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It is a weekly newsletter, which is an epigrammatic on investment opportunities escorted by sound technical and fundamental analysis of existing and forthcoming stocks that keep investors updated ...

It is a weekly newsletter, which is an epigrammatic on investment opportunities escorted by sound technical and fundamental analysis of existing and forthcoming stocks that keep investors updated about the market developments. It includes all the segments say Equity, Commodity, Mutual Fund, Currency and Fixed Deposits. It is a complete handy guide, which helps all the investors to multiply their wealth.

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Wisemoney 399 Wisemoney 399 Document Transcript

  • 2013: Issue 399, Week: 2nd - 5th December A Weekly Update from SMC (For private circulation only) WISE M NEY MILLIONS SUFFERING FROM AIDS/HIV Brand smc 222 STILL NO CURE. BEWARE. WORLD AIDS DAY 1ST DECEMBER, 2013 ®
  • From The Desk Of Editor 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 Vandana Bharti Sandeep Joon Vineet Sood Dhirender Singh Bisht Parminder Chauhan Mudit Goyal Nitin Murarka Tejas Seth Dinesh Joshi Shitij Gandhi Subhranil Dey Ajay Lakra Content Editor Graphic Designer Research Executive Kamla Devi Pramod Chhimwal Sonia Bamba 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, C G Road, Ahmedabad-380009, Gujarat Tel : 91-79-26424801 - 05, 40049801 - 03 CHENNAI OFFICE: Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, Chetpet, Chennai - 600031. Tel: 044-39109100, Fax -044- 39109111 SECUNDERABAD OFFICE: 206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road, Secunderabad - 500003 Tel: 91-40-30780298/99, 39109536 DUBAI OFFICE: 312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E. Tel: 97143963120, Mobile : 971502612483 Fax : 9714 3963122 Email ID : pankaj@smccomex.com smcdmcc@gmail.com Printed and Published on behalf of Mr. Saurabh Jain @ Publication Address 11/6B, Shanti Chamber, Pusa Road, New Delhi-110005 It seems that global stock markets are consolidating now after seeing huge buying interest in the last few weeks. Iran agreement to limit the nuclear program in return of easing some sanctions on export of oil, gold and other precious metals led to buying in the global equities in the initial part of the week. Euro-Area saw improvement in the economic confidence to 27 months high, an indication that the zone is recovering. However, higher than expected rise in inflation in Germany receded investors expectations of more easing from European Central Bank. In Japan, Abenomics and Bank of Japan efforts are working well in the fight against deflation as inflation for the month of October rose 1.8%, highest level seen since December 2007. Against Bank of Japan's inflation target of 2%, consumer prices excluding fresh food rose for the fifth straight month at a rate of 0.9% from a year earlier. On the domestic front, Indian stocks behaved in a volatile manner because of the derivatives contract expiry. Some buying was witnessed during the first half of the week, after oil prices slid that led to rise in expectations of lower inflation and a narrower Current Account Deficit (CAD). In the first seven months of the current fiscal, deficit reached to 84.4% of the budgeted estimates owing to lower tax collections and higher expenditure. Finance Minister, who has repeatedly said that the government would stick to the budgeted fiscal deficit, is expected to reduce the planned expenditure on roads, ports, etc by approximately Rs 70,000 crore. Investors are eyeing the economic data coming out of U.S. very closely before the Fed meeting scheduled on 17-18th December to assess when Fed would like to reduce the monthly bond purchases. At this point in time, it may be wise to say that any tapering may not happen before March 2014 and by then we would again see budget impasse in U.S. coming in the month of February. On the commodities front, overall commodities may trade in range due to lack of fresh triggers. Bullion counter is expected to remain on subdued path on speculation that the Federal Reserve will curb stimulus as the US economy strengthens. Range trading may notice in crude oil as investors will eye the outcome of OPEC meeting on 4th December in Vienna coupled with inventory data for further direction. Record production in US and accord between Iran and Western countries brought down the crude prices. U.S. crude production increased 45,000 barrels a day to 8.02 million, the most in almost 25 years. This week is full of event risk as interest rate decision by many central banks is scheduled amid some very important GDP and unemployment dates'. Some of them are interest rate decision by Reserve Bank of Australia, Bank of Canada, Bank of England and European Central bank, GDP of Australia, Euro zone and US, unemployment rate of Canada, unemployment rate and nonfarm payroll of US etc. Website: www.smcindiaonline.com Investor Grievance : smc@smcindiaonline.com Printed at: S&S MARKETING 102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India) Ph.: +91-11- 43035012, 43035014, Email: ss@sandsmarketing.in (Saurabh Jain)
  • NEWS TREND SHEET DOMESTIC NEWS Capital Goods • Kalpataru Power Transmission has secured new orders worth over `1000 crore in execution of Suez Gulf/Samalaut 500 KV D/C over-head transmission line in Egypt worth `630 crore, supply and installation of 220 KV transmission systems worth `246 crore in Rwanda & D R Congo and installation of cross-country pipeline worth `131 crore from HPCL. • Techno Electric & Engineering Company has bagged the concession for `200 crore project from PFC Consulting to build transmission network in Punjab. • Suzlon Group-subsidiary, REpower Systems SE has signed an engineering, procurement and construction (EPC) contract with Mitsui & Co., to deliver 52 wind turbines with a total rated output of 106.6 MW for the Bald Hills windfarm in Australia. Pharmaceuticals • Biocon has received marketing authorization from the Drugs Controller General of India (DCGI) for its biosimilar Trastuzumab being developed jointly with Mylan, for the treatment of Her 2+ metastatic breast cancer. • Bafna Pharmaceuticals has launched Afenac- P Tablets, Afenac- TH Tablets, Nocaf Syrup, Izabof Suspension and Izabof- 250 & 500 mg Tablets by expanding its base into pain management and anti- infectives products in the domestic market. • Jubilant Life Sciences has received approval from the US health regulator to market generic version AstraZeneca's Seroquel used for the treatment of schizophrenia and acute manic episodes associated with bipolar disorder. The company expects to launch this product in Q4 FY14. Information Technology • Tata Consultancy Services has bagged a deal from Keler Ltd, Hungary's Central Securities Depository. Under the deal, TCS will deploy the market infrastructure solution of TCS BaNCS for modernising its technology and set up its capability for T2S settlement. Metal • Jindal Steel and Power Ltd launched its retail brand 'Black Panther' TMT rebars in Jharkhand. It's a high quality brand that will bring the best results for all construction needs. Power • NHPC announced that consequent upon successful trial run on full load of unit # 2 of Uri-11 HE Project (4X60 MW), its unit will be put on commercial operation with effect from 01 December 2013. Miscellaneous • Voltas has bagged three overseas project orders worth `1,000 crore in the West Asia. INTERNATIONAL NEWS • US leading economic index edged up by 0.2 percent in October after rising by an upwardly revised 0.9 percent in September. Economists had expected the index to come in unchanged. • US consumer sentiment index for November came in at 75.1, reflecting a substantial upward revision from the preliminary reading of 72.0. With the upward revision, the consumer sentiment index for November came in above the October reading of 73.2. • US durable goods orders fell by 2.0 percent in October after jumping by an upwardly revised 4.1 percent in September. The drop in orders matched economist estimates. • US jobless claims slid to 316,000, a decrease of 10,000 from the