Reliance markets for you December 08th, 2014Rahul saxena
Reliance Mutual Fund’s market news which includes,Indian equity and debt market indices, currency values, Indian Government announcement, International news etc
On this ocassion of Diwali, we at Jainam Share Consultants have identified a few good fundamental and technical Diwali Muhurat pics which we are delighted to share with you .
At the CMP of Rs 33, the stock is trading at an Adj P/BV of 1.3x and 1.1x for FY15E and FY16E, respectively. With the new government stepping-up reforms and making efforts to remove the bottlenecks in the economy, we expect the economic growth to pick up going forward. Consequently, we expect the strong growth momentum seen in SIB over past few years to continue. We expect advances and deposits to grow at a CAGR of ~19% each over the forecasted period of FY14-16E.
With business further expected to grow at CAGR of 19.5% over FY14-16E; NIMs remaining stable at ~3.0% and cost-to-income ratio improving to ~45% (currently ~50%), we expect a robust PAT growth of 22.6% CAGR over FY14-16E to Rs 763 crore.
Asset quality of SIB has improved in FY14 with GNPA and Net NPA standing at 1.2% and 0.8% in FY14 against 1.4% and 0.8% in FY13, respectively (which compares favourably with peers).
On the capital adequacy front, SIB is comfortably placed to support the future business needs of the bank over the period FY14-16E. The management has stated that it does not require any Tier-I capital funding during the current year. However, it plans to raise Tier-II capital of Rs 200 crore in FY15 to fund future growth.
This presentation was delivered as our final round at FinXchange event at Symbiosis Institute of International Business. It contains detailed analysis of our perspective about the industry during the week mentioned and industry outlook.
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
The Bank Nifty opened higher on Monday at 13818 up by 27 points
or 0.2 %. Bank Nifty jumped 4.7% , on Tuesday the Banking stocks was top gainer. The Reserve Bank of India relaxed norms on tier-I capital relating to the treatment of certain balance-sheet items, including property, which will help PSU Banks unlock capital totaling about Rs. 35,000 crore.
Reliance markets for you December 08th, 2014Rahul saxena
Reliance Mutual Fund’s market news which includes,Indian equity and debt market indices, currency values, Indian Government announcement, International news etc
On this ocassion of Diwali, we at Jainam Share Consultants have identified a few good fundamental and technical Diwali Muhurat pics which we are delighted to share with you .
At the CMP of Rs 33, the stock is trading at an Adj P/BV of 1.3x and 1.1x for FY15E and FY16E, respectively. With the new government stepping-up reforms and making efforts to remove the bottlenecks in the economy, we expect the economic growth to pick up going forward. Consequently, we expect the strong growth momentum seen in SIB over past few years to continue. We expect advances and deposits to grow at a CAGR of ~19% each over the forecasted period of FY14-16E.
With business further expected to grow at CAGR of 19.5% over FY14-16E; NIMs remaining stable at ~3.0% and cost-to-income ratio improving to ~45% (currently ~50%), we expect a robust PAT growth of 22.6% CAGR over FY14-16E to Rs 763 crore.
Asset quality of SIB has improved in FY14 with GNPA and Net NPA standing at 1.2% and 0.8% in FY14 against 1.4% and 0.8% in FY13, respectively (which compares favourably with peers).
On the capital adequacy front, SIB is comfortably placed to support the future business needs of the bank over the period FY14-16E. The management has stated that it does not require any Tier-I capital funding during the current year. However, it plans to raise Tier-II capital of Rs 200 crore in FY15 to fund future growth.
This presentation was delivered as our final round at FinXchange event at Symbiosis Institute of International Business. It contains detailed analysis of our perspective about the industry during the week mentioned and industry outlook.
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
The Bank Nifty opened higher on Monday at 13818 up by 27 points
or 0.2 %. Bank Nifty jumped 4.7% , on Tuesday the Banking stocks was top gainer. The Reserve Bank of India relaxed norms on tier-I capital relating to the treatment of certain balance-sheet items, including property, which will help PSU Banks unlock capital totaling about Rs. 35,000 crore.
