Market pulse august2014

ACMIIL MARKET PULSE- August 2014 1
August 2014

Dear Investors,
MARKET PULSE, the monthly from ACMIIL, aims to provide insightful
perspectives on all aspects of the market, the equity, debt, derivatives,
forex, commodities and money markets.
Discerning and intuitive comments from the analyst teams of each of
these segments aim to enlighten our clients on the developments in these
segments and their impact on the respective markets. For instance, stock
picks from the equity team would help investors zero down on stocks
that have attractive valuations and good earnings potential. The team’s
sharp observations and opinions based on in-depth research on the debt
markets provide would our clients a thorough understanding of the money
markets.
Further, technical perspectives on the futures, forex, and commodities
markets would assist our clients to identify the opportune moments to
enter and exit the markets and help them derive benefits from a falling as
well as rising market with the right research information at the right time.
MARKET PULSE aims to capture the market in all its hues and colors
and provides a range of information that helps in making wise investment
decisions.
Regards,
Research Team
ACMIIL

Contents
Equity Report
Derivative Report
Overall Outlook
Debt Market Report
Commodity Report
Currency Report
5
8
4
10
11
15
Technical View 7
Retail Research Call Performance
Report 22
23
Equity SIP Performance Report
16
19
August 2014
Mutual Fund Performance Report
Event Calendar

OVERALL OUTLOOK
Market outlook for August - Fresh rebalancing of sectors on
cards
July was another eventful month with the major event of the maiden Union budget being the focus of attention as post
the landslide victory of the NDA Govt ,expectations were running high.Besides the corporate results were a mixed pack
and some sectors like capital goods and banks which had run up quite a bit showed some sharp profit-taking .The FMCG
pack was the surprise element which threw up some positive surprises and cues of where money could flow in the near
term .IT was again a mixed pack though preference was seen at lower levels keeping an eye on the gradual weakening
of the rupee.
The month of August begins with some global tremors with the ongoing Gaza crisis not showing any signs of abating
.Besides some negative news of default from Argentina spooked global markets .
Another major cause of concern was the poor rainfall seen in the month of June which however was largely made up in
the month of July .However ,by and large worries will remain as the stubborn inflation refuses to ease which could pave
the way for some much expected rate cut from RBI which incidentally is meeting on Aug 5 to review the credit policy
though largely expectations are that it will be status quo.
The last 3 months May –July has been highly eventful with the Lok Sabha elections followed by the Union Budget and
also the corporate results providing exciting times in the stock market. For the current month broadly some rebalancing
could be expected taking cues from the recent results announced .Broadly Nifty could see some range bound trading
of 7500-7750

EQUITY REPORT
Finolex Cables Ltd.
Introduction
Finolex Cables the flagship of Finolex industries was established in 1958 at Pune. It started its operations with
production of PVC insulated electrical cables for automobile players. Since then, the company has constantly
endeavored to augment its product range to include, PVC insulated industrial cables , FR-LSH PVC Insulated Industrial
Cables, PVC insulated single core and multi-core flexible industrial cables,fibre optic cables and others. The com-
pany has, over the years, established its reputation as an innovative leader and quality manufacturer by continuously
upgrading technology, modernizing manufacturing facilities and maintaining highest standards of quality and services. It
currently has manufacturing facilities at Pimpri and Urse in Pune as well as at Goa & Uttarakhand.
Business Module
The company currently operates in 4 broad segments- the electrical cables,copper rods, communication cables and
others. The electrical cables contribute to about 63% of the revenue and the next prioritized segment is the copper rods
followed by communication cables and others. Finolex cables has extended its business beyond the cables division and
produces wide number of electrical components like the switches, led’s and CFL’s. Both the above products fared well
during the year under review and grew by more than 100% in volume and value terms.
Investment Rationale
Industry outlook
The demand in the cable industry has been characterized by its cyclical pattern. The Cable Industry is de-licensed
with approval for Foreign Direct Investment up to 100 percent. The market is primarily fragmented into two types
of users: Industrial and Domestic. The Industrial users mainly comprise of Power, Communication, Cement, Steel,
Railways & Petro-Chemicals sectors.In near term the outlook is expected to be good. After the union budget 2014,
with increased focus on infrastructure development and growth of telecommunication along with the major reforms is
expected to create a positive impact.
Changes in product mix to improve margins
The company has ventured into new products like lights and electrical switches. New range of lamps including LED
based lighting systems meant for home use, street lighting and other commercial spaces were launched in FY14.
The company plans to enter switchgear segment with launch of MCB’s,ELCB’s and product range of transformers
and motors. Finolex plans to shift its brand status from cables manufacturer to electrical equipment manufacturer.
With these ventures finolex plans to de-risk the business and increase the contribution from electrical equipments
from 1% to 3-4%..
Stronger financials with improving margins.
The company has seen a substantial improvement in financial s in the past 5-6 yrs While on one hand debt has
substantially reduced from `295 cr in FY9 to 127 in FY 14, capex increased from `762 cr to 1000 cr in the same
period indicating financing from internal accruals as a result of high operating cash flows.With negligible interest
costs currently the company is strongly placed to undertake any expansion activity.
Valuation
At CMP 212.35 the stock is trading at a multiple 15.72X its TTM consensus EPS of 13.58. We assign a multiple of 15X
to FY16E EPS of 16.25 to arrive at a value of 245. Therefore we give a “BUY“ rating to the stock.