previous week's revised figure of 326,000. The modest decrease came as a surprise to economists, who had expected jobless claims to climb to 330,000 from the 323,000 originally reported for the previous month. • US leading economic index edged up by 0.2 percent in October after rising by an upwardly revised 0.9 percent in September. Economists had expected the index to come in unchanged. • Eurozone money supply growth slowed further to 1.4 percent in October from 2 percent in September. The three-month average of the annual growth rates of M3 in the period from August to October decreased to 1.9 percent from 2.2 percent during three months to September. • Hong Kong's retail sales growth accelerated less than expected in October. The value of total retail sales in October increased 6.3 percent annually to HK$37.8 billion. This followed a 5 percent increase in the previous month. Economists had forecast a faster 7.3 percent gain. Stocks Closing Trend Date Rate Trend Price Trend S1 R1 S2 R2 Cl. S/l Changed Changed 20535 UP 12.09.13 19317 20200 S&P NIFTY SENSEX 6092 UP 12.09.13 5728 5850 5750 5780 CNX IT 8748 UP 18.07.13 7306 8500 8200 8000 UP 19.09.13 11149 10700 CNX BANK ACC 10907 1067 DOWN 13.11.13 1041 19800 19400 10400 1080 10100 1100 1120 BHARTIAIRTEL 324 UP 12.09.13 329 340 330 320 BHEL 151 UP 05.09.13 138 135 130 125 CIPLA 380 DOWN 21.11.13 387 405 410 415 DLF 149 DOWN 26.09.13 136 150 160 165 HINDALCO 121 UP 29.08.13 107 110 105 100 ICICI BANK 1038 UP 12.09.13 951 1060 1020 1000 INFOSYS 3328 UP 18.07.13 2800 3200 3070 3020 ITC 314 L&T 1023 DOWN 13.11.13 UP 19.09.13 888 314 940 330 910 336 890 340 MARUTI 1667 UP 19.09.13 1480 1590 1540 1500 NTPC 148 UP 26.09.13 150 145 140 135 ONGC 292 UP 31.10.13 294 280 270 265 RELIANCE 848 UP 12.09.13 875 850 840 830 TATASTEEL 401 UP 22.08.13 274 360 350 340 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. FORTHCOMING EVENTS EX-DATE 4-DEC-13 5-DEC-13 5-DEC-13 5-DEC-13 5-DEC-13 9-DEC-13 10-DEC-13 18-DEC-13 BOARD MEETING 3-DEC-13 3-DEC-13 3-DEC-13 SYMBOL FEDDERLOYD PFIZER FINANTECH WYETH SYMPHONY COLPAL ONGC HCLTECH SYMBOL BANKINDIA ORIENTBANK JKTYRE 3-DEC-13 5-DEC-13 5-DEC-13 6-DEC-13 9-DEC-13 9-DEC-13 12-DEC-13 13-DEC-13 DONEAR CENTRALBK MPHASIS ONGC MAHABANK AHLUCONT VIJAYABANK HEXAWARE 16-DEC-13 16-DEC-13 16-DEC-13 PNB IOB CORPBANK 19-DEC-13 ANDHRABANK PURPOSE DIVIDEND - `1/- PER SHARE INTERIM DIVIDEND - `360/- PER SHARE 2ND INTERIM DIVIDEND INTERIM DIVIDEND - `145/- PER SHARE DIVIDEND - `6.50/- PER SHARE SECOND INTERIM DIVIDEND INTERIM DIVIDEND FINAL DIVIDEND - `6.00 PURPOSE PREF. ALLOTMENT OF SHARES PREF. ALLOTMENT OF SHARES ISSUE OF WARRANTS TO BE CONVERTED INTO EQUITY SHARES RIGHTS ISSUE PREF. ISSUE,RAISING OF CAPITAL RESULTS/DIVIDEND DIVIDEND PREF. ISSUE RIGHT ISSUE PREF. ISSUE AMENDMENTS IN ARTICLES OF ASSOC.,CHANGE IN DIRECTORS PREF. ISSUE PREF. ISSUE PREF. ISSUE,PRIVATE PLACEMENT BASIS,QUALIFIED INSTITUTIONS PLACEMENTS PREF. ISSUE,RAISING OF CAPITAL,QUALIFIED INSTITUTIONS PLACEMENTS ® 4
  • INDIAN INDICES (% Change) SECTORAL INDICES (% Change) 2.50 7.00 6.38 1.94 2.00 1.61 6.00 1.82 1.65 1.57 5.00 1.50 4.00 0.92 1.00 3.92 3.00 2.65 0.50 2.08 1.97 1.89 2.00 1.65 1.65 1.47 0.00 Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500 1.00 0.00 SMC Trend Nifty Sensex BSE Midcap Nifty Junior BSE Smallcap S&P CNX 500 -0.49 -0.51 Healthcare Index IT Index -1.00 Auto Index Bankex Cap Goods Index Cons Durable FMCG Index Index Metal Index Oil & Gas Index Power Index Realty Index GLOBAL INDICES (% Change) SMC Trend Auto Cap Goods Bank Cons Durable Realty 1.60 1.40 1.33 FMCG Healthcare IT Metal Oil & Gas Power 1.20 1.00 INSTITUTIONAL ACTIVITY (Equity) (` Crore) 0.80 1000.00 0.60 0.44 833.80 0.46 0.34 0.40 0.20 0.21 0.14 0.20 800.00 600.00 400.00 0.00 -0.02 -0.20 200.00 16.70 -0.40 0.00 -0.37 -0.60 Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40 -200.00 -94.10 -400.00 -378.60 SMC Trend Nasdaq Dow jones S&P 500 -600.00 Nikkei Strait times Hang Seng Shanghai Up Down FTSE 100 CAC 40 Friday Monday Tuesday FII Activity Sideways BSE SENSEX TOP GAINERS & LOSERS (% Change) Wednesday Thursday MF Activity NSE NIFTY TOP GAINERS & LOSERS (% Change) 12.00 12.00 10.11 10.06 10.00 10.00 8.00 8.00 6.63 6.57 6.16 6.00 5.03 6.35 6.09 6.00 5.24 4.18 4.00 4.00 2.00 2.00 0.00 0.00 -2.00 -1.86 -4.00 -1.25 -1.07 -0.81 -2.00 -1.96 -4.00 -3.78 -6.00 -3.66 -2.92 NMDC Cairn India -1.31 -2.84 -6.00 BHEL Tata Motors Larsen & Toubro ONGC Hero Bharti Airtel Motocorp NTPC Cipla Wipro TCS BHEL JP Associates Tata Motors Larsen & Toubro UltraTech Cem. Bharti Airtel NTPC Cipla ® 5
  • Beat the street - Fundamental Analysis UNICHEM LABORATORIES LIMITED VALUE PARAMETERS Face Value (`) 52 Week High/Low M.Cap (` Cr.) EPS (`) P/E Ratio (times) P/B Ratio (times) Dividend Yield (%) Stock Exchange 2.00 216.80/138.00 1691.96 14.76 12.65 2.08 2.41 BSE % OF SHARE HOLDING Foreign 4.52 10.78 24.96 Institutions 9.51 Non Promoter Corporate Holding 50.24 Promoters Public & Others ` in cr Actual FY Mar-13 Revenue 1072.40 EBITDA 174.30 EBIT 135.90 Pre-tax Profit 146.10 Net Profit 113.20 EPS 12.48 BVPS 80.38 ROE 16.30 Estimate FY Mar-14 FY Mar-15 1130.00 1299.60 197.00 234.40 172.70 200.60 165.90 196.50 124.20 151.40 13.70 16.50 89.78 98.32 15.70 17.60 JYOTI STRUCTURES LIMITED 2.00 50.35/15.05 214.67 4.55 5.74 0.31 3.07 BSE % OF SHARE HOLDING Foreign 30.02 11.75 Institutions 16.91 13.53 27.79 Non Promoter Corporate Holding Promoters Public & Others ` in cr Actual FY Mar-13 Revenue 3012.70 EBITDA 270.00 EBIT 234.50 Pre-tax Profit 55.25 Net Profit 38.41 EPS 4.65 BVPS 86.15 ROE 5.70 ® Estimate FY Mar-14 FY Mar-15 3312.00 3555.00 298.00 320.00 252.00 272.00 72.83 98.54 48.62 66.19 5.91 8.04 89.09 96.10 14.00 15.00 Target Price: 232 Investment Rationale Laboratories is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world. • Company is planning a capex of `100-125 Cr for The the FY'14. This is expected to be spent on the capacity expansion of API's, Capacity expansion of Goa facility and Pilot plant for the Bio-sciences. • company has filed 29 ANDA's with US FDA and The received 15 approvals (including 2 tentative approvals) as on date. It has already launched 10 products and balance products to be launched in Q3. • Recently, the Research and Development (R&D) shifted to Goa plant and witnessed some stabilization. It expects one or 2 Abbreviated New Drug Application (ANDA) filings every quarter for the next 2-3 years going forward. • company expects the National List of Essential The Medicines (NLEM) impact to be `13.5 crore (Q2~5.5 crore) for FY'14. It expects NLEM impact in Q3 and Q4 may not be same as Q2. This is expected due to the introduction of new products to drive the volume and value. It has launched 15 products (9 in Chronic and 6 in Acute) during the quarter ended September 2013. • management expects EBIDTA margins will be The backed to 23-24% in the next two years time line on the back of right product mix. • company is selling its Indore-based SEZ plant to The generic and specialty pharmaceuticals maker • Unichem CMP: 26.10 VALUE PARAMETERS Face Value (`) 52 Week High/Low M.Cap (` Cr.) EPS (`) P/E Ratio (times) P/B Ratio (times) Dividend Yield (%) Stock Exchange CMP: 186.75 Mylan Laboratories Ltd for `161 crore. The money will be used for expansion of existing facility in Goa and increasing the active pharmaceutical ingredient-manufacturing facility, which can include some inorganic options as well. • the five subsidiaries, the UK-based subsidiary is Of already in profit. The US and Brazil subsidiaries are doing business development and exploring business opportunities and product registration. The progress of the subsidiaries is satisfactory. They are helping in increasing exports and creating brand awareness in international market. Valuation The company is very well placed to raise funds through internal accruals or going for marginal debt for future expansion purpose. On the estimated FY15E EPS of `16.50 and three year average P/Ex of 14.06x, we expect the stock to see a price target of 232 in one year time frame. P/BV Chart Target Price: 31 Investment Rationale • oti Structures undertakes turnkey/ Jy engineering, procurement and