NIFTY FIFTY : - Indian Equity Bench mark Index Nifty gave breakout of 8672 previous week high and closed at 8741 after making a weekly high of 8758. The Equity benchmark Nifty has opened in a Positive note on Monday
trading session Up by 45 points or 0.51 per cent at 8785 levels. Benchmark index Nifty was positive throughout the
Shree Cement very good strategy for capacity expansion. We are positive to buy stocks with Target Price Rs.4791. Also why positive outlook in sector 2014 and earning guidance for FY15E on IT industry
Narnolia Securities Limited expect performance Public Sector Banks (PSBs) to remain muted on the back of slower pace of loan growth and deteriorating asset quality led by ongoing restructure assets and stress in economy. For more information contact us on http://www.narnolia.com/index.php/contact-us/
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
India Equity Analytics today by Narnolia Securities Limited. We recommended Kajaria Ceremics and Zensar Tech to BUY the stock with target price of Rs 350 and Rs 440 respectively. Also book profit on HDFC LTD stock.
NIFTY FIFTY : - The Equity benchmark Nifty 50 opened in a Negative bias on Monday down by 24 points or 0.26 per cent at 8807. Nifty was positive for the last week despite
Friday’s selling. The benchmark Nifty has a major Support of 8790 which the index is
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
This document is for private circulation and information purposes only and should not be regarded as an investment, taxation or legal advice. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this publication and should under-stand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sale or a solicitation of any offer to buy or sell the securities mentioned in it. We and our affiliates, officers, directors and employees including persons involved in the preparation or issuance of this material may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) dis-cussed herein or act as an advisor or lender or borrower to such company or have other potential conflict of interest with respect to any recommendation and re-lated information and opinions. The information contained in this publication may have been taken from trade and statistical services and other sources, which we believe are reliable. We does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinion ex-pressed reflects judgments at this date and are subject to change without notice. Caution: Risk of loss in trading & investment can be substantial. You should carefully consider whether trading & investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
-NIFTY AND BANK NIFTY WEEKLY REPORT
- OPEN INTEREST ACTIVITY WEEKLY
- MARKET PERFORMANCE
- FII/DII ACTIVITY FOR WEEK
-STOCK OF THE WEEK (FUNDAMENTAL AND TECHNICAL )
-TRADE SCANNER
- Corporate Action and Result Calendar
NIFTY FIFTY : - Indian Equity Bench mark Index Nifty gave breakout of 8672 previous week high and closed at 8741 after making a weekly high of 8758. The Equity benchmark Nifty has opened in a Positive note on Monday
trading session Up by 45 points or 0.51 per cent at 8785 levels. Benchmark index Nifty was positive throughout the
Shree Cement very good strategy for capacity expansion. We are positive to buy stocks with Target Price Rs.4791. Also why positive outlook in sector 2014 and earning guidance for FY15E on IT industry
Narnolia Securities Limited expect performance Public Sector Banks (PSBs) to remain muted on the back of slower pace of loan growth and deteriorating asset quality led by ongoing restructure assets and stress in economy. For more information contact us on http://www.narnolia.com/index.php/contact-us/
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
India Equity Analytics today by Narnolia Securities Limited. We recommended Kajaria Ceremics and Zensar Tech to BUY the stock with target price of Rs 350 and Rs 440 respectively. Also book profit on HDFC LTD stock.
NIFTY FIFTY : - The Equity benchmark Nifty 50 opened in a Negative bias on Monday down by 24 points or 0.26 per cent at 8807. Nifty was positive for the last week despite
Friday’s selling. The benchmark Nifty has a major Support of 8790 which the index is
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
This document is for private circulation and information purposes only and should not be regarded as an investment, taxation or legal advice. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this publication and should under-stand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sale or a solicitation of any offer to buy or sell the securities mentioned in it. We and our affiliates, officers, directors and employees including persons involved in the preparation or issuance of this material may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) dis-cussed herein or act as an advisor or lender or borrower to such company or have other potential conflict of interest with respect to any recommendation and re-lated information and opinions. The information contained in this publication may have been taken from trade and statistical services and other sources, which we believe are reliable. We does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinion ex-pressed reflects judgments at this date and are subject to change without notice. Caution: Risk of loss in trading & investment can be substantial. You should carefully consider whether trading & investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
-NIFTY AND BANK NIFTY WEEKLY REPORT
- OPEN INTEREST ACTIVITY WEEKLY
- MARKET PERFORMANCE
- FII/DII ACTIVITY FOR WEEK
-STOCK OF THE WEEK (FUNDAMENTAL AND TECHNICAL )
-TRADE SCANNER
- Corporate Action and Result Calendar
-NIFTY AND BANK NIFTY WEEKLY REPORT
- OPEN INTEREST ACTIVITY WEEKLY
- MARKET PERFORMANCE
- FII/DII ACTIVITY FOR WEEK
-STOCK OF THE WEEK (FUNDAMENTAL AND TECHNICAL )
-TRADE SCANNER
- Corporate Action and Result Calendar
The benchmark Nifty 50 opened on flat basis on Monday down by 2 points at 8670. On Monday the Nifty closed almost flat as inflation spike dashed
immediate October rate cut hopes by RBI, As we have seen the Nifty 50 remained
Dear Investors,
The month of July has seen the heavens literally open their doors and shower their blessings on us. After a late start in June, the monsoon picked up
smartly and the country as a whole received abundant rainfall, bringing cheer to one and all and definitely a sense of relief. The same good cheer
seems to have percolated to the global equity markets as well. Having brushed off the Brexit issue, markets have continued their upward move
relentlessly through the month of July. The US benchmark index, the S&P 500 hit a new lifetime high earlier in the month on the back of good jobs
data and an optimistic view of growth in the US economy. Not wanting to be left out in any way, the Nifty set a new 52-week high and the Sensex
scaled 28,000.
