This document contains various sections including a market view, company update on HEG Limited, news around the world economy, knowledge corner on bought deals, mutual fund corner on ICICI Prudential Balanced Advantage Fund, forex corner, commodity corner, and a report card on J Street recommendations. The overall document provides an overview of the stock market, company and economic updates, and analysis on mutual funds and commodities to help readers stay informed.

1. Index
Market View 1
Company Update 2
Around the
Economy 3
Knowledge Korner 3
Mutual Fund 4
Forex Corner 5
Report Card 6
Positional Call Status 7
Editor & Contributor
Margi Shah
Special Contributors
Ashesh Trivedi
Vimul Solanki
Sagar Soni
For suggestions, feedback
and queries
jstreet@jhaveritrade.com
Market View:
Approach must be to remain select ive
Last Saturday, we have said that caut ious opt imism is requi red in the
market . We have seen ver y high volat i l i t y in the market last week. Inst i-tutes
are also highly select ive in thei r investment st rategy at present . As
we go beyond 8100 nif t y, the element of high volat i l i t y comes in. The P/E
at this level r ises to more than 20. The t rai l ing one year forward P/E is at
histor ic average of 17.5
I t is interest ing to note a repor t by Morgan Stanley which was announced
af ter meet ing key pol icy maker s, business leaders, credit rat ing agencies
and other key personnel and the Modi governments’ agenda to reinvigorate
the Indian economy. As per repor t , the government is t r ying to f ix produc-t
ivi t y growth. According to the f irm there are f ive high pr ior i t y areas for the
government for the economic pol icy.
1. Fast t rack ing investment approval process.
2. Improving business envi ronment leading to lower st ressed asset s.
3. Tweak ing government expendi ture and implement ing GST.
4. The renewed focus on aadhar and f inancial inclusion dr ive.
5. To remain cognizant about cont rol l ing inf lat ion.
These f ive point agenda is going to lead the pol icy of the government . At
internat ional level , the pol icy stance of fed remained unchanged leading to
normalcy in the global market . The no referendum by Scot land is also
posi t ive for the market . Now al l eyes are on pol icy meet ing by RBI on 30 t h
September . Ti l l than remain highly select ive in the market .
Kamal Jhaveri
MD- Jhaveri Securities
- 1 -
Vol.: 209
22nd September, 2014

2. Company Update : HEG Limited.
Vol.: 209
22nd September, 2014
Valuation : Currently, HEG is trading at `316. We Recommend “Accumulate” with ,assigning target
multiple 10x FY17E with target price of `349.
- 2-
Company Basics
BSE ID 509631
NSE Symbol HEG
EQUITY (` in Cr.) 39.96
MKT.CAP (` in Cr.) 1331.47
Financial Basics
FV (`) 10.00
EPS (`) 24.98
P/E (x) 13.34
P/BV (x) 1.44
BETA 0.5221
RONW (%) 12.29
sShare Holding Pattern
Holder's Name % Holding
Foreign 8.56
Institutions 10.68
Promoters 58.78
Non Prom. 0.00
Public & Others 13.51
Government 0.00
Company overview : HEG Ltd, a premier company of the LNJ Bhilwara group, is today India's leading graphite
electrode manufacturer. HEG produces two grades of graphite electrodes - High Power & Ultra High Power -
used in manufacturing steel through the Electric Arc Furnace (EAF) route. It has one of the largest integrated
Graphite Electrode plants in the world. The company exports over 80% of its production to more than 25 coun-tries
of the world.HEG has increased its production capacity and has become a significant global producer of
quality UHP grade electrodes for EAF application. To improve competitiveness and operating efficiency, HEG has
a Captive Power Plant totaling more than 77 MW. HEG has a diversified customer portfolio - ArcelorMittal, Nucor,
POSCO, Emirate Steel Ind, Dongkuk Steel,Severstal, SAIL, Tata Steel, Jindal Group etc.
Investment rational :
Needle coke prices softening a big positive:
Needle coke accounts for the single largest direct cost in the manufacture of graphite electrodes. In 2013 and
2014, needle coke prices declined and are expected to soften further in 2015 on the back of capacity additions in
this segment. Going forward, needle coke availability may not be a critical issue considering the planned installa-tion
of two new units in China and Korea.
Steel demand expected to raise both in domestic and international markets and could boost Graphite
demand: In 2014, World Steel Association expects to see continued recovery in global steel demand with the de-veloped
economies overall returning to positive growth. At the same time they are expecting slower growth in
China. With risks within the developed world receding there is some uncertainty emerging from developing coun-tries
due to unresolved structural issues, political instability and volatile financial markets. All in all, despite eco-nomic
conditions for the global steel industry remaining uncertain and challenging, they are forecasting further
growth for steel demand in 2014.
Captive power generation provides self sufficiency:
Power is a critical unit in the manufacture of graphite electrodes; captive power generation provides a competitive
advantage that is consistent and low cost power supply. HEG has a captive power generation capacity of 77.5
MW of which 64 MW generated through two thermal power plants and 13.5 MW through a hydroelectric power
plant. These facilities are equipped to support increased operations. About 89% of the thermal power produced is
used in house for the production of graphite electrodes while power generated at its hydroelectric power plant is
largely sold on a merchant basis, thus improving realizations per unit and business liquidity. The captive power
generation will continue to be a major source of support to enhance organizational profitability.