construction (EPC) projects in the field of power transmission. Its main business focus areas are transmission lines, substations and distribution projects. Company's manufacturing plants in India, located at Nashik and Raipur with a combined manufacturing capacity of 160,000 MT of Transmission Line Towers. • management aims for an order book of about The `6000 crore as on Mar'14 as compared to about `4800 crore for FY'13. • Kenya, Uganda, Tanzania, Namibia, Nigeria, Egypt, Tajikistan, Canada and Philippines are some of the key countries wherein the company has received orders and they are backed by strong financial institutions. Internationally, further about `3000 crore worth of projects will come for bidding in next 3-4 months and domestically including power grid orders of about Rs 1000 crore, about `3500 crore will come up for bidding in next 3-4 months. So, order pipeline will continue to remain healthy despite lower domestic ordering. • company has total outstanding debtors of The about `1800 crore and average debtors days stands around 235-240 days. About `450-500 crore is the retention money, which is held up due to various problems of environmental or right of way etc. Furthermore, about Rs 250 crore is due from Maharashtra SEB, which the management is confident of recovering before Mar'14, about Rs 40 crore from Tamil Nadu SEB and about Rs 80 crore from Ajmer, Rajasthan SEB, which are basically the slow moving debtors. Upside: 34% Upside: 20% • H1 FY'14, Gulf Jyoti the UAE subsidiary has For reported net sales of 182 M Dirham and is in profits, while the African subsidiary has executed projects worth 75 M Rand so far in H1 FY'14. US performance would depend upon receipt of few orders of about US $ 80 M which the company has bid and so far is yet to be finalized. • profit of the company rose 22.5% to `14.63 Net crore in the quarter ended September 2013 as against `11.94 crore during the previous quarter ended September 2012. Sales rose 9.5% to `648.03 crore in the quarter ended September 2013 as against `592.07 crore during the previous quarter ended September 2012. Valuation The management has guided order visibility of `3,500cr in the domestic market and `3,000cr from overseas market in the current fiscal. On the estimated FY15E EPS of `8.04 and one year average P/Ex of 3.88x, we expect the stock to see a price target of 31 in one year time frame. P/E Chart Above calls are recommended with a time horizon of 1 year. Source: Company Website Reuters Capitaline 6
  • EQUITY ACC The stock closed at `1098.10 on 29th November 2013. It made a 52-week low at `911.15 on 28th August 2013 and a 52-week high at `1454 on 11th December 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at `1111.78. Finally, it rebounded sharply after falling drastically till 900 levels. Then onwards the momentum sustained for few weeks with a marginal fall in between and last week it began its upward journey again with the rise in volume. It has still potential to move upwards in the near term. One can Buy 1085-1090 levels with closing below stop loss of 1060 levels for the target of 1150-1160 levels. CANBANK The stock closed at `249.10 on 29thNovember 2013. It made a 52-week low at `189.40 on 28th August 2013 and a 52-week high at `533 on 02nd January 2013. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at `368. The stock from the banking sector, it is trading near to its 52 week low of around 189 levels, which is considered to be a good buying opportunity for the near term. Moreover, in last few weeks there is a sharp spurt in volumes, which indicate that bargain hunting is going on at lower levels. One can Buy in the range of 246-247 levels with closing below stop loss of 239 levels for the target of 260-263 levels. DLF The stock closed at `151.80 on 29th November 2013. It made a 52-week low at `120.05 on 06th August 2013 and a 52-week high of `289.25 on 12th March 2013. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at `247.80. This stock from the realty sector, it did not participate with other scrip's but looking at the price and consolidation at lower levels it is quite possible that it will a give a sharp spurt technically in the near term, which could be considered as a buying opportunity. One can Buy in the range of 148-149 levels with closing below stop loss of 143 levels for the target of 160-165 levels. 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 December future closed with rollover of more than 72%, which is better than last three month averages of 69%. The overall market cost-of-carry ended positive. Most of Nifty 50 stocks also saw sharp rise in cost of carry which indicates long buildup. Nifty future closed at a premium of 50 points indicating long carry forward. Nifty is expected to remain in the range of 6000-6300 levels this week with positive bias. The options concentration continues to be at 6000-strike put option with an open interest of above 50 lakh shares. This is followed by the 6300-strike call option with above 40 lakh shares. Above discussed option data indicates put writing at 6000 strikes and call writing at 6300 strike. The put-call ratio of open interest marginally increased closed at 1.07 levels. The Implied Volatility (IV) of call options closed higher at 19.59% while the average IV of put options ended at 19.20%. Nifty VIX also increased to 21.38% and is expected to remain volatile in the short term. Possible support can be expected around 6120 levels but if Nifty breaches 6250 levels on the upside then the next important resistance is around 6300 levels. DERIVATIVE STRATEGIES BULLISH STRATEGY ITC Buy DEC330. CALL 5.40 Sell DEC340. CALL 2.70 PNB Buy DEC560. CALL 24.15 Sell DEC580. CALL 15.90 Lot size: 1000 BEP: 332.70 Max. Profit: 6300.00 (6.30*1000) Max. Loss: 2700.00 ( 2.70*1000) OPTION STRATEGY PFC Buy DEC160. CALL 7.30 Sell DEC170. CALL 3.35 Lot size: 2000 BEP: 163.95 Max. Profit: 12100.00 (6.05*2000) Max. Loss: 7900.00 ( 3.95*2000) Lot size: 500 BEP: 568.25 Max. Profit: 5875.00 (11.75*500) Max. Loss: 4125.00 ( 8.25*500) ABIRLANUVO (DEC FUTURE) FUTURE STRATEGY CANBK (DEC FUTURE) MCDOWELL-N (DEC FUTURE) Buy: Above `1265 Buy: Above `252 Sell: Below `2625 Target: `1296 Target: `258 Target: `2576 Stop loss: `1250 Stop loss: `249 Stop loss: `2651 BASIS GAP IN NIFTY NIFTY TOTAL OPEN INTEREST (in share) 60 5000000 4597100 4500000 50 4004450 4000000 3596750 3500000 3000000 2968950 40 2924600 2659450 2733950 2485150 2500000 2269700 1902000 2000000 1815300 1785800 1547650 1500000 1516650 20 1149050 998950 1000000 360950 500000 30 490650 843750 670000 638050 10 314350 0 5500 5600 5700 5800 5900 6000 Call 6100 6200 6300 6400 6500 0 13-Nov Put 14-Nov 18-Nov 19-Nov 20-Nov 21-Nov 22-Nov 25-Nov 26-Nov 27-Nov FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS FIIs ACTIVITY IN INDEX FUTURE (F&O) IN LAST WEEK (Derivative segment) `(Cr) 28-Nov (Derivative segment) 2500.00 2047.79 SELL 1.4% 2000.00 1500.00 1300.90 1102.25 1000.00 907.94 426.94 362.59 500.00 0.00 -500.00 -337.02 -668.68 -1000.00 -780.17 -845.84 14-Nov 18-Nov 19-Nov 20-Nov 21-Nov 22-Nov 25-Nov 26-Nov 27-Nov 28-Nov BUY 98.6% ® 8