Introduction
EQUITY REPORT
Financials
(INR in crore)
Particulars Q4FY14 Q4FY13
% Chg
(YoY)
Q3FY14
% Chg
(QoQ)
FY14 FY13 % Chg
Net sales 649.09 632.3 3% 563.1 15% 2359.04 2270.38 3.91%
Expenditure 573.99 565.64 1% 518.8 11% 2111.93 2042.15 3.42%
Ebitda 75.1 66.66 13% 44.3 70% 247.11 228.23 8.27%
Other income 6.05 6.61 -8% 3.47 74% 48.35 24.7 95.75%
PBIDT 81.15 73.27 11% 47.77 70% 295.46 252.93 16.81%
Depreciation 12.24 14.69 -17% 12.67 -3% 48.43 46.63 3.86%
Interest 3.08 4.2 -27% 3.49 -12% 13.4 12.46 7.54%
PBT 65.83 54.38 21% 31.61 108% 233.63 193.84 20.53%
Exceptional items 0 -8.02 - 0 - 10.38 -23.01 -
PBT and exceptional items 65.83 46.36 42% 31.61 108% 244.01 170.83 42.84%
Tax -3.52 7.42 7.1 36.3 26.14 38.87%
PAT 69.35 38.94 78% 24.51 183% 207.71 145.29 42.96%
EBITDA% 12% 11% 10% 8% 47% 10.48% 10.05% 4.20%
NPM% 11% 6% 73% 4% 145% 8.80% 6.40% 37.59%
Adjusted EPS 4.53 2.53 79% 1.6 183% 13.6 9.5 43.16%
Source- Annual and quarterly reports of Finolex cables.

TECHNICAL VIEW
Nifty -- Shaking out weak bulls
Nifty and Sensex continued to make new highs, as the markets saw good momentum and sector shift. Different
sectors participating in the rally augurs well for the markets, going forward. As indicated in the July edition of Market
Pulse, the IT, Healthcare, and FMCG sectors outperformed the indices. Real estate and capital goods were the worst
losers.
The RBI policy meet on Aug 05, 2014 could decide further course of the markets. We expect the bullishness to continue
irrespective of the decision on rates. If the markets could experience a pre-election rally, a pre-budget rally, then why
can’t we expect a pre-independence day rally? The sectors in focus during August would be oil & gas, especially the
PSU stocks.

DERIVATIVE REPORT
Sectoral shift likely in August series
Rollover Analysis
OVERALL OUTLOOK
The July series began on a strong note and saw steady gains and finally the index managed to close at 7721 net-
ting gains of 228 pts for the series. The banking stocks and rate sensitives saw some profit-taking .The IT and pharma
sectors saw some recovery after being in the shadow for the past 2 months. The Nifty has settled in the 7700-7800
range in the last few weeks though closing near the lower band for the series .Mixed corporate results has seen some
strong shift .The capital goods in particular has shown strong profit-taking .Overall caution is advised at higher levels as
the last few months has already seen a dream run up.
NIFTY
The Nifty saw rollover of 63 % compared to 68% in the previous month.The rollover was also higher compared to
the 3-month average (60.5%) and the 6-month average(60.5%).This has been at a premium of 29 basis points as
compared to 41 points in the previous month.However the point to note was the lighter quantum of Nifty futures to begin
with which was at 13.21 mn compared to 14.21 mn in the beginning of July series.
Market-wide rolls were at 82 % vs previous month’s 83 and the 3-month average of 81%.
BANK NIFTY
The index saw rolls of 57% compared to 63% in the previous month.Rollover has been at a premium of 83 points com-
pared to 162 points in the July series.Again lighter quantum of Bank Nifty futures to begin with which was at 0.9 mn
compared to 1.1 mn in the beginning of July series hinting at possible shorts.

Some notable long /short rollovers have been identified which have been presented below :-
Bharti: The scrip saw lower rolls of 63% against 81% in the previous month, 3-mnth average (75%) and 6-mnth
average (74%).The lower rolls is on the back of absence of short rolls .Buying could be considered at declines for a
possible target of 400.
ABNuvo: The scrip saw rolls of 96% against 88% in the previous month, 3-mnth average (85%) and 6-mnth average
(84%).Buying could be considered at declines for a possible target of 1540.
Titan: The scrip saw rolls of 93% against 82 % in the previous month, 3-mnth average (81%) and 6-mnth average
Arvind: The scrip saw rolls of 80% against 57 % in the previous month, 3-mnth average (72%) and 6-mnth average
UltraTech: The scrip saw rolls of 76% against 66 % in the previous month, 3-mnth average (67%) and 6-mnth
average (71%).The bias was on the short side ,Selling could be considered around 2500-2520 for a possible target of
2275
Hindpetro: The scrip saw rolls of 72% against 3-month average of 85% indicates cut down in short positions in Aug
series . The stock can bought around 400 for a possible target of 425 in the short term.
Jpassociate: The scrip saw rolls of 76% against 88 % in the previous month, 3-mnth average (85%) and 6-mnth
average (81%). The cut down in open interest indicates short positions not rolled. Buying could be considered at de-
clines for a possible target of 70.
DERIVATIVE REPORT

DEBT MARKET REPORT
DEBT MARKET
Following announcements in the Union Budget in July 2014 were the major factors that affected the debt mar-
ket:
• Banks were permitted to raise long-term funds for lending to infrastructure sector, with minimum regulatory pre-
emption such as CRR, SLR, and Priority Sector Lending (PSL)
• Rate of tax on long-term capital gains increased from 10% to 20% on transfer of units of mutual funds, other than
equity-oriented funds. This was done to remove the tax arbitrage opportunity available to mutual funds
• Income and dividend distribution tax to be levied on gross amount instead of amount paid net of taxes.
Inflation as measured by WPI and combined CPI eased to 5.43% (6.01% for May-14) and 7.31% respectively (8.28%
for May-14). Although core WPI inflation inched up marginally to 3.88%, core CPI inflation saw a sharp fall from 7.71%
for May-14 to 7.39% for Jun-14
For many days in July, the overnight rates were above 9%. The main causes for the market rates disturbance were:
• Reduction in the amount of funds that RBI lends under the overnight repo rate to 0.25% of deposits
• The infrequent or delayed conduct of the term repos for 7-days and 14-days
Further, July saw the introduction of the new 10-year government security. The new security had a coupon of 8.40%
maturing on July 28, 2014. However, it closed at 8.49% (Price - 99.3500 against issue price of Rs 100.00).
As on July 31 T-Bill CD
1m 8.40% 8.41%
3m 8.59% 8.83%
6m 8.64% 8.93%
1yr 8.67% 9.04%
As on July 31 G-Sec Corp bond
3yr 8.40% 9.18%
5yr 8.45% 9.31%
10yr 8.71% 9.23%
15yr 8.64% 9.23%
100
100.5
101
101.5
1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 30 31
July Month
Price