3. Around The World
Vol.: 209
22nd September, 2014
Weekly Market Recap :
 On the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014,
announced that China will invest $20 billion in India over the next 5 years.
 The annual rate of inflation based on the monthly wholesale price index (WPI) decelerated to 3.74% in August 2014, from 5.19% in
July 2014.
 India's merchandise exports registered a small increase of 2.35% at $26.95 billion in August 2014 over August 2013, data released
by the government after trading hours on Monday, 15 September 2014, showed. Imports rose 2.08% at $37.79 billion in August 2014
over August 2013. The trade deficit increased to $10.83 billion in August 2014, from $10.68 billion in August 2013.
 The US Federal Reserve at the end of a two-day policy meeting on Wednesday, 17 September 2014, maintained a commitment to
keep US interest rates near zero for a "considerable time". In a statement after a two-day meeting, it announced a further $10 billion
reduction in its monthly purchases, leaving the program on course to be shuttered next month.
Market Eye Week ahead :
 The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month September
2014 series to October 2014 series.
 Developments from Prime Minister Narendra Modi's US tour from September 27-30 will be closely watched. Narendra Modi will meet
US President Barack Obama at the White House on 29-30 September 2014.They will discuss ways to accelerate economic growth,
bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
 In global economic data, the US Bureau of Economic Analysis (BEA) will release its third estimate of Q2 GDP estimate on Friday, 26
September 2014.
 As monsoon approaches its retrieval, cumulative rainfall during this year's monsoon has so far up to 18 September 2014 been 12%
below the Long Period Average (LPA).
KEY EVENTS/FACTORS TO WATCH
1. Mon. : ECB President Mario Draghi's speech on European economy
2. No fixed day - Borrowing calendar for second-half
3. Fri - Foreign exchange reserves data, U.S. annualized Q2 GDP Data
Knowledge Corner :
- 3 -
Bought Deal
 A bought deal is one form of financial arrangement often associated with an Initial Public Offering. It occurs when an underwriter, such
as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus is filed. The investment
bank (or underwriter) acts as principal rather than agent and thus actually "goes long" in the security. The bank negotiates a price with
the issuer.
 In investment banking, a securities offering where an investment bank commits to buy the entire offering from the client company. A
bought deal eliminates the financing risk for the company, which is able to ensure that it raises the intended amount of funds from the
securities offering; however, the client firm will likely get a lower price by taking this approach.

4. Mutual Fund Corner
Fund Name
Scheme Name ICICI Prudential Balanced Advantage Fund
AMC ICICI Prudential Asset Management Company Ltd
Type Equity-oriented
Category Open-ended and Hybrid:
Launch Date December 2006
Fund Manager Manish Gunwani & Manish Banthia
Net Assets
(` In crore ) Rs. 2076.0 crore as on Jun 30
History 2011 2012 2013 2014
NAV (Rs) 12.90 17.20 19.08 23.70
Total Return (%) -8.77 33.33 10.93 24.21
+/- VR Balanced 9.35 10.79 4.55 1.01
Rank (Fund/Category) 3/28 5/29 5/31 49/61
52 Week High (Rs) 14.69 17.26 19.09 23.72
52 Week Low (Rs) 12.78 12.86 16.00 18.47
Net Assets (Rs.Cr) 149.61 182.86 691.73 1278.04
Expense Ratio (%) 2.40 2.40 2.82 -
Fund Performance v/s S&P CNX Nifty
- 4-
18th AuguVsotl,. :2 021049
22nd September, 2014
Composition (%)
Vol.: 204
Equity 44.99
Debt 38.01
Cash 16.99
Source : - www.valueresearchonline.com
—– Fund
—– CNX Nifty
(Rebased to 10,000)
Top 10 Sector Break-Ups
Fund (%)
Financial 18.79
Energy 8.30
Automobile 7.12
Technology 6.41
FMCG 3.52
Healthcare 3.49
Diversified 1.83
Chemicals 1.16
Metals 0.62
Engineering 0.41
Fund Style
Investment Style
Growth Blend Value
Large
Medium
Small
Capitalization
Risk Analysis
Volatility Measures
Standard Deviation 10.63
Sharpe Ratio 1.06
Beta 0.78
R-Squared 0.86
Alpha 5.31