  • DERIVATIVES NIFTY ANALYSIS NIFTY & IV CHART 6400 21 20 6300 19 6200 18 6100 17 6000 Put Call Ratio Analysis : The Put-Call open interest ratio of Nifty has increased to 1.07 from 0.81. 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 19.59% from 18.57%. The IV of the stock futures has changed this week ranging from -1.41% to 11.03%. Open Interest Analysis : The open interest for the index at the end of this week has increased by 25.06% as compared to the previous week. All future stocks saw changes in their open interest ranging from -51.72% to 11.51%. BHARTIARTL has the maximum increase in open interest as compared to other stocks. 16 22-Nov 25-Nov Nifty Close 26-Nov Statistical Analysis· Open 6044.90 Low 5983.00 27-Nov IV High Close 6140.50 6091.85 IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS OPEN INTEREST SCRIPTS PREV.* WEEK 7952000 BHARTIARTL CURRENT** WEEK 12065000 PCR RATIO % CHANGE 51.72 PREV.* WEEK 0.53 CURRENT** WEEK 0.46 IMPLIED VOLATILITY CHANGE -0.07 PREV. WEEK 30.13 CURRENT WEEK 34.88 CHANGE 4.75 DLF 27355000 26249000 -4.04 0.34 0.42 0.08 50.27 53.57 3.30 HINDALCO 18786000 21340000 13.60 0.51 0.59 0.08 39.14 42.06 2.92 HINDUNILVR 4954500 4384000 -11.51 0.60 0.84 0.24 18.50 22.45 3.95 ICICIBANK 8952250 9902250 10.61 0.38 0.55 0.17 34.08 37.31 3.23 IDEA 7790000 7336000 -5.83 0.55 0.54 -0.01 36.23 35.74 -0.49 INFY 2269625 3036125 33.77 1.13 0.88 -0.25 20.48 19.07 -1.41 ITC 17391000 26279000 51.11 0.31 0.56 0.25 21.20 25.86 4.66 JPASSOCIAT 44168000 53484000 21.09 0.87 0.73 -0.14 54.97 66.00 11.03 NTPC 9122000 11838000 29.77 0.26 0.32 0.06 26.83 29.59 2.76 ONGC 9358000 10081000 7.73 0.40 0.62 0.22 26.98 28.77 1.79 RANBAXY 9558500 10559000 10.47 0.67 0.47 -0.20 39.03 43.92 4.89 36064000 33946000 -5.87 0.33 0.57 0.24 47.91 47.38 -0.53 8482500 12664250 49.30 0.35 0.49 0.14 21.84 26.41 4.57 13838650 17306100 25.06 0.81 1.07 0.26 18.57 19.59 1.02 SAIL 21600000 19920000 -7.78 0.73 0.43 -0.30 37.14 41.02 3.88 SBIN 5649875 5617750 -0.57 0.63 0.59 -0.04 33.34 36.09 2.75 TATASTEEL 14842000 14369000 -3.19 1.56 0.93 -0.63 35.26 35.86 0.60 UNITECH 81016000 113992000 40.70 0.23 0.50 0.27 60.56 63.57 3.01 RCOM RELIANCE NIFTY * Nov Series ** Dec Series ® 9
  • SPICES BULLIONS Turmeric futures (Dec) may continue to post a fourth weekly gain & head towards 5500 levels, on the back of positive sentiments in the spot markets. In Erode, the sales are encouraging as local traders have received reasonable orders for the yellow spice from North India & exporters have obtained a few upcountry orders for the quality turmeric. On the supply side, the arrivals have stopped pouring from Andhra Pradesh, Assam & Maharashtra. Cardamom futures may fall further as the rising supplies have emergence of bearish sentiments. Arrivals in the current season, which began on August 1, have totalled 8,358 tonnes till now as against 4,040 tonnes during the same period a year ago. Moreover, with the commencement of fourth round of picking, weather conditions continue to remain favourable as the area under cultivation are under the influence of the North-East Monsoon. Chilli futures (Dec) is expected to witness extended profit booking from higher levels & may test 6800 levels. On the daily basis 70,000-80,000 bags are coming to the spot market, which may increase further. The carry forward stock in Andhra Pradesh was 40 lakh bags (1 bag = 35 kg) and in Tamil Nadu 2 lakh bags. Jeera futures (Dec) is likely to trade in the range of 12400-13200 levels, with upside getting capped. Market participants are in wait & watch mode due to ongoing sowing operations in major growing states. As per the latest statistics available from the Department of Agriculture, Gujarat, the area covered during Rabi 2013-14 as on 25th November is 1,67,700 hectares higher by 6.48% as compared to area of previous season. OIL AND OILSEEDS CPO futures (Dec) is likely to extend its downfall towards 555 levels. Seasonally, the demand for the edible oil tends to fade as palm oil tends to solidify in cold temperature and that usually cuts demand towards the end of the year during the winter season. On the international market, market participants are waiting for fresh leads on palm oil output as the monsoon season has arrived. As cited by U.S. Dept of Agriculture, supplies may outpace demand as world stockpiles will expand 18 percent to an all-time high of 9.2 million tonnes. Mustard futures (Dec) may continue to consolidate in the range of 3690-3840 levels. During this time of the year, demand for mustard oil rises and this may keep the market participants buying interest intact in the counter. In Jaipur and Kota, prices gained on stockists buying. Prices also moved up in Alwar, Bharatpur and Kherli markets on improved demand from upcountry markets. Soybean futures (Dec) might trade in the range of 3700-3950 levels. The supporting factors to the counter are a stronger rupee & farmers holding back their produce as they are not interested to sell at current prices. On the contrary, in the current scenario, Indian soymeal prices are not competitive in the world market. On CBOT, U.S soybean prices at $13.41 touched the highest level since September 19, 2013, underpinned by good export demand and a slowdown in the movement of supplies into the river market. OTHER COMMODITIES Sugar futures (Dec) is likely to consolidate in the range of 2750-2870 levels. The spot markets are carrying sufficient inventory to convene the demand, hence the delay in crushing may not push up the sugar prices in near term. It is being reported that the Vashi market has been carrying over 110- 115 truckloads stocks. On the international market, New York March sugar witnessed the sixth multi-week low of 17.21 cents per lb. The U.S. Department of Agriculture raised its forecast for world sugar stocks at the end of the 2013-14 crop year by 5 million tonnes to 43.4 million tonnes, the highest since department records began in 1959-60. Kapas futures (Apr) will possibly fall further on higher supplies this season from the record crop amid slowing demand for exports. Current weather is good for harvest and post-harvest operations in cotton crop. Picking of cotton continues smoothly in Gujarat and Maharashtra. With weather remaining dry and clear, it will facilitate harvesting and arrivals. The fundamentals of international market show that China has decided to sell its cotton reserves at a floor price for standard grade cotton of 18,000 yuan ($3,000) per tonne. Chana futures (Dec) is expected to fall further breaching 3000 levels. Factors such as adequate carryover stocks and arrival of imported chana may add to the bearish sentiments. Moreover, good rainfall coupled with favorable weather during the month of October has brightened the prospects of chana sowing during the Rabi season. Desi Chana at Delhi market noticed weak tone amid lack demand from traders and millers. Bullion counter is expected to remain on subdued path on speculation that the Federal Reserve will curb stimulus as the US economy strengthens. Local currency rupee can move in the range of 62-63.5 which have impact on yellow metal on domestic bourses. Gold may trade in the range of $12101270 in COMEX and gold (Feb.) contract can move in the range of 2850030000 in MCX. White metal silver (March) contract can hover in the range of 43500-46500. Eligible gold stocks sitting inside U.S. exchange warehouses have risen to a seven month high, a sign that physical demand has weakened after April's historic price drop unleashed a bout of pent-up buying. Consumption in China is set to become the world's largest consumer by beating India this year continued to be on a higher note. Silver holdings in the IShares Silver Trust, the biggest exchange-traded fund backed by silver remained unchanged at 10,309 Metric tonnes. China's net gold imports from Hong Kong were 129.9 tonnes last month, the second-highest level on record. Weaker physical demand, impending tapering of the Federal Reserve's quantitative easing and continued outflows of gold-backed exchange traded funds have continued to put pressure on the price of the yellow metal recently. Demand for gold in India dropped 52% in July September period (Q3) of the current year at 148 tonnes as against 310 tonnes in April -June period (Q2) of this year. ENERGY COMPLEX Range bound movement may continue in Crude oil as investors will eye the outcome of OPEC meeting on 4th December in Vienna coupled with inventory data for further direction. OPEC meeting will boost crude exports through mid-December by 3 percent as global refineries restart after maintenance, according to tanker tracker Oil Movements. The U.S. pumped oil at the fastest rate in almost 25 years while inventories climbed to the highest since June. Overall crude oil can move in the range of 5700-6200 in MCX and $90-95 in NYMEX. U.S. crude production increased by 45,000 barrels a day to 8.02 million in the seven days ended Nov. 22, the most since January 1989. Stockpiles at Cushing, Oklahoma, the largest U.S. oil-storage hub and delivery point for WTI contracts, gained for a seventh week to 40.6 million barrels, the highest level since July .Venezuela's oil minister stated that OPEC should