COMMODITY REPORT
Natural Gas - Fibonacci Follower
Leonardo Fibonacci da Pisa, a thirteenth century mathematician, discovered the Fibonacci (pronounced fib-eh-nah-
chee) sequence of numbers. The Fibonacci sequence is the series of numbers: 1,1,2,3,5,8,13,21,34,55,89,144, and so
on to infinity.
Golden Ratio:
After the first several numbers in the sequence, the ratio of any number to the next higher number is approximaterly
0.618 to 1 and to the next lower number is approximately 1.618 to 1. Golden spiral, which is a type of logarithmic, or
equiangular spiral, has no boundaries and is a constant shape in golden ratio. A spiral implies motion – growth and de-
cay, expansion and contraction, and progress and regress. The golden spiral is the quintessential expression of natural
growth phenomena found throughout the universe. It covers scales as small as the motion of atomic particles and as
large as galaxies. The question is, does movement in stock market, commodity market, or any global market segment
operate on the same mathematical basis as so many natural phenomena? To which the answer is YES. The fact is that
waves produce the Fibonacci sequence of numbers, which reveals tht man’s collectively expressed motions are keyed
to this mathematical law of nature.
Now, let us jump to the main topic of this article – Natural gas is a fibonacci follower. Close observation states that
behaviour of every market is different. If we talk about commodity maket, behaviour of every commodity is different.
Gold-Silver behave in a trend channel form and the trend breakout works more into that. Metals follow 18-20 days cycle
rotation, oscillator works best in Crude, and similarly, MCX Natural Gas follows the fibonacci retracement and exten-
tions. Following charts suggest that Natural Gas has followed Fibonacci not once, twice, or thrice, but every time the
Golden section appears in that.

COMMODITY REPORT
Both the charts cited above are daily charts of the MCX Natural Gas. Vertical line is intentionally drawn to segregate
every cycle. The following table suggests that every movement on the upside retraces up to the Fibonacci level.
Cycle Period Uptrend Correction until % correction POINT
20 APR 2014- 14 JUNE 2012 99-155 122 61.80% A
14 JUNE 2012 -28 AUG 2012 122-183 145 61.80% B
28 AUG 2012- 15 FEB 2013 145-217 170 61.80% C
15 FEB 2013- 10 AUG 2013 170-239 196 61.80% D
10 AUG 2013- 5 NOV 2013 196- 256 213 0.6 E
Point F has retraced more than 61.8% of the previous up move
suggesting that the previous spike move was the end of the Mo-
tive wave.
All cycles and their waves behave in the fractal nature and in
Golden ratio too. That means wave strcuture for the larger cycle
is the same as for the smaller one. Chart on the the right is the
example of the fractal nature of the Elliott wave. Going through
the chart on a bigger time frame of MCX Natural Gas, we can
easily find the fractal nature. Movement from 99.50 to 402.70 for
Apr 20, 2012-Feb 24, 2014 suggests that the larger time frame
Motive wave is complete.

COMMODITY REPORT
Above is weekly chart of MCX Natural gas. Applying retracement from low of 99.50 to 402.70 levels, (which is made up
of all smaller cycles), suggests that prices may take support near 215, i.e. 61.8% retracement level or we can say prices
may retrace to maximum of 76.4% up to levels of 170.
After correcting back to Fibonacci level, prices resume the uptrend, which also gains momentum in relation to the previ-
ous cycle. A mathematical relationship exists between a price wave and the waves that follow. The Fibonacci extension
tool is drawn over one wave of price to provide estimates on where the next price wave will go. The most watched Fibo-
nacci extension levels are: 61.8%, 100%, 138.2%, 161.8%, 200%, 238.2%, and 261.8%. Applying Fibonacci Extension
to the MCX Natural Gas, every Motive wave extends with a relation to the previous cycle.

COMMODITY REPORT
Cycle Period Uptrend Correction until % correction POINT
20 APR 2014- 14 JUNE 2012 99-155 122 61.80% A
14 JUNE 2012 -28 AUG 2012 122-183 145 61.80% B
28 AUG 2012- 15 FEB 2013 145-217 170 61.80% C
15 FEB 2013- 10 AUG 2013 170-239 196 61.80% D
10 AUG 2013- 5 NOV 2013 196- 256 213 0.6 E
Let us see the Fibonacci Extention on a larger degree.
Above is the weekly chart of MCX Natural Gas, which suggests that if prices retrace to levels of 215 or below the cycle
would be complete. Resuming to make new cycle needs the extention calculation. If prices resume uptrend after cor-
recting, they may extend up to levels of 519, i.e. 100% relative to the previous cycle.

CURRENCY REPORT
USDINR – Rise could spook the markets
The USDINR after forming a bottom near the 58-58.50 zone, started rising steadily, giving a breakout out of a falling
wedge on the weekly chart of USDINR. A falling wedge has a bullish implication and as per Thomas Bulkowski, has a
70% strike rate. However, lower time frame charts suggest the rise could be arrested at the 62.75-63.25 zone, which
is an important level as per Fibonacci projections. Once this resistance is broken, the next key level lies at 65.50-66.
Most of the movement depends on the RBI policy and rate decision meet scheduled for Aug 05, 2014. Generally, there is
a negative correlation between the USDINR and the Indian indices. The benchmark indices have already started show-
ing signs of a top formation. With all the global news flow of the default of Argentina and rise in the US 30yr treasury
yields, we are set for a volatile environment.