5. Commodity Corner
Forex Corner
Market Eye Week ahead :
 For this week, above 60.91 keep view for exit long positions in USDINR pair. On upside above 60.91 near term rise till
61.03 – 61.24 and then 61.57 can be possible targets for traders holding long position.
 If close below 60.91 and sustain then support can be seen at 60.70 - 60.49 – 60.15. From medium to long term view, this
week USDINR pair likely to remain range bond “bound” medium term investors can take long position for 61.03 – 61.24 -
61.57 targets. If breaks 60.91 then expect 60.70 - 60.49 – 60.15 as stabilization zone for dollar from long term.
USD/INR
Level S2 S1 CP R1 R2 WRV High Low Close
USD/INR 60.49 60.7 61.03 61.24 61.57 60.97 61.36 60.81 60.91
EUR/INR
GBP/INR
JPY/INR
Level S2 S1
JPY/INR 54.69 55.35
- 5-
- 4 -
CP
56.34
R1
57
R2
57.98
WRV
58.41
High
57.33
Low
55.68
Close
56.01
Level S2 S1
GBP/INR 97.97 98.85
CP
99.91
R1
100.8
R2
101.86
WRV
100.9
High
100.97
Low
99.03
Close
99.74
Level S2 S1
EUR/INR 77.58 77.98
CP
78.71
R1
79.1
R2
79.83
WRV
80.33
High
79.44
Low
78.32
Close
78.38
Market Recap :
Vol.: 209
22nd September, 2014
 Scotland's decision to stay in the United Kingdom also
eased investor concerns on Friday after a recent run of
global political obstacles.
 The Indian rupee rose on Friday, boosted by strong for-eign
fund flows into markets, although the local currency
fell against the dollar for the week.
 The rupee hit a one-month low on Monday, it has steadily
risen since then on optimism that hefty foreign fund flows
will better help it weather any volatility related to potential
U.S. Federal Reserve rate hikes.
 Foreign funds have bought debt and equity worth nearly
$3.61 billion so far in September, as per regulatory data,
bringing their total for the year to $33.66 billion.
 With few domestic factors next week, traders say foreign
fund flows will determine the rupee's direction ahead of the
Reserve Bank of India's policy review on Sept. 30.

6. J Street Recommendations Report Card
Vol.: 209
22nd September, 2014
 Traders long and holding the same can keep the stop loss at 8050-8015. Weakness and correction may be set in for near
term to short term on fall below 8050-8015. On fall and close below 8050-8015 further correction till the levels till 7955-
7920-7850 of can be seen. Subsequently, deeper correction will be seen. Traders may look for rise to 8170-8210-8245 to
exit long.
 Trend in investment by foreign portfolio investors (FPIs), trend in global markets, trend in other global emerging markets,
the movement of rupee against the dollar and crude oil price movements will dictate near term trend on the domestic
bourses.
- 6-
Top Fundamental Stocks
Stocks Rec. Date CMP on Rec. CMP Target
Absolute
Return @
CMP
Status
HEG 15/09/2014 333 316 349 -5% Accumulate
All Cargo Logistics 05/08/2014 260 239 342 -8% Buy
GDL 19/08/2014 256 245 348 -4% Buy
Ashok Leyland 04/08/2014 35 40 42 13% Accumulate
PTC India Fin. Ser. 07/07/2014 39 47 45 19% Accumulate
M & M Fin. Serv. 05/07/2014 273 282 33 3% Accumulate
PFC 05/07/2014 323 246 390 -24% Accumulate
Adani Port 05/07/2014 280 285 347 2% Accumulate
L & T 05/07/2014 1750 1535 1866 -12% Buy
KEC Inter 05/07/2014 139 110 123 -21% Buy
ONGC 05/07/2014 415 405 530 -2% Buy
Federal Bank 05/07/2014 127 126 144 -1% Buy
TCI 05/07/2014 225 219 243 -3% Buy
ITDCEM Ltd 16/06/2014 329 466 375 42% Profit Book
It's not important whether you are right or wrong, It’s about how much money you make when you're right and how
much you lose when you're wrong.”