maintain its current production levels in 4th Dec meeting, and any easing of sanctions on Iran would let the group reorganize itself. Winter demand can assist Natural gas higher as it can test 265 in MCX. The weather may be colder than normal across most of the lower 48 states from Dec. 7 through Dec. 11, according to Commodity Weather Group LLC. According to EIA “Gas inventories slid 13 billion cubic feet in the week ended Nov. 22 to 3.776 trillion cubic feet”. The low in Chicago on Dec. 7 may be 14 degrees Fahrenheit (minus 10 Celsius), 11 less than average, according to AccuWeather Inc. BASE METALS Base metals complex may trade in range with some buying seen at current levels. Red metal copper can trade in the range of 430-445. According to Chinese general administration department” Chinese copper imports data which were up by 34% to 8.11 million tons from January-October 2013” .Copper stockpiles in LME monitored warehouses last week slid for an 18th straight session to 431 900 tons, the lowest since February 25. Zinc prices can hover in the range of 112-118 in MCX. Indonesia Zinc producers have urged the government to take stern action against the illegal importation of zinc products as it severely hurts the domestic industry. Zinc demand climbed 5.9 percent in the first seven months of the year compared with the same period of 2012, according to ILZSG data. China imports of zinc units have increased as concentrate imports and metal imports have picked up 12.8 percent and 16.5 percent respectively. On an annualised basis, the surplus between January-July equates to 120,000 tonnes, roughly half last year's level and representing about one percent of annual consumption, which suggests that supply and demand are fairly balanced. Nickel prices can trade in the range of 800-860 in MCX. Battery metal lead can move in the range of 125-132. Lead cancelled warrants have been continuously declining since October which is weighing negatively on the commodity. Aluminum can move in the range of 104-110. Malaysia's biggest aluminium maker Press Metal Bhd expects output to rise 36 percent to 410,000 tonnes next year after restarting one of its two plants. ® 10
  • COMMODITY TREND SHEET EXCHANGE CONTRACT CLOSING PRICE* NCDEX SOYABEAN (DEC) NCDEX JEERA (DEC) DATE TREND TREND CHANGED RATE TREND S1 R1 S2 R2 CHANGED CLOSING STOP/LOSS 3872.50 10.10.13 UP 3681.00 3600.00 - 12740.00 03.10.13 DOWN 12607.00 - 13000.00 3300.00 - 3050.00 13500.00 13700.00 NCDEX RED CHILLI (DEC) 7356.00 10.10.13 UP 6074.00 6400.00 - 6200.00 - 6000.00 NCDEX RM SEEDS (DEC) 3781.00 13.11.13 UP 3816.00 3500.00 - 3300.00 - 3100.00 MCX MENTHA OIL (DEC) 864.50 13.11.13 SIDEWAYS MCX CARDAMOM (DEC) 713.40 28.02.13 DOWN 965.00 - 800.00 830.00 860.00 MCX SILVER (MARCH) 45396.00 26.09.13 DOWN 48639.00 - 48000.00 51000.00 55000.00 MCX GOLD (FEB ) 29280.00 26.09.13 DOWN 29865.00 - 30500.00 31100.00 31800.00 MCX COPPER (FEB) 449.15 12.09.13 DOWN 459.25 - 460.00 480.00 490.00 MCX LEAD (DEC ) 129.45 24.10.13 SIDEWAYS MCX ZINC (DEC ) 116.30 31.10.13 - SIDEWAYS MCX NICKEL(DEC ) 842.50 12.09.13 DOWN 879.20 - 920.00 - 950.00 980.00 MCX ALUMINUM (DEC ) 108.35 26.09.13 DOWN 111.65 - 115.00 - 120.00 125.00 MCX CRUDE OIL (DEC) 5782.00 26.09.13 DOWN 6415.00 - 6200.00 - 6400.00 6550.00 MCX NATURAL GAS (DEC ) 247.20 28.11.13 UP 247.20 220.00 - 210.00 - 200.00 Closing as on 28.11.2013 NOTES : 1) 2) 3) 4) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively. S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance. 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. 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 COPPER MCX (FEBRUARY) COPPER MCX (FEBRUARY) contract closed at `449.15 on 28th November '13. The contract made its high of `491.65 on 9th September '13 and a low of `441.00 on 19th November '13. The 18-day Exponential Moving Average of the commodity is currently at `454. On the daily chart, the commodity has Relative Strength Index (14-day) value of 42. One can buy in the range 448-445 with the stop loss of `442 for a target of `460. RMSEED NCDEX (JANUARY) RMSEED NCDEX (JANUARY) contract closed at `3861.00 on 28th November '13. The contract made its high of `4017.00 on 7th November '13 and a low of `3755.00 on 23rd October '13.The 18-day Exponential Moving Average of the Commodity is currently at `3878. On the daily chart, the commodity has Relative Strength Index (14-day) value of 45.One can buy in the range 3830-3810 with the stop loss of `3775 for target of `3920. CORIANDER NCDEX (JANUARY) CORIANDER NCDEX (JANURAY) contract closed at `7902.00 on 28th November '13. The contract made its high of `7983.00 on 28th November '13 and a low of `6880.00 on 26th October '13.The 18-day Exponential Moving Average of the Commodity is currently at `7544. On the daily chart, the commodity has Relative Strength Index (14-day) value of 76. One can buy in the range 7850-7800 with the stop loss of `7720 for a target of `8050. ® 11
  • COMMODITY NEWS DIGEST WEEKLY COMMENTARY • Hong Kong Exchanges and Clearing (HKEx) plans to launch new commodities futures contracts like iron ore and coking coal in the second half of 2014. Bearish trend dominated in almost all metals, energy and agro pack in the week gone by. The yellow metal, gold headed for the first annual drop since 2000. It lost store of value in the middle of U.S. equity rally and low inflation. Last week, it breached the mark of $1240 in COMEX and 30000 in MCX. Gold surrendered its early gain in COMEX in last week as dollar index rose after continuous improvement in US data supported the theory that the Federal Reserve might soon pare its monetary stimulus. Silver followed the footsteps of gold and closed the week on the negative note. Two major commodities of energy counter behaved in completely different way. Natural gas prices moved higher amid hopes that weekly supply data will reveal colder weather, has boosted demand for the commodity. On the contrary, crude oil fell after data from the Energy Information Administration showed that domestic crude inventories rising almost 3 million barrels to their highest level for this time of year since records began in 1982. Iran reached a sixmonth accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from some sanctions. Spread widened in Brent and sweet crude in the past few weeks on increase in supply of sweet crude from US. U.S. crude production increased 45,000 barrels a day to 8.02 million, the most in almost 25 years. Base metal prices slipped as speculators piled pressure on markets already hampered by surplus supplies. • Rogers International Commodity Index (RICI) will cut its weighting toward crude oil next year and raise exposure to natural gas, gold and silver. • Japan's output of rolled copper products rose to 68,243 tonnes in October on a seasonally adjusted basis, up 5.6% from a year earlier. • German consumer sentiment rose to its highest in six years going into December. • India's sugar output in the year to September 2014 is expected to be 24.4 million tonnes. • India's state-run trader MMTC Ltd has issued a global tender to export 100,000 tonnes of wheat for shipment between Jan. 4 and Feb. 3, 2014. Soyabean traded lower around the U.S. Midwest, pressured by a spike in farmer sales following a two-month high in futures prices at the Chicago Board of Trade. It also gave negative impact on oil seeds and edible oil prices in domestic market and they traded in bearish territory. Even CBOT soyabean witnessed pressure over concerns that China may cancel orders due to overbooking of soybeans in addition to the favorable weather conditions in South America. Big swings noticed in spices counter. Chilli saw magical upside on fresh export demand. Even turmeric showed further strength in the prices on better export orders. Jeera gave poor performance on higher stocks available in the domestic market and couldn't face the resistance of 13000 in NCDEX. Steady to weak sentiments recorded in key sugar spot markets. Weak lifting and refusal of millers demand for any bailout package by UP government also curb any hike in sugar prices. • NCDEX launched futures contracts in Crude Palm Oil expiring in the