INVESTMENTZ Mutual Fund Rankings (IMFR)
Explore India’s Top rated funds with INVESTMENTZ Mutual Fund Rankings
Equity: Flexi Cap | Multi Cap | Value Funds | Opportunities Funds
Star
Ratings
Rank Scheme Name
Corpus
(Rs Cr)
Returns %
Ratio
Sortino
NAV
(Rs)3
Months
6
Months
1
Year
3
Years
***** 1 ICICI Prudential Value Discovery Fund - G 5242 30.2 56.2 87.5 23.5 2 92.3
***** 2 Birla Sun Life Pure Value Fund - G 208 33.7 73 104.6 23.9 2.3 32.4
***** 3 Franklin India High Growth Companies
Fund - G
699 27.7 48.3 63.8 20.8 1.8 22.4
***** 4 Birla Sun Life Equity Fund - Growth 1003 26.6 45.9 70 18 1.8 415.4
***** 5 Tata Mid Cap Growth Fund - Plan A - G 258 30.6 52.3 78.5 19.9 1.5 75.2
**** 6 SBI Magnum Global Fund 94 - G 1198 21.9 37.3 56.9 19.1 2.3 99.8
**** 7 Tata Equity P/E Fund - Plan A - G 468 26.8 52 73.5 16 2.1 73.2
**** 8 Principal Growth Fund - G 362 22.7 38.5 61.9 19.5 1.7 83.2
**** 9 HDFC Equity Fund - G 15108 23.1 44.9 65.5 14.7 1.3 418.7
**** 10 Reliance Equity Opportunities Fund - G 7325 22.1 36.5 59.9 18.4 1.4 60.8
Equity: Large Cap Funds
Star
Ratings
Rank Scheme Name
Corpus
(Rs Cr)
Returns %
Ratio
Sortino
NAV
(Rs)3
Months
6
Months
1
Year
3
Years
***** 1 Birla Sun Life Top 100 Fund - G 613 20.7 37.4 53 17.6 1.8 37.1
***** 2 SBI Magnum Bluechip Fund - G 1018 20.2 33.2 45.9 17.7 1.7 23.1
*****
3
Birla Sun Life Frontline Equity Fund - Plan
A - G
5859 19.5 35.3 47 17.2 1.5 139.6
*****
4
ICICI Pru Focused Bluechip Equity Fund
- Ret - G
6645 18.9 33 45.1 15.9 2 25.8
***** 5 Reliance Top 200 Fund - G 893 21.8 38.3 56.4 15.8 1.5 19.9
**** 6 Principal Large Cap Fund - G 310 18.5 34 48 13.9 2.4 41
**** 7 Reliance Focused Large Cap Fund - G 1103 15.4 29 44.9 14.9 1.6 20.3
**** 8 UTI Top 100 Fund - G 635 18.4 29.7 36.2 13.6 1.7 41.5
*** 9 Tata Pure Equity Fund - Plan A - G 706 17.6 26.6 35.6 14.2 2.1 143.1
***
10
DSP BlackRock Top 100 Equity Fund -
Reg - G
3271 20.4 32.8 38.1 13 1.3 142.4
MUTUAL FUND
PERFORMANCE

Equity: Mid – Small Cap Funds
Star
Ratings
Rank Scheme Name
Corpus
(Rs Cr)
Returns %
Ratio
Sortino
NAV
(Rs)3
Months
6
Months
1
Year
3
Years
***** 1 Reliance Small Cap Fund - G 782.6 36.4 62.6 111.3 23.6 3 18.8
***** 2 Franklin India Smaller Companies Fund - G 843.9 30.4 58.4 87.9 27.3 2.2 29.4
***** 3 ICICI Prudential MidCap Fund - G 525.2 32.6 62 103.3 20 2.6 56.2
***** 4 UTI Mid Cap Fund - G 1169.8 29.3 56.6 90.4 21.7 2.5 58.9
***** 5 DSP BlackRock Micro Cap Fund - Reg - G 849.8 34.4 62.7 99.6 21.5 2.1 28.3
**** 6 SBI Magnum Midcap Fund - G 495.5 24 41.5 80 22.6 2.5 42.9
**** 7 Mirae Asset Emerging Bluechip Fund - G 385.9 24.8 49.5 79.8 23.7 2.3 21.8
**** 8 Reliance Long Term Equity Fund - G 1241.5 30 56.1 81.3 18.8 2.2 26.2
**** 9 HSBC Midcap Equity Fund - Growth 185.3 29.5 59.6 109.1 15.3 1.8 30.4
**** 10 HDFC Mid-Cap Opportunities Fund - G 5912.1 23.1 47.5 75 20.5 2.2 28.9
Equity: Thematic Funds | Sector Funds
Star
Ratings
Rank Scheme Name
Corpus
(Rs Cr)
Returns %
Ratio
Sortino
NAV
(Rs)3
Months
6
Months
1
Year
3
Years
***** 1 Franklin Build India Fund - G 117.7 30.9 57.4 73 23.3 1.8 21.3
***** 2 ICICI Prudential Exports and Other Ser-
vices Fund - G
410.9 19.5 25 60.5 26.3 2.1 34.5
***** 3 Birla Sun Life Infrastructure Fund - Plan
A - G
624.5 29.4 61.3 79.1 12.5 1.1 22.6
***** 4 Birla Sun Life Special Situations Fund - G 149.6 28.7 49.3 66.9 14.7 1.2 14.3
***** 5 PineBridge Infras & Economic Reform
Fund - Std - G
114.8 30.7 62.2 72 9.9 1.3 12.5
**** 5 L&T Infrastructure Fund - G 106.8 29.7 63.3 83.1 11.1 1.1 9.2
**** 6 HDFC Infrastructure Fund - G 1490.8 29.7 70.8 89.1 8.6 0.9 14.5
**** 7 L&T India Special Situations Fund - G 714.7 18.9 35.7 47.9 16.7 1.4 29.3
**** 8 HSBC Progressive Themes Fund - G 147.5 34 72.3 91.5 9.4 0.8 15.3
**** 9 ICICI Prudential Infrastructure Fund - G 1774.7 26.3 53.5 67.1 9.2 1.2 37
*** 10 DSP BlackRock India Tiger Fund - Reg - G 1437.9 27.4 55.6 63.6 10.9 0.8 59
Equity: ELSS| Tax Saving Funds
Star
Ratings
Rank Scheme Name
Corpus
(Rs Cr)
Returns %
Ratio
Sortino
NAV
(Rs)3
Months
6
Months
1
Year
3
Years
***** 1 Axis Long Term Equity Fund - G 1572.2 24.7 44.4 63.4 23.2 2.5 24
***** 2 Reliance Tax Saver (ELSS) Fund - G 2871.5 30.4 60.3 87.4 20.9 1.3 37.6
***** 3 ICICI Prudential Taxplan - G 2095.1 22.1 40.3 65.7 18.2 1.8 233.3
***** 4 Principal Tax Savings Fund 250.6 22.6 40.6 61.9 20 1.7 122.9
***** 5 BNP Paribas Tax Advantage Plan - G 235 25.2 38.9 50.3 18.9 2.4 24.1
**** 6 HDFC Taxsaver - G 4606.6 23.4 44.6 64.4 14.5 1.8 350.7
**** 7 SBI Magnum Tax Gain Scheme 93 - G 4736 22 38.2 53.3 17.5 1.9 95.8
**** 8 DSP BlackRock Tax Saver Fund - G 894 23.8 39.3 53.1 17.3 1.7 26.9
**** 9 HDFC Long Term Advantage Fund - G 1071.5 19.7 37.4 53.9 16.2 2 216.1
*** 10 Religare Invesco Tax Plan - G 177.7 24 38.7 55.5 16.5 1.4 28.6
MUTUAL FUND
PERFORMANCE