The quarterly results have been a mixed bag so far. While there have been more hits than misses, the IT sector as a whole and some pharma
companies have been the major pockets of underperformance. Most of the private sector retail banks and NBFCs have shown a stellar performance,
while growth in public sector banks was stagnant due to liquidity and NPA issues. In the consumer space, lower costs have added to the profits of
several companies, but revenue growth and volume growth were disappointing. There is hope that these will see a significant pick up in the second
half of the financial year once the benefits of the 7th Pay Commission and a good monsoon kick in.
Introduction of GST in the Rajya Sabha has significance because it could have been passed in the Lok Sabha also. However, Rajya Sabha is where the government does not have majority and since it’s a constitutional amendment that requires two thirds majority, convincing all the parties is a key milestone and to that extent, introduction and subsequent passage of the bill in the Rajya Sabha will be important.
•Earnings Data for 8 core industries including mining, infrastructure and electricity was received which indicated a growth by 5.2% which augers well. However, one needs to see if this is a onetime occurrence or will it continue. Also, since rainfall was moderate, by the end of July, rural consumption is expected to be strong. To that extent, GDP is likely to grow anywhere between 7.5-8% this year. The government’s earlier projections in the budget carry an upward bias.
Global as well as domestic markets rallied during the month on back of upbeat economic data and positive sentiments. Hence we dig deeper into the nitty-gritties of markets in this Equity Market Update.
#ICICIPrudentialMutualFund #EquityMarketUpdate #Equity #Investment
SBI Dynamic Bond Fund : Debt Mutual Fund - Apr 2016SBI Mutual Fund
SBI Dynamic Bond Fund is a fund investing in G-sec, corporate bond and money market instruments. This Dynamic Bond Fund Scheme is best suited for investors seeking investment in Debt, Money Market, Corporate Bonds, Government Securities etc. Find more details about this Debt Fund on https://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspx . You can even invest in Mutual Funds online on SBI Mutual Funds.
The Market has kick started the week on a strong note supported by Index heavyweight.
The Nifty is up 50 points or 0.7 per cent at 7784. Asian stocks open mixed, as oil prices rallied on supply
outages in Canada.
The information and views in this report, our website & all the service we provide are believed to be reliable, but we
do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s
that suits them the most.
The Nifty 50 Index was up by 1.1%. The positive returns of the index hides the heightened volatility witnessed in the month
of April. This was reflected in India NSE volatility index which spiked by ~27%. The outcome of the ongoing general
elections, concerns around oil prices and global geo-political developments mainly weighed on the investor sentiments.
Read the full document to know more.
Today morning Asian markets are trading mixed with modest changes and SGX Nifty is trading around, which is about 50 points higher than Wednesday's close of February Nifty future.
After Nifty closed above the 8440 hurdle on Tuesday, we had said that 8560 the 61.8% retracement level of the 8970-7894 fall, is the upside target to eye.
Nifty soared 127 points on Wednesday to close at 8603, achieving the target mentioned above and vindicating our view.
8740, the top made in October 2016, is the next target to eye on the way up.
8460, the erstwhile resistance, would now act as immediate support, with the stop-loss of which trading longs should be held on to.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
2. Monthly Market Mirror
31 August 2019
1
MONTHLY MARKET – OVERVIEW
• On a monthly basis Nifty50 was down by 0.85 percent. However, on a weekly basis, Nifty50 gained 1.79 percent
• Nifty50, staged a strong comeback and ended the week on a buoyant note. The broader market relatively
outperformed the benchmarks in the week gone by but underperformed for the month of August.