months of December 2013, January 2014, February 2014 and March 2014, available for trading from November 26, 2013. • Additional Margin of 5% on the Long side and Short side will be imposed on all running contracts and yet to be launched contracts in Castor seed w.e.f, November 30, 2013. NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change) 10.00 8.00 6.00 7.88 5.00 4.79 4.00 6.00 4.08 3.00 4.00 2.27 2.27 2.00 2.00 1.05 1.04 0.74 1.00 0.58 0.00 0.10 0.00 -2.00 -2.54 -1.00 -2.43 -4.00 -2.00 -4.14 -6.00 -5.49 -3.00 -3.10 -8.00 -7.63 -3.35 -3.50 -4.00 -3.93 -4.18 -5.00 -10.00 CORIANDER CASTOR SD NEW TURMERIC GUR NEW NEW STEEL LONG GUAR SEED GUAR GUM CRUDE OIL COTTON 29 MM RUBBER NEW WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) COMMODITY UNIT BARLEY MT 20.11.13 QTY. 3638 27.11.13 QTY. 2678 NATURAL GAS GOLD SILVER 1000 DIFFERENCE COMMODITY 55335 49007 -6328 CHANA MT 36201 33588 -2613 KAPASIA KHALLI CHILLI MT 319 140 -179 COTTONSEED OILCAKE MT 0 0 0 JEERA MT 1167 858 -309 MAIZE MT 857 857 0 RAPE MUSTARD SEED MT 14104 12906 -1198 SOYA BEAN SEEDS MT 1266 1295 29 SUGAR M MT 1979 2719 740 1875 UNIT -960 MT 2414 GUAR SEED GUAR GUM -539 21.11.13 QTY. CASTOR SEED MT MENTHA OIL CRUDE OIL KAPASKHALI CARDAMOM WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX) CARDAMOM WHEAT STEEL RPR GOLD 28.11.13 DIFFERENCE QTY. MT 73.00 77.50 4.50 BALES 296.65 1381.78 1085.13 KGS 151.00 61.00 -90.00 GOLD MINI KGS 12.30 12.30 0.00 GOLD GUINEA KGS 2.91 2.91 0.00 MENTHA OIL KGS 2581005.95 2587490.90 6484.95 MILD STEEL SILVER (30 KG Bar) MT 504.85 344.85 -160.00 KGS 12669.09 12669.09 0.00 ® 12
  • COMMODITY SPOT PRICES (% change) Cane price dispute……..caning the economy CORIANDER (KOTA) 5.40 RAW JUTE (KOLKATA) 4.18 CHILLI (GUNTUR) 2.31 TURMERIC (NIZAMABAD) 1.50 BARLEY (JAIPUR) 1.03 SOYABEAN (INDORE) 0.38 REFINED SOYA OIL (INDORE) -0.11 MASOOR (INDORE) -0.26 MUSTARD (JAIPUR) -0.34 CHANA (DELHI ) -0.53 GUR (MUZAFFARNGR.) -0.74 JEERA (UNJHA) -0.91 GOLD 100 GMS (MUMBAI) -1.17 SILVER 5 KG (DELHI) -2.04 CRUDE PALM OIL (KANDLA) -2.07 PEPPER MALABAR GAR (KOCHI) -2.38 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 WEEKLY STOCK POSITIONS IN LME (IN TONNES) COMMODITY STOCK POSITION STOCK POSITION A dispute over the cane price in Uttar Pradesh, the country's second-biggest producer of the sweetener, have come out between Private sugar mills and farmers after state advisory committee recommended raising sugarcane prices that mills pay farmers to `305 a quintal from `280 last year. While the government has not yet approved the recommendation, the Private sugar mills of Uttar Pradesh has refused the proposal saying that they cannot pay more than `225 a quintal. The state government has promised millers to waive entry tax for the current year. The sugar season begins on October 1 and mills usually start crushing by midNovember. But Sugar producers have not begun operations such as starting the boilers and setting Uttar Pradesh sugarcane purchase centres outside the mills. Uttar Pradesh sugar mills have officially declared that they would stand nonoperative till the Rangarajan formula is adopted to fix the cane price and sent a closure notice to the Uttar Pradesh government under the industrial dispute act. Mills have said they cannot continue to bear and suffer the losses and operate the mills under financial crunch. According to Rangarajan formula, a feasible and affordable sugarcane price should be declared in accordance with the paying capacity of the sugar mills linked with the average sales realization. Last year, the mills failed to make the entire payment of `22,000 crore to farmers due to lower sugar prices. The sugar industry still owes about `2,300 crore to farmers. The special advisory price that sugar mills pay to farmers has increased from `165, just three years back to `280, a 70 percent increase. On the other hand, sugar prices have been hiked by just 7-8 percent over the last three years. Also, at `36 per kilogram, Uttar Pradesh has the highest cost of production for sugar globally. Industry executives say any increase in cane prices this year will lead to arrears of more than `8,000 crore as sugar prices remain under pressure. To compound private mills' problems, banks have declined to meet any request for higher working capital loans to the sugar industry. Industry body ISMA is demanding that the Uttar Pradesh government should link the sugarcane price to the sugar price realization and must determine a price which is reasonable and buyable for the sugar industry. According to Abinash Verma, director-general of the Indian Sugar Mills Association, As per the current prevailing sugar prices in the market and ex-mill price of `29-29.50 our paying capacity for sugarcane works out to about `225 per quintal of sugarcane. Any price above this should be paid by the government directly to the farmers. While other side state authorities indicated that cane price this season depends largely on the escalation in the cost of agri-inputs, fertilisers and fuel for farmers over the years. According to farmers' based on Rangarajan's recommendation and an increase of input cost of farmers and profit margin of about 20% each, the cane price for the Uttar Pradesh coming season comes to `372/quintal. The shutdown of mills will cost 18000 Cr revenue losses to Uttar Pradesh Gov. While delay crushing will affect lower realization of sugar from cane, delay in wheat sowing and finally miss the export target of sugar. DIFFERENCE 21.11.13 28.11.13 ALUMINIUM 5348875 5395175 46300 COPPER 445700 431900 SAP for sugarcane (Rs/quintal) -13800 305 280 245 205 NICKEL 247638 250572 2934 LEAD 234900 232375 -2525 ZINC 987050 968975 -18075 165 140 125 PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $) 2007-08 COMMODITY EXCHANGE CONTRACT 22.11.13 ALUMINIUM LME 3 MONTHS 1794.00 1751.00 -2.40 COPPER LME 3 MONTHS 7065.00 6996.00 -0.98 LEAD LME 3 MONTHS 2104.00 2065.50 LME 3 MONTHS 13510.00 13340.00 -1.26 LME 2009-10 2010-11 2011 -12 2012-13 3 MONTHS 1900.00 1870.00 -1.58 2013-14 (Proposed) On November 28, 2013 the State Government has issued an ultimatum to sugar mills to start crushing operations by December 4, 2013. -1.83 NICKEL ZINC 2008-09 28.11.13 CHANGE% INTERNATIONAL COMMODITY PRICES COMMODITY EXCHANGE CONTRACT UNIT 22.11.13 28.11.13 CHANGE(%) GOLD COMEX* DEC 1244.10 1237.80 -0.51 Soya CBOT* JAN Cent per Bushel 1319.50 1320.00 0.04 SILVER COMEX* DEC 19.83 19.63 -1.00 Maize CBOT* DEC Cent per Bushel 422.25 417.25 -1.18 LIGHT CRUDE OIL NYMEX* JAN 94.84 92.30 -2.68 NATURAL GAS NYMEX* JAN * Closing as on 27.11.13 3.81 3.90 2.20 CPO BMD JAN MYR per MT 2642.00 2655.00 0.49 Sugar LIFFE MAR 10 cents per MT 464.10 461.10 -0.65 * Closing as on 27.11.13 ® 13
  • CURRENCY Currency Table News Flows of last week Currency Pair Open High Low Close USD/INR 62.60 62.99 62.25 62.86 EUR/INR 84.82 85.66 84.25 85.44 GBP/INR 101.50 102.81 100.57 102.73 JPY/INR 61.90 61.90 60.85 61.50 27th Nov: 27th Nov: 27th Nov: (Source: FX Central, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST) 27th Nov: 27th Nov: 27th Nov: 29th Nov: British retail sales slowed unexpectedly this month Britain's economic growth broadened a bit in the third quarter of 2013 A gauge of planned U.S. business spending on capital goods unexpectedly fell in October Applications for U.S. home loans dipped in the latest week, dropping for a fourth straight week. A gauge of future U.S. economic activity edged higher in October, U.S. consumer sentiment rose in November The number of Americans filing new claims for unemployment aid unexpectedly fell last week Economic gauge for the next week Market Stance Rupee remained sideways during the week on back of mixed cues from global front. However, marginal gains were seen on back of continuous inflow of foreign funds and global weakness in dollar. The euro rose to a five-year high against the yen on Friday, as the Japanese currency faced heavy pressure on expectations that it will be used as the funding currency of choice for carry trades, given Japan's commitment to easy monetary policy. Sterling also climbed to an 11-month peak against the dollar. On the other hand month end dollar demand