Returns %
Indices 3 Months 6 Months 1 Year 3 Years
CNX 500 Index 18.6 33.3 42 12.1
CNX Infrastructure 22.6 43.4 48.1 1.8
CNX Media 16 22 24.9 13.5
CNX Nifty Index 16.4 28.3 35.4 12.4
S&P BSE 100 17 30.1 37.5 12.4
S&P BSE 200 17.7 31.3 39.1 11.9
S&P BSE 500 18.5 32.8 41.2 11.6
S&P BSE CG 21.9 57.1 79.3 4.4
S&P BSE METAL 30.8 44.5 94.3 -2.3
S&P BSE Oil & Gas 12.6 28.7 27.7 6.9
Fund Rating Methodology Note:
INVESTMENTZ - Mutual Fund Ranking (IMFR) gives you an idea about the Mutual Fund schemes, which have per-
formed well within relative categories based on various parameters. This rating is based on quantitative analysis. IMFR
have been concluded after evaluating schemes performance to peer group on the basis of various performance param-
eters. Schemes included are open ended in nature. For Equity funds Compounded Annualized (Point to Point) returns
have been considered along with the Risk ratios like Sharpe, Sortino and Standard Deviation. For Equity Schemes
corpus equal or above Rs.100Cr or schemes having over 3 years track records have been considered for ranking. IN-
VESTMENTZ do not rate all mutual fund schemes.
MUTUAL FUND
PERFORMANCE