• The weekly price action formed a high wave candle with significant lower shadow, reflecting strong recovery
after factoring in global volatility as buying demand emerged from 61.8% retracement of major up move
(10,005-12,103)
• Going ahead, we expect the index to undergo base formation in the broad range of 10800-11200 amid stock
specific action in the upcoming truncated week, setting the stage for eventual resolve above last four weeks high
of 11,200,
• If the index closes above 11,200 then it would take the index towards 11,500 in the coming month, so any dips
should be capitalized as a buying opportunity
• Any dip towards 10,800 should be used as an incremental buying opportunity in the upcoming truncated week
Nifty 50 Overview
NIFTY VIEW:
Monthly Closing 11,032.20
Monthly High 11181.25
Monthly Low 10638.35
Support Level 10800
Resistance Level 12000
MOVING AVERAGE
50 Days 11,341.83
200 Days 11,209.66
SECTOR OUTPERFORM
Short-term Neutral
Medium-term Positive
Long-term Positive
RETURN
1 Month -0.60%
1 Year -5.60%
3. 2
NIFTY BANK - OVERVIEW
• The Bank Nifty traded with high volatility on account of the monthly F&O expiry as it witnessed profit booking
for a second consecutive session and ended down 1.8% on Thursday. The decline was broad based as 10 out of
12 index constituents ended in the red. The Bank Nifty ended the session at 27305, down by 499 points or 1.8%
• the sharp up move of 1600 points in just three sessions has led the daily stochastic to enter overbought
territory, which has led to a healthy consolidation in the last two sessions. However, we believe a base formation
near 27000-26900 (i.e. 80% retracement of the last three session’s up move from 26560 to 28277) should be
used as an incremental buying opportunity for up move towards 28500 in coming weeks. This is since it is
confluence of the 200 days SMA and 38.2% retracement of entire fall (31783 to 26560)
• In the coming session, the Bank Nifty future is likely to open on a flat note. We expect the index to consolidate in
next week session, hence intraday dip towards 27310-27350 should be used as a buying opportunity for target
of 27490
• Structurally, on expect lines, the index witnessed a meaningful pullback after approaching time wise maturity. As
discussed earlier, since 2008, major correction has been of 12-14 weeks in a row followed by a sizable technical
pullback. In the current scenario, the index witnessed a sharp bounce after correcting for the past 12 weeks.
SECTOR OUTPERFORM
Short-term Neutral
Medium-term Positive
Long-term Positive
RETURN
1 Month -4.70%
1 Year -2.40
NIFTY BANK VIEW:
Monthly Closing 27,476.80
Monthly High 28,818.20
Monthly Low 26,563.10
Support Level
Resistance Level
MOVING AVERAGE
50 Days 29,359.84
200 Days 28,580.31
Monthly Market Mirror
31 August 2019
4. 3
MONTHLY EQUITY STRATEGY VALUATION METRICS
BSE 30 INDEX
12 MONTH ROLLING FORWARD P/E (X)
Monthly Market Mirror
31 August 2019
5. 4
NIFTY PRICE BOOK RATIO, DIVIDEND YIELD
PERFORMANCE OF GLOBAL INDICES – MONTHLY
-1
-0.5
0
0.5
1
1.5
2
2.5
Sensex 30+ Nifty 50 Nasdaq Dow S&P500 NIKKIE Hang Seng Shanghai Comp. Kospi
Return%
Sensex 30+ Nifty 50 Nasdaq Dow S&P500 NIKKIE Hang Seng Shanghai Comp. Kospi
Monthly Market Mirror
31 August 2019
9. 9
STOCK ANALYSIS- MONTHLY Fundamental Stocks Pick
SUNPHARMA LTD.
Better Than Expected Performance
in 1QFY20
• Sun Pharmaceutical Industries (SUNP) has reported
higher-than-expected performance in 1QFY20 led
by healthy growth across geographies.
• Its reported sales/EBITDA/PAT grew by
16%/14%/15% YoY to
Rs83.7bn/Rs19.3bn/Rs13.9bn, respectively while
EBITDA margin remained flat on YoY basis at 23%.
• Sequential performance is not comparable due to
one-off sales loss of Rs10.85bn in domestic business
in the previous quarter. SUNP has completed
business related transition of distribution business
from Aditya Medisales (AML) to its WOS in 1QFY20.
• Domestic sales grew by 8% YoY to Rs23.1bn, which
adjusted for AML transition stood at 12% YoY. Its US
business – including revenue from generic business
revenue supply which will not be there from
2QFY20 onwards – grew by 12% YoY to US$424mn.
RoW business grew by 56% YoY to US$167mn on
account of consolidation of Pola Pharma in Japan
and ramp-up in its base business