING INSTITUTIONAL

SERVICES BANKING SERVICES BROKING

Serving over Large network of Covers Workforce of

www.smctradeonline.com

18,00,000+
unique clients
2,500+
sub-brokers &
500+
cities across India
3,000+
employees
1800 11 0909
[email protected]
authorised persons & UAE

as on 30th June, 2018 Follow us on

DELHI | MUMBAI | KOLKATA | AHMEDABAD | CHENNAI | BENGALURU | DUBAI

SMC Global Securities Ltd., CIN No.: L74899DL1994PLC063609 | SMC Comtrade Ltd., CIN : U67120DL1997PLC188881
REGISTERED OFFICE: 11/6-B, Shanti Chamber, Pusa Road, New Delhi - 110005, Tel +91-11-30111000 | website: www.smctradeonline.com
Disclaimer: Investments in securities market are subject to market risks, read all the related documents carefully before investing. Insurance is the subject matter of solicitation. SMC Global
Securities Ltd. 11/6B, Shanti Chamber, Pusa Road, Delhi-110005. CIN : L74899DL1994PLC063609 Tel +91-11-30111000, SEBI Reg. No. INZ000199438, Member BSE, NSE & MSEI, DP SEBI
Regn. No. CDSL/NSDL-IN-DP-130-2015, Mutual Funds Distributor ARN No. 29345. SMC Comtrade Ltd. SEBI Regn. No. INZ000035839, Member: NCDEX, MCX, NMCE & ICEX. SMC Investments
and Advisors Limited, SEBI PMS License No. INP000003435. SMC Insurance Brokers Pvt. Ltd. IRDAI Regn. No: DB 272/04 License No. 289 Valid upto 27/01/2020.

Insurance is the subject matter of solicitation • All insurance products sold through SMC Insurance Brokers Pvt. Ltd. • Investment Banking Services provided by SMC Capitals Ltd. • Equity PMS and Wealth management
services provided by SMC Investments & Advisors Ltd. • IPOs and Mutual Funds distribution services are provided by SMC Global Securities Ltd. • Financing Services provided by Moneywise Financial Services Pvt Ltd. •
Commodity broking services provided by SMC Comtrade Ltd. • Real Estate Advisory services are offered through SMC Real Estate Advisors Pvt. Ltd.

triverse