EQUITY SIP
PERFORMANCE
Aggressive Portfolio
Sr.
No.
Scrip Name Sector Weight Acc. Qty
Avg.
Price
Total
Investment
Basket
Qty
Price as
on 31st
July 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Tata Motors Ltd Automobile 11.08% 60 351.84 21110.63 3.00 446.75 1340.25 0.11 0.27 2.99%
2 ICICI Bank Banking 11.88% 20 1131.36 22627.17 1.00 1,471.25 1471.25 0.19 0.30 3.57%
3 LIC Housing Finance
Ltd
NBFC 5.05% 40 240.57 9622.69 2.00 289.70 579.40 0.09 0.20 1.03%
4 Larsen & Toubro Ltd Capital
Goods
13.21% 23 1094.26 25168.01 1.00 1,502.90 1502.90 0.19 0.37 4.93%
5 Ambuja Cement Ltd Cement 3.95% 40 187.94 7517.58 2.00 206.40 412.80 0.04 0.10 0.39%
6 ONGC Ltd Oil & Gas 3.59% 18 374.15 6830.25 1.00 395.35 395.35 0.05 0.06 0.20%
7 Aditya Birla Nuvo Ltd Diversified 12.22% 20 1163.58 23271.53 1.00 1,476.30 1476.30 0.13 0.27 3.28%
8 HCL Technologies Ltd IT services 11.65% 20 1109.21 22184.21 1.00 1,555.10 1555.10 0.04 0.40 4.68%
9 Zee Entertainment
Ent. Ltd
Media 5.30% 40 252.56 10102.40 2.00 290.70 581.40 0.04 0.15 0.80%
10 Tata Steel Ltd Metals &
Mining
4.68% 23 387.41 8910.49 2.00 553.40 1106.80 0.06 0.43 2.00%
11 Sun Pharmaceuticals
Inds. Ltd
Pharmaceu-
ticals
10.58% 37 544.44 20144.43 1.00 790.95 790.95 0.06 0.45 4.79%
12 Bharti Airtel Ltd Telecom 6.81% 40 324.19 12967.45 2.00 372.90 745.80 0.07 0.15 1.02%
Exit Cairn India Ltd Oil & Gas 3.44% 17 313.39 5327.62 1.00 341.40 341.40 0.02 0.09 0.31%
100.00% 190456.85 11958.30 1.08 30.01%
Dividend 0.75%
Total 30.75%
Moderate Portfolio
Sr.
No.
Scrip Name Sector Weight Acc. Qty
Avg.
Price
Total Invest-
ment
Basket
Qty
Price as
on 31st
Jul 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Maruti Suzuki India
Ltd
Automobile 16.56% 20 1701.24 34024.75 1.00 2,524.05 2524.05 0.14 0.48 8.01%
2 HDFC Bank Banking 7.89% 23 704.74 16209.09 2.00 834.00 1668.00 0.08 0.18 1.45%
3 M&M Financial Ser-
vices Ltd
NBFC 2.61% 21 255.18 5358.74 2.00 235.25 470.50 0.02 -0.08 -0.20%
4 Larsen & Toubro Ltd Capital
Goods
12.25% 23 1094.26 25168.01 1.00 1,502.90 1502.90 0.19 0.37 4.57%
5 Ambuja Cement Ltd Cement 3.66% 40 187.94 7517.58 2.00 206.40 412.80 0.03 0.10 0.36%
6 ITC Ltd FMCG 6.39% 40 328.38 13135.18 2.00 356.05 712.10 0.04 0.08 0.54%
7 TCS Ltd IT services 18.67% 20 1917.99 38359.70 1.00 2,580.05 2580.05 0.10 0.35 6.44%
8 Zee Entertainment
Ent. Ltd
Media 4.92% 40 252.56 10102.40 2.00 290.70 581.40 0.03 0.15 0.74%
9 Hindalco Inds. Ltd Metals &
Mining
2.33% 40 119.81 4792.42 2.00 191.70 383.40 0.04 0.60 1.40%
10 Reliance Inds. Ltd Oil & Gas 8.58% 20 881.91 17638.25 1.00 1,006.45 1006.45 0.08 0.14 1.21%
11 Biocon Ltd Pharmaceu-
ticals
7.21% 40 370.68 14827.06 2.00 470.10 940.20 0.05 0.27 1.94%
Exit REC Ltd NBFC 2.52% 8 215.08 1720.60 8.00 170.00 1360.00 0.04 -0.21 -0.53%
100.00% 205511.36 13527.65 0.87 27.33%
Dividend 0.67%
Total 27.99%

EQUITY SIP
PERFORMANCE
Defensive Portfolio
Sr.
No.
Scrip Name Sector Weight
Acc.
Qty
Avg.
Price
Total In-
vestment
Basket
Qty
Price as
on 31st
Jul 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Maruti Suzuki India Ltd Automobile 16.23% 20 1695.01 33900.25 1.00 2,524.05 2524.05 0.14 0.49 7.94%
2 Bharat Forge Ltd Automobile 4.33% 17 510.15 9042.95 1.00 723.75 723.75 0.18 0.42 1.81%
3 HDFC Bank Banking 7.34% 23 666.39 15326.90 2.00 834.00 1668.00 0.07 0.25 1.85%
4 Cummins India Ltd Capital Goods 4.71% 20 491.59 9831.70 1.00 626.65 626.65 0.02 0.27 1.29%
5 Dabur India Ltd FMCG 6.97% 84 178.60 14551.45 4.00 207.25 829.00 0.03 0.16 1.12%
6 Apollo Hospitals Enter-
prise Ltd
Healthcare 8.67% 20 905.19 18103.75 1.00 1,013.20 1013.20 0.03 0.12 1.03%
7 TCS Ltd IT services 18.28% 20 1909.55 38190.90 1.00 2,580.05 2580.05 0.10 0.35 6.42%
8 NMDC Ltd Metals & Mining 3.83% 60 133.46 8007.40 3.00 170.05 510.15 0.03 0.27 1.05%
9 HDFC Ltd NBFC 8.14% 20 850.38 17007.65 1.00 1,068.40 1068.40 0.08 0.26 2.09%
10 BPCL Oil & Gas 7.36% 40 384.17 15366.75 2.00 580.15 1160.30 0.04 0.51 3.75%
11 Lupin Ltd Pharmaceu-
ticals
8.15% 20 850.84 17016.80 1.00 1,181.75 1181.75 0.02 0.39 3.17%
Exit Torrent Power Ltd Power 5.65% 24 138.71 3328.95 3.00 76.00 228.00 0.03 -0.45 -2.55%
Exit Godrej Consumer Prod-
ucts Ltd
FMCG 8.01% 17 799.77 13596.05 1.00 763.75 763.75 0.02 -0.05 -0.36%
Exit Asian Paints Ltd Paints 3.75% 14 454.32 6360.50 1.00 506.35 506.35 0.03 0.11 0.43%
100.00% 208892.00 14631.10 0.79 30.17%
Dividend 0.61%
Total 30.78%
Dividend Yield Portfolio
Sr.
No.
Acc.
Qty
Avg.
Price
Total In-
vestment
Basket
Qty
Price as
on 31st
Jul 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Hero Motocorp Ltd Automobile 20.32% 12 2180.93 26171.10 1.00 2,597.15 2597.15 0.14 0.19 3.88%
2 REC Ltd NBFC 4.39% 24 235.34 5648.20 2.00 306.00 612.00 0.07 0.30 1.32%
3 Karur Vysya Bank BFSI 6.94% 24 372.43 8938.30 2.00 483.75 967.50 0.05 0.30 2.07%
4 ACC Ltd Cement 11.20% 12 1201.54 14418.45 1.00 1,395.90 1395.90 0.08 0.16 1.81%
5 Tata Chemicals Ltd Chemicals 2.64% 12 282.87 3394.40 1.00 347.20 347.20 0.02 0.23 0.60%
6 Cummins India Ltd Capital Goods 9.47% 24 507.89 12189.30 2.00 626.65 1253.30 0.04 0.23 2.21%
7 Hindustan Unilever Ltd FMCG 5.59% 12 599.58 7195.00 1.00 686.60 686.60 0.03 0.15 0.81%
8 ONGC Ltd Oil & Gas 5.94% 24 318.75 7650.00 2.00 395.35 790.70 0.07 0.24 1.43%
9 Tata Steel Ltd Metals 7.34% 24 394.01 9456.30 2.00 553.40 1106.80 0.09 0.40 2.97%
10 Coal India Ltd Mining 2.80% 12 300.30 3603.65 1.00 367.70 367.70 0.02 0.22 0.63%
11 HCL Technologies Ltd IT services 12.46% 12 1336.82 16041.80 1.00 1,555.10 1555.10 0.05 0.16 2.03%
12 Piramal Enterprises Ltd Pharmaceu-
ticals
10.92% 24 585.78 14058.70 2.00 649.20 1298.40 0.07 0.11 1.18%
100.00% 128765.20 11679.95 0.72 20.95%
Dividend 0.54%
Total 21.49%

