Morning Tea

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Global View
India Update
Today’s Event/ Stock in News
Dishman Pharmaceuticals and Chemicals (Dishman), a leading global manufacturer of pharmaceutical active ingredients, has received a license agreement from
Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson (Janssen) to produce the Active Pharmaceutical Ingredient (API)
of SIRTURO (bedaquiline), a medicine used in the treatment of Multi-Drug Resistant Tuberculosis (MDR-TB). Tuberculosis (TB) is a major public health concern in
India with the World Health Organization estimating there are more than 2.8 million cases of TB. In particular, the burden of MDR-TB in India, is among the most
significant in the world with an estimated 64,000 cases, and for those diagnosed with this deadly disease, fewer than half are treated successfully. In 2008
Janssen had contracted Dishman to conduct full chemical synthesis of this API at their manufacturing facility in Bavla, India. Janssen subsequently registered
Dishman as a manufacturer of API with the USFDA, European Medicines Agency and several other Asian regulatory authorities. Recently, Dishman has started
supplying Janssen with the global demand of this API. Dishman is a leading global outsourcing partner for the pharmaceutical industry, offering a rich portfolio of
development, scale-up and manufacturing services that straddle the entire pharmaceutical value chain. The company offers cost-effective, high-quality research,
development and manufacturing services that include production and supply of tailor-made, high-quality Intermediates and generic APIs to the global
pharmaceutical industry. Its global presence includes multiple manufacturing sites in Europe, India, and China - making it one of the most geographically
diversified players in the industry.
Technical Outlook : On daily chart, price has shown breakout of horizontal trend line at 277.10 levels. Furthermore, stock has also given breakout of its rising
channel formation at 243.50 levels with heavy volumes. Beside, Prices are trading above 21 DEMA, which suggest short term trend is up. The momentum
indicator RSI has remained above 60 levels on daily chart which point out for positive breath in the stock. One could Buy in the range of 304-307 for the Target of
319 with the SL of 298.
SKS Microfinance has announced a 1.25% reduction in the interest rate charged to borrowers from 22% to 20.75% with effect from October 1, 2015, for all future
disbursals. With the third interest rate cut and an overall reduction of 3.8% since October 2014, the company now charges what is considered the lowest rate
among global Micro Finance Institutions on its core Income Generating Loans (IGL) which are unsecured micro loans. The company had been charging the lowest
interest among Indian MFIs since July 2015 with a reduction of 1.55% in that month, in addition to the 1% reduction in October 2014. The company's strong net
worth of Rs 1,115 crore and Capital Adequacy Ratio of 27.2%, well in excess of the mandated 15%, also enhance the credit quality of the company's papers, and
help it obtain competitive pricing. SKS Microfinance is a non-banking finance company (NBFC), registered and regulated by the Reserve Bank of India, whose
mission is to provide financial services to low-income households. SKS operates across 16 states of India.
Technical Outlook: The stock has given breakdown of its horizontal trend line at 403.50 levels on daily chart. Recently, price has retested
its horizontal trend line resistance and given close below our mentioned level which gives negative confirmation to the prices.
Moreover, prices are trading below 200 DEMA, which indicates medium to long term trend is down. Momentum indicator RSI reading is
below 40 marks with negative crossover, which point out for negative breath in the stock. So for trading perspective, one could Sell in
the range of 397-400 for the Target of 387 with the SL of 405.
DISHMAN
SKSMICRO
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Morning Tea
24th Sept 2015
Sell in the range of 397-400 for the Target of 387 with the SL of 405
Buy in the range of 304-307 for the Target of 319 with the SL of 298
US stocks ended down slightly on Wednesday, led by losses in materials and energy shares as weak Chinese and US factory data added to
growth worries. Data showed US manufacturing growth stayed at a two-year low in September, while Chinese factory activity shrank to a 6-1/2
year low in the month, underscoring worries about demand. Worries over a China-led global economic slowdown and uncertainty over when
the Fed may raise rates have left investors skittish. The Dow Jones industrial average fell 50.58 points, or 0.31 percent, to 16,279.89, the S&P
500 lost 3.98 points, or 0.2 percent, to 1,938.76 and the Nasdaq Composite dropped 3.98 points, or 0.08 percent, to 4,752.74.
Asian shares got off to a cautious start on Thursday after more dour economic news in China and the United States prompted a bruising selloff
the previous day. Worries that an eventual tightening in US monetary policy and slower growth in China could knock the global economy have
scared off investors, particularly those invested in stocks and commodities. Wall Street also lost ground on Wednesday, dragged down by
economic reports portraying US factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis. The
Shanghai Composite index traded at 0.85% to 3142.72, Hang Seng index traded at -0.52 % to 21193.51, Japan's benchmark Nikkei 225 index
traded at -2.40% to 17647.45, South Korea's Kospi index up by 0.41 % to 1952.58 levels. The SGX Nifty suggests a negative opening for our
markets as it is trading at 7825.50, down by 31 points.

2. SEBI Certified – Research Analyst www.choiceindia.com
Bulk Deal
Corporate Action / Result Calendar
SEBI Certified – Research Analyst www.choiceindia.com
Morning Tea
24th Sept 2015
Security in Ban
SEBI Registered – Research Analyst www.choiceindia.com * Please Refer Disclaimer on Website
Corporate Action:
Agro Dutch Industries Limited; Annual General Meeting
Sujana Universal Industries Limited; Annual General Meeting
Cerebra Integrated Technologies Limited; Annual General Meeting
Sujana Tower Limited; Annual General Meeting
Sujana Metal Products Limited; Annual General Meeting
Shiv-Vani Oil & Gas Exploration Services Limited; Annual General Meeting
Rama Steel Tubes Limited; Annual General Meeting
IZMO Limited; Annual General Meeting
Essar Oil Limited; Annual General Meeting
Sr.No Deal Date Security Code Security Name Client Name Deal Type Quantity Price
1 23/09/2015 534756 TARAJEWELS HSBC INDIA EQUITY MOTHER FUND S 148,830 35.39
2 23/09/2015 531633 LINCOPH JAYANTILAL DUNGARDAS PATEL S 145,100 135.65
3 23/09/2015 531146 MEDICAMEQ RAJASTHAN GLOBAL SECURITIES LTD B 128,167 34.33
4 23/09/2015 533470 RUSHIL GKN SECURITIES S 118,306 210.38
5 23/09/2015 533470 RUSHIL GKN SECURITIES B 118,306 210.23
6 23/09/2015 539337 HKT SANJOYOG TRADE-LINK PRIVATE LIMITED B 104,000 18.25
7 23/09/2015 535657 OONE JAINESH S RAVAL B 101,844 10.00
8 23/09/2015 535657 OONE BHARATBHAI GOPALBHAI BAROT S 100,000 9.49
9 23/09/2015 535657 OONE BHARATBHAI GOPALBHAI BAROT B 100,000 9.48
10 23/09/2015 535657 OONE BHARATKUMAR VELAJI MARWADI S 100,000 9.48

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Research Team
Mr. Sumeet Bagadia Associate Director
Kunal Parmar Research Associate
Ritesh Patel Research Associate
Amit Pathania Research Associate
Vikas Chaudhari Research Associate
Rajnath Yadav Research Associate
Satish Kumar Research Associate
Morning Tea
24th Sept 2015
SEBI Registered – Research Analyst www.choiceindia.com * Please Refer Disclaimer on Website