7. J Street Short Term Call Status
Sr.
No. DATE STOCK
- 7-
BUY/
SELL
RANGE
TRIGGER
PRICE
22nd September, 2014
TGT SL STATUS CMP
Vol.: 209
% RE-TURN
1 07/08/14 BIOCON BUY
467.50-
472.50
470.00 492-526 451 TGT1 492 4.68
2 08/08/14 BANKBARODA SELL 878-886 867.00 832-768 917 SL 917 -5.45
3 09/08/14 HEXAWARE BUY
143.50-
145.50
145.00
151.25-
159
138 TGT2 159 9.66
4 12/08/14 CROMPGREAV BUY 197-199 198.00 207-221 190.5 SL 190.5 -3.79
5 13/08/14 BPCL BUY 585-591 596.50 614-647 565 TGT2 647 8.47
6 14/08/14 ADANIPORTS BUY
271.50-
274.50
273.00 285-301 262 TGT2 301 10.26
7 18/08/14 NTPC BUY 141-142.50 141.75 148-156 136 PB 143.5 1.23
8 19/08/14 TATACOMM BUY 359-362.50 360.75 377-397 347 TGT2 397 10.05
9 20/08/14 SRTRANSFIN BUY 917-928 928.00
965-
1063
874 TGT1 965 3.99
10 21/08/14 HCLTECH BUY 1545-1560 1552.50
1621-
1755
1494 TGT1 1621 4.41
11 22/08/14 KTKBANK BUY 126-128 127.80 133-141 121 TGT1 133 4.07
12 25/08/14 HDFCBANK BUY 838-847 842.50 880-927 810 OPEN - -
13 26/08/14 ITC BUY 346-350 348.00 363-383 334 TGT1 363 4.31
14 27/08/14 PETRONET BUY 181.50-184 182.75 191-201 174.8 TGT2 201 9.99
15 28/08/14 ASIANPAINT BUY 611-618 618.00 642-677 590 TGT2 677 9.55
16 02/09/14 RELIANCE BUY 1005-1015 1013.10
1055-
1112
970 OPEN - -
17 03/09/14 NMDC BUY
172.50-
174.50
174.20
181.50-
191
166 TGT1 181.5 4.19
18 04/09/14 COALINDIA BUY 373-376.50 374.50 391-412 360 SL 360 -3.87
19 05/09/14 HDFC BUY 1070-1081 1075.00
1123-
1184
1035 SL 1035 -3.72
20 08/09/14 NTPC BUY 141-143 141.00 148-156 136 SL 136 -3.55
21 09/09/14 GODREJIND BUY 351-355 351.00 369-388 339 SL 339 -3.42
22 12/09/14 BANKBARODA BUY 915-924 919.50
961-
1012
884 TGT1 960.8 4.49
23 15/09/14 UNIONBANK BUY 212-214.50 213.25 223-235 204.5 TGT1 223 4.57

8. J Street Short Term Call Status
Sr.
No. DATE STOCK
- 8-
BUY/
SELL
RANGE
TRIGGER
PRICE
22nd September, 2014
TGT SL STATUS CMP
Vol.: 209
% RE-TURN
24 16/09/14 FEDERALBK BUY
126.50-
128.50
126.50 134-141 122 SL 122 -3.56
25 17/09/14 SSLT BUY 282.50- 284.00 296-312 273 OPEN - -
26 18/09/14 ZEEL BUY 287.50-291 289.00
302.50-
318
277 TGT1 302.5 4.67
27 19/09/14 BANKINDIA BUY 293-296.50 294.00 308-324 282 OPEN - -
28 22/09/14 TCS BUY 2685-2715 2696.00 2822- 2591 OPEN - -
STAUTS CALLS RATIO
TA+PB 20 66.67
SL+EXIT 10 33.33
TOTAL 30 100.00
AVERAGE RETURN 2.59
TOTAL RETURN 85.42
 One call on daily basis is given keeping view of short term trading on closing basis.
 Time frame and expected % of return is also mentioned with the suggested call.
 This call are purely given on technical trading system generated by the Technical Research Desk.
 Generally Expected Return on investment is 5-6 % with time horizon of 6-7 days.
 Profit Booking update is considered if on an average expected return exceed 3.50-4.00 % against the
Expected return of 5-6%
 Risk- Reward ratio percentage wise depends on the volatility of stock Normally it stands ( 3 : 9)

9. Vol.: 209
22nd September, 2014