EQUITY SIP
PERFORMANCE
Mid Cap Portfolio
Sr.
No.
Acc.
Qty
Avg.
Price
Total In-
vestment
Basket
Qty
Price as
on 31st
Jul 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Motherson Sumi Sys-
tems Ltd
Auto Ancillaries 4.61% 17 265.41 4511.91 2.00 364.95 729.90 0.02 0.38 1.73%
2 ING Vysya Bank BFSI 4.83% 8 590.38 4723.05 1.00 609.25 609.25 0.04 0.03 0.15%
3 Bajaj Finance Ltd NBFC 14.83% 8 1813.93 14511.40 1.00 2,192.40 2192.40 0.15 0.21 3.09%
4 Va Tech Wabag Ltd Capital Goods 14.84% 16 907.96 14527.40 2.00 1,436.80 2873.60 0.07 0.58 8.64%
5 PI Industries Ltd Chemicals 4.71% 16 287.89 4606.30 2.00 397.65 795.30 0.02 0.38 1.79%
6 Britannia Industries Ltd FMCG 7.54% 8 923.17 7385.35 1.00 1,148.40 1148.40 0.04 0.24 1.84%
7 CMC Ltd IT services 12.83% 8 1570.33 12562.60 1.00 1,926.70 1926.70 0.03 0.23 2.91%
8 Tech Mahindra Ltd IT services 12.04% 6 1964.78 11788.65 1.00 2,150.60 2150.60 0.03 0.09 1.14%
9 Aia Engineering Ltd Capital Goods 5.38% 7 752.91 5270.35 1.00 779.70 779.70 0.02 0.04 0.19%
10 Info Edge India Ltd Miscellaneous 4.93% 8 603.28 4826.25 1.00 690.20 690.20 0.01 0.14 0.71%
11 Ipca Laboratories Ltd Pharmaceu-
ticals
8.75% 11 778.34 8561.75 1.00 706.45 706.45 0.00 -0.09 -0.81%
12 JK Cement Ltd Cement 4.71% 13 354.58 4609.55 2.00 390.00 780.00 0.03 0.10 0.47%
Exit Persistent Systems Ltd IT services 9.42% 5.00 1013.77 5068.85 1.00 1,070.75 1070.75 0.02 0.06 0.53%
Exit Castrol India Ltd Lubricants 5.47% 10.00 294.24 2942.40 2.00 291.90 583.80 0.01 -0.01 -0.04%
Exit Torrent Pharmaceuti-
cals Ltd
Pharmaceu-
ticals
10.07% 10.00 541.77 5417.70 2.00 614.30 1228.60 0.02 0.13 1.35%
Exit Supreme Industries Ltd Plastics 4.23% 5.00 454.92 2274.60 1.00 507.75 507.75 0.01 0.12 0.49%
100.00% 97884.56 15382.50 0.47 24.20%
Dividend 0.05%
Total 24.25%
PSU Equity SIP Portfolio
Sr.
No.
Acc.
Qty
Avg.
Price
Total In-
vestment
Basket
Qty
Price as
on 31st
Jul 2014
Total
Value
Portfolio
Beta
Return
%
Return
Wt.
Return
1 Bank of Baroda BFSI 9.84% 4 969.00 3594.05 1.00 871.85 871.85 0.16 -0.10 -0.99%
2 BOI BFSI 6.59% 8 300.00 2405.70 2.00 274.50 549.00 0.13 -0.09 -0.56%
3 REC Ltd BFSI 7.25% 8 330.00 2647.50 2.00 306.00 612.00 0.11 -0.07 -0.53%
4 BHEL Capital Goods 8.18% 12 266.50 2987.70 3.00 228.35 685.05 0.12 -0.14 -1.17%
5 BEML Capital Goods 14.47% 8 559.00 5285.10 2.00 630.50 1261.00 0.18 0.13 1.85%
6 GSFC Fertilizers 5.06% 24 71.50 1846.80 6.00 76.65 459.90 0.03 0.07 0.36%
7 Container Corporation of
India Ltd
Logistics 13.38% 4 1174.95 4884.70 1.00 1,306.20 1306.20 0.06 0.11 1.49%
8 Coal India Ltd. Metals & Mining 8.29% 8 389.00 3029.00 2.00 367.70 735.40 0.06 -0.05 -0.45%
9 SAIL Metals & Mining 5.99% 24 86.50 2186.70 6.00 87.85 527.10 0.06 0.02 0.09%
10 Oil & Natural Gas Cor-
poration Ltd.
Oil & Gas 8.95% 8 417.00 3270.00 2.00 395.35 790.70 0.11 -0.05 -0.46%
11 BPCL Oil & Gas 6.30% 4 575.90 2301.20 1.00 580.15 580.15 0.08 0.01 0.05%
12 Powergrid Ltd Power 5.70% 16 122.25 2082.20 4.00 133.10 532.40 0.04 0.09 0.51%
Total 100.00% 36520.65 8910.75 1.15 0.19%