from oil refiners kept check on sharp gains in INR. The central bank's special forex swap windows, which have garnered over $25 billion, will close in end-November, leading to some jitters on flows. Moreover, the government is considering options on how to change its current investment limit for foreign investors in domestic debt to make it eligible for inclusion into global benchmarks, a finance ministry official said on Thursday. Date Currency Event PREVIOUS 04th Dec EUR Gross Domestic Product s.a. (YoY) -0.50% 05th Dec GBP BoE Asset Purchase Facility £375B 05th Dec GBP BoE Interest Rate Decision 0.50% 05th Dec EUR ECB Interest Rate Decision 0.25% 05th Dec GBP Autumn Forecast Statement 05th Dec EUR ECB Monetary policy statement and press conference 05th Dec USD Gross Domestic Product Annualized 2.50% 06th Dec USD Nonfarm Payrolls 204K 06th Dec USD Unemployment Rate 7.30% USD/INR EUR/INR USD/INR (DEC) contract closed at `62.86 on 28th November'13. The contract made its high of `62.99 on 28th November'13 and a low of `62.25 on 26th November'13 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at `62.74. On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 53.54. One can sell below 62.25 for a target of 61.15 with the stop loss of 62.85 EUR/INR (DEC) contract closed at `85.44 on 28th November'13. The contract made its high of `85.66 on 28th Novemberr'13 and a low of `84.25 on 26th November'13 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at `84.91. On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 59.56. One can buy around 85.00 for a target of 86.25 with the stop loss of 84.40. GBP/INR JPY/INR Technical Recommendation GBP/INR (DEC) contract closed at `102.73 on 28th November'13. The contract made its high of `102.81 on 28th November'13 and a low of `100.57 on 26th November'13 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at `101.45. On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 65.70. One can buy around 102.10 for a target of 103.25 with the stop loss of 101.50 JPY/INR (DEC) contract closed at `61.50 on 28th November'13. The contract made its high of `61.90 on 25th November'13 and a low of `60.85 on 27th November'13 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at `62.23. On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 34.00. One can sell around 62.10 for a target of 61.00 with the stop loss of `62.60. ® 14
  • IPO IPO NEWS Power Grid FPO to open for subscription on December 3, 2013 State-run electric utilities company Power Grid Corporation of India has come out with its follow-on public offer (FPO) of 78,70,53,309 equity shares of Rs 10 each. The issue is going to open for subscription on December 3rd. The issue will close on December 5th for qualified institutional bidders while it will be opened for other investors till December 6th. The offer comprises a fresh issue of 60,18,64,295 equity shares by the company and an offer for sale of 18,51,89,014 shares by government. The company intends to use fresh issue funds for capital requirements for the implementation of certain identified transmission projects and general corporate purposes. Andhra Bank plans QIP, follow on public offer; to raise `200 crore from Government State-owned mid-sized lender Andhra Bank is planning to raise funds through Qualified Institutional Placement (QIP) or Follow on Public Offer and is also looking at raising funds from the government through preferential allotment route. The bank's board has decided seek the shareholders' approval at an extraordinary general meeting to be held on December 19. The board proposes to raise `200 crore of funds from the government through preferential allotment route at an offer price to be determined under SEBI regulations. The board has decided November 19th as the relevant date to fix the offer price. For the September quarter, the bank has suffered a fall of 78% in net profit at ` 71 crore mainly owing to higher provisions. In the corresponding quarter of previous fiscal, the bank had reported a net profit of `325 crore. The total income for the September quarter, however, grew by 12% at `3,817 crore, while total business rose by 18% at `2.3 lakh crore. The bank saw its deposits growing by 19.1% at `1.29 lakh crore and advances by 16.5% at ` one lakh crore. IPO TRACKER Company Sector M.Cap(In Cr.) Issue Size(in Cr.) List Date Issue Price List Price Last Price* %Gain/Loss(from Issue price) Just Dial service provider 8488.98 950.11 5-Jun-13 530.00 590.00 1211.50 128.58 Repco Home Fin Finance 1916.08 270.39 1-Apr-13 172.00 165.00 308.25 79.22 V-Mart Retail Trading 414.88 123.00 20-Feb-13 210.00 216.00 231.00 10.00 Bharti Infra. Telecom 29448.11 4533.60 28-Dec-12 220.00 200.00 155.90 -29.14 -34.04 PC Jeweller Jewellary 1594.89 609.30 27-Dec-12 135.00 135.50 89.05 CARE Rating Agency 2010.72 540.00 26-Dec-12 750.00 949.00 693.35 -7.55 Tara Jewels Jewellary 212.22 179.50 6-Dec-12 230.00 242.00 86.20 -62.52 VKS Projects Engineering 63.63 55.00 18-Jul-12 55.00 55.80 1.01 -98.16 Speciality Rest. Restaurants 574.32 181.96 30-May-12 150.00 153.00 122.30 -18.47 TBZ Jewellary 872.77 210.00 9-May-12 120.00 115.00 130.85 9.04 MT Educare Miscellaneous 383.08 99.00 12-Apr-12 80.00 86.05 96.30 20.38 NBCC Construction 1614.00 124.97 12-Apr-12 106.00 100.00 134.50 26.89 38.65 24.75 28-Mar-12 30.00 29.95 23.70 -21.00 2428.37 663.31 9-Mar-12 1032.00 1387.00 476.15 -53.86 Olympic card. Media Multi Comm. Exc. Exchange Indo Thai Sec. Finance 11.65 29.60 2-Nov-11 74.00 75.00 11.65 -84.26 Vaswani Inds. Steel 8.31 49.00 24-Oct-11 49.00 33.45 2.90 -94.08 Flexituff Intl. Packaging 512.57 104.63 19-Oct-11 155.00 155.00 223.05 43.90 Prakash Constro. Construction PG Electro. Consumer Durables 8.92 60.00 4-Oct-11 138.00 145.00 0.71 -99.49 285.29 120.65 26-Sep-11 210.00 200.00 173.85 -17.21 SRS Jewellary 501.44 203.00 16-Sep-11 58.00 55.00 36.00 -37.93 TD Power Sys. Capital Goods 618.43 227.00 8-Sep-11 256.00 251.60 186.05 -27.32 Tree House Edu. Miscellaneous 903.35 112.06 26-Aug-11 135.00 132.80 247.90 83.63 Inventure Grow. Finance 80.39 81.90 4-Aug-11 117.00 119.00 9.57 -91.82 Readymade Steel Steel 121.65 34.75 13-Jul-11 108.00 115.00 103.80 -3.89 Birla Pacific Healthcare 8.07 65.18 7-Jul-11 10.00 10.10 0.72 -92.80 Rushil Decor Miscellaneous 70.27 40.64 7-Jul-11 72.00 81.25 48.80 -32.22 Timbor Home Miscellaneous 21.22 23.25 22-Jun-11 63.00 72.00 13.28 -78.92 Sanghvi Forg. Forgings 21.70 36.90 23-May-11 85.00 85.00 17.10 -79.88 *Closing prices as on 28-11-2013 ® 15
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  • MUTUAL FUND NEWS Birla Sun Life MF introduces Fixed Term Plan - Series JD (91 days) Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Fixed Term Plan - Series JD (91 days), a close ended income scheme. The NFO opens for subscription on Nov 29, 2013, and closes on Dec 5, 2013. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. IDFC MF introduces Fixed Term Plan Series -50 IDFC Mutual Fund has launched the New Fund Offer (NFO) of IDFC Fixed Term Plan Series -50, a Close Ended Income scheme. The NFO opens for subscription on Nov 29, 2013, and closes on Dec 4, 2013. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. There is no assurance or guarantee that the objectives of the scheme will be realized. LIC NOMURA Mutual Fund files offer document with SEBI to launch a close ended capital protection oriented scheme named as "LIC NOMURA MF Capital Protection Oriented Fund Series 2". LIC NOMURA Mutual Fund has filed offer document with SEBI to launch a close ended capital protection oriented scheme named as "LIC NOMURA MF Capital Protection Oriented Fund Series 2". The investment objective of the scheme is to achieve capital protection by investing in fixed income securities maturing on or before the tenure of the scheme and seeks capital appreciation by investing in equity and equity related instruments. Canara Robeco MF declares dividend under Emerging equities Canara Robeco (MF) has declared dividend under the regular plan-dividend option under Canara Robeco Emerging Equities. The record date for dividend is November 29, 2013. The amount of dividend on the face value of `10 per unit will be `1.05 per unit. The investment objective of the scheme is to Generate Capital appreciation by primarily investing in diversified MID CAP Stocks. DSP BlackRock MF declares dividend under FMP DSP BlackRock (MF) has declared dividend under the dividend payout option of DSP BlackRock FMP - Series 112- 3M, a close ended income scheme. The record date for dividend is November 28, 2013. The quantum of dividend will be upto 100% of distributable surplus as on record date on the face value of Rs 10 per unit. The investment objective of the scheme is 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. Principal Mutual Fund files offer document with SEBI to launch an Open Ended Index Scheme named as "Principal Index Fund - Midcap". Principal Mutual Fund has filed offer document with SEBI to launch an Open Ended Index Scheme named as "Principal Index Fund - Midcap". The New Fund Offer price is `10 per unit. The investment objective of the scheme is to invest principally in securities that comprise Nifty Midcap 50 Index and subject to tracking errors endeavor to attain results commensurate with the Nifty Midcap 50 Index. PineBridge MF introduces India - US Equity Fund PineBridge Mutual Fund has launched the New Fund Offer (NFO) of PineBridge India - US Equity Fund, an open-ended fund of funds scheme. The NFO opens for subscription on Nov 29, 2013, and closes on Dec 13, 2013. The investment objective of the scheme is to provide long term capital appreciation by investing in units of a fund that invests predominantly in equity and equity-related securities of companies having assets, products or operations in the United States. However, there is no assurance that the objective of the scheme will be realized. NFOs WATCH Fund Name NFO Opens on NFO Closes on Scheme Objective Fund Type Fund Class Fund Manager Minimum Amount 29-Nov-2013 05-Dec-2013 To generate income by investing in a portfolio Close-Ended Growth of fixed income securities maturing on or before the duration of the Scheme. Kaustubh Gupta `5000/- Birla Sun Life Banking 25-Nov-2013 And Financial Services Fund Regular Plan (G) 09-Dec-2013 To generate long-term capital appreciation Open-Ended Growth to unitholders from a portfolio that is invested predominantly in equity and equity related securities of companies engaged in banking and financial services. Satyabrata Mohanty Birla Sun Life Fixed Term Plan - Series JD (91 Days) Direct Plan (G) `5000/- ® 17
  • MUTUAL FUND Performance Charts EQUITY (Diversified) Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns Returns (%) Scheme Name 3M 6M 1Y Risk NAV Launch AUM 3Y Since (`) Date (` Cr.) ICICI Pru. Exports and Other Services Fund - G 25.58 30-Nov-2005 182.48 16.64 30.38 38.02 12.64 12.46 1.63 N.A SBI Magnum Midcap Fund - Growth 29.18 29-Mar-2005 178.83 30.01 10.82 14.12 6.68 13.14 2.08 Market Cap (%) Std.Dev Beta Jenson N.A LARGE MID SMALL DEBT & CAP CAP CAP OTHER N.A 61.58 33.20 0.62 4.60 N.A 7.57 76.66 10.63 5.14 22.23 Launch ICICI Prudential Dynamic Plan - Growth 127.92 31-Oct-2002 3585.68 15.77 12.49 13.33 5.87 25.85 1.63 N.A N.A 55.71 19.37 2.69 Axis Equity Fund - Growth 13.17 05-Jan-2010 613.74 14.52 1.00 12.91 5.02 7.32 1.77 N.A N.A 81.26 9.13 4.77 4.84 Franklin India Smaller Companies Fund - G 18.10 13-Jan-2006 304.28 24.10 7.18 12.34 6.17 7.82 2.03 N.A N.A 14.11 66.18 12.20 7.51 Tata Ethical Fund - Plan A - Growth 80.35 24-May-1996 114.91 11.44 7.56 11.06 6.03 16.38 1.33 N.A N.A 69.57 25.52 1.02 3.89 ICICI Prudential Top 100 Fund - Growth 163.39 09-Jul-1998 416.46 14.51 7.63 10.70 5.85 19.89 1.92 N.A N.A 84.82 7.04 N.A 8.14 NAV (`) Launch Date AUM (` Cr.) 3M Since Launch Std.Dev ICICI Prudential Balanced - Growth 59.27 03-Nov-1999 SBI Magnum Balanced Fund - Growth 60.29 09-Oct-1995 BALANCED Returns (%) Scheme Name Risk 3Y Jenson Market Cap (%) 6M 1Y LARGE CAP MID CAP SMALL CAP DEBT & OTHER 571.96 14.80 4.26 10.10 8.56 13.47 1.38 0.06 49.20 16.09 2.74 31.96 415.00 14.74 3.12 9.74 4.75 15.56 1.37 0.05 33.76 29.29 8.28 28.66 FT India Balanced Fund - Growth 56.92 10-Dec-1999 203.67 14.87 0.36 7.68 4.86 13.25 1.58 0.03 57.89 14.25 N.A 27.86 HDFC Balanced Fund - Growth 66.19 11-Sep-2000 1152.89 16.95 5.36 7.16 5.94 15.37 1.44 0.01 26.57 40.95 3.91 28.56 Birla Sun Life 95 - Growth 353.81 10-Feb-1995 625.15 12.35 0.50 5.81 3.99 20.87 1.52 N.A 58.75 12.16 1.01 28.09 UTI Balanced Fund - Growth 89.51 20-Jan-1995 928.72 13.82 2.36 5.40 2.93 15.89 1.40 -0.01 56.75 15.54 2.74 24.97 Tata Balanced Fund - Plan A - Growth 100.80 08-Oct-1995 603.57 13.70 0.58 4.57 6.24 15.53 1.57 -0.02 51.24 22.48 1.08 25.21 NAV Launch AUM (`) Date (`Cr.) 18.39 18.98 12.67 13.45 13.96 20.48 12.18 03-Sep-2003 11-Nov-2002 03-Jun-2009 29-May-2009 11-Dec-2009 23-Sep-2004 07-Dec-2011 INCOME FUND Returns (%) Scheme Name Tata Dynamic Bond Fund - Plan A - G Tata Income Plus Fund - Plan A - Growth Morgan Stanley Active Bond Fund - Reg - G Canara Robeco Dynamic Bond Fund - Reg - G T empleton India Income Opportunities Fund - G BNP Paribas Flexi Debt Fund - Growth T empleton India Corporate Bond Opp. Fund - G 322.93 187.17 562.75 341.61 3789.53 512.20 5229.82 Risk Annualised Since Std. 1W 2W 1M 6M 1Y 3Y Launch 18.16 19.41 20.96 23.73 19.30 11.34 21.45 5.46 3.37 -0.18 -0.29 10.45 -0.52 9.60 1.12 -1.90 -4.18 -3.50 4.36 -1.85 4.69 11.66 8.99 8.91 8.80 8.79 8.75 8.61 8.45 7.90 7.35 8.62 9.06 7.85 N.A 6.13 5.97 5.42 6.80 8.77 8.12 10.48 42.45 34.55 30.22 40.70 18.15 37.25 19.01 SHORT TERM FUND 0.10 0.05 0.05 0.04 0.08 0.05 0.06 1241.00 1504.00 5041.00 2559.00 858.00 3292.00 975.00 8.78 8.95 7.95 8.90 10.81 8.32 11.03 Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns Returns (%) Scheme Name Yield till Maturity (Days) Maturity Dev. 20.86 24.89 26.17 31.87 22.96 18.19 24.74 Average Sharpe NAV Launch AUM Risk Since Std. Average Sharpe Yield till Maturity (Days) Maturity (`) Date 6M 1Y 3Y Launch Dev. Birla Sun Life Short Term Opp. Fund - Reg - G 19.87 24-Apr-2003 1422.46 15.95 15.54 9.31 8.01 10.05 10.15 6.69 15.10 0.17 N.A 10.22 Birla Sun Life Medium Term Plan - Reg - G 14.70 25-Mar-2009 1663.37 18.34 17.21 8.03 7.16 10.11 10.16 8.57 16.26 0.16 N.A 11.01 Sundaram Flexible Fund - ST - Growth 18.34 30-Dec-2004 920.84 10.00 9.26 7.23 6.63 7.72 8.21 7.03 9.00 0.04 142.00 9.00 JPMorgan India Short Term Income Fund - G 13.46 25-Mar-2010 662.99 11.72 10.42 6.69 6.30 8.23 9.01 8.41 10.63 0.08 833.00 9.45 (`Cr.) 1W Annualised 2W 1M Tata Short Term Bond Fund - Plan A - G 22.87 08-Aug-2002 396.15 14.82 13.91 7.39 5.98 9.21 8.87 7.59 13.25 0.14 438.00 9.13 HDFC Short Term Opportunities Fund - G 13.36 25-Jun-2010 2514.34 22.42 18.63 8.64 5.90 8.27 9.14 8.82 13.98 0.06 471.00 9.58 Sundaram Select Debt - S TA P - Reg - Appreciation 21.29 04-Sep-2002 1448.28 13.11 12.00 6.99 5.88 10.21 11.00 6.96 14.48 0.20 409.00 9.66 Average Yield till NAV Launch Since Std. ULTRA SHORT TERM Returns (%) Scheme Name AUM Risk Sharpe Maturity (Days) Maturity 6M 1Y 3Y Launch Dev. DSP BlackRock Money Manager Fund - Reg - G 1687.92 31-Jul-2006 1747.5 11.02 9.59 8.25 9.41 9.05 8.77 7.4 5.17 0.31 127 DWS Ultra Short-Term Fund - Growth 20.12 21-Oct-2003 1720.29 8.98 8.81 8.71 9.27 9.08 9.09 7.16 4.6 0.36 66 9.6 T empleton India Ultra Short Bond Fund - Retail - G 15.89 18-Dec-2007 3538.91 9.99 9.78 8.78 9.14 9.3 9.28 8.1 3.9 0.48 95 9.65 9.21 (`) Date (`Cr.) 1W Annualised 2W 1M N.A Tata Floater Fund - Plan A - Growth 1865.7 06-Sep-2005 1983.86 10.83 10.1 9.01 9.12 9.29 9.35 7.87 4.56 0.41 92 IDFC Ultra Short Term Fund - Reg - G 17.31 17-Jan-2006 1350.8 9.93 9.69 8.81 8.99 9.3 9.66 7.22 5.1 0.37 87 9.3 Birla Sun Life Ultra Short Term Fund - Ret - G 224.58 19-Apr-2002 402.2 12.7 10.77 9.35 8.98 9.25 9.2 7.21 4.76 0.37 N.A 9.98 Birla Sun Life Savings Fund - Ret - G 230.39 27-Nov-2001 4239.41 10.75 10.2 8.89 8.93 9.15 9.13 7.2 5.36 0.32 N.A 9.85 Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 28/11/2013 Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7% ® 18
  • SMC participating in 'SME awards 2013' organised by Dun & Bradstreet held on 25th November at Hotel ITC Grand Central, Mumbai SMC participating in 'Exporters' Conclave 2013' organised by Dun & Bradstreet held on 28th November at Colonial Hall, The Club, Mumbai