RETAIL RESEARCH
CALL PERFORMANCE
Daily Picks
Calls Performance Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July
Total calls given 50 37 56 47 47 58 56 63 51 55 60 56
Target 60 60 60 60 60 69 57 60 57 63 60 60
Successful 37 22 32 26 28 35 36 44 36 41 43 35
Unsuccessful 13 15 24 21 19 23 20 19 15 14 17 21
Success Rate 74% 59% 57% 55% 60% 60% 64% 70% 71% 75% 72% 63%
Quick Picks
Calls Activated 25 23 35 17 46 29 18 33 28 32 33 25
Target 24 24 24 24 24 24 24 24 24 24 24 24
Successful 14 13 22 5 31 18 10 21 17 25 21 15
Unsuccessful 11 10 13 12 15 11 8 12 11 7 12 10
Success Rate 56% 57% 63% 29% 67% 62% 56% 64% 61% 78% 64% 60%
MT Medium Risk Calls
Calls Activated 60 45 39 18 46 38 22 40 22 21 27 38
Target 36 36 36 36 36 36 36 36 36 36 36 36
Successful 43 31 24 7 32 28 15 33 14 17 21 31
Unsuccessful 17 12 17 10 14 10 7 9 8 4 6 7
Success Rate 72% 72% 59% 41% 70% 74% 68% 79% 64% 81% 78% 82%
MT High Risk Calls
Calls Activated 43 30 27 16 24 24 17 18 18 17 19 19
Target 20 20 20 20 20 20 20 20 20 20 20 20
Successful 21 17 19 6 19 18 11 10 11 15 17 13
Unsuccessful 22 10 11 9 5 6 6 7 6 2 2 6
Success Rate 49% 63% 63% 40% 79% 75% 65% 59% 65% 88% 100% 68%
SmarTrades Calls
Calls Activated 12 8 10 9 14 10 11 9 5 13 12 18
Target 15 15 15 15 15 15 15 15 15 15 15 15
Successful 4 8 3 10 13 9 3 9 7 12 4 12
Unsuccessful 7 1 3 2 0 4 3 3 2 4 4 6
Success Rate 36% 67% 43% 83% 72% 60% 50% 75% 78% 75% 50% 67%

Monday Tuesday Wednesday Thursday Friday Saturday Sunday
1 2 3
4
• AIA
Engineering
5 6
• Apollo Tyres
7 8
• Automobile sales
data (y/y chg)
9 10
11
• HSIL
12
• Apollo Hosp
• Coal India
• CPI Inflation -
Rural (YoY Chg)
• CPI Inflation -
Urban (YoY
Chg)
• CPI Inflation -
Combined (YoY
Chg)
• IIP (YoY Chg)
13
• Tata Steel
• Voltas
14
• Hindalco Inds
• WPI Inflation (YoY
Chg) New Series
(Base 2004-05)
15 16 17
18 19 20
• CPI -
Agricultural
Labourers
(YoY Chg)
• CPI - Rural
Labourers (YoY
Chg)
21 22 23 24
25 26 27
• IIP Core
(YoY Chg)
28
• Government
finances -
fiscal deficit
(pct of Budget
Estimate)
29
• CPI-Industrial
Workers
• Gross Domestic
Product (YoY Chg)
30 31
EVENT CALENDAR
August 2014
Economic Event
Results Update

Disclaimer:
This report is based on information that we consider reliable, but we do not represent that it is accurate or complete and it should not be
relied upon such. ACMIIL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to
any person from any inadvertent error in the information contained in the report. ACMIIL and/or Promoters of ACMIIL and/or the relatives
of promoters and/or employees of ACMIIL may have interest/position, financial or otherwise in the securities mentioned in this report. To
enhance transparency we have incorporated a Disclosure of Interest Statement in this document. This should however not be treated as
endorsement of the views expressed in the report
Disclosure of Interest MARKET PULSE - AUGUST 2014
1. Analyst ownership of the stock NO
2. Broking Relationship with the company covered NO
3. Investment Banking relationship with the company covered NO
4. Discretionary Portfolio Management Services NO
This document has been prepared by the Resea rch Desk of Asit C Mehta Investment Interrmediates Ltd. and is meant for use of
the recipient only and is not for circulation. This document is not to be reported or copied or made available to others. It should not be
considered as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We
do not represent that it is accurate or complete and it should not be relied upon as such. We may from time to time have positions in and
buy and sell securities referred to herein.
SEBI Regn No: BSE INB 010607233 (Cash); INF 010607233 (F&O), NSE INB 230607239 (Cash); INF 230607239 (F&O)
Retail Research Desk:
91 22 2858 3739
retailresearch@acm.co.in
Analyst Panel
Follow us on:
Equity & Derivative
K Subramanyam 022 2858 3739
Sumeet Jain, CMT 022 2858 3740
Akhil Rathi 022 2858 3733
Ananta Akella 022 2858 3411
Umesh Ghadi 022 2858 3208
Commodities
Vaibhav Chudasama, CMT 022 2858 3207
Currency
Kamaljeet Kaur Saini 022 2858 3766
Mutual Fund & Corporate Fixed Deposit
Manju Makwana 022 6132 5931
Manish Tawde 022 2858 3251
Debt Market
Sachin Kathar 022 2858 5959
August 2014

Market pulse august2014

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (12)

Similar to Market pulse august2014

Similar to Market pulse august2014 (20)

More from Asit C Mehta Investment Interrmediates Ltd

More from Asit C Mehta Investment Interrmediates Ltd (14)

Recently uploaded

Recently uploaded (20)

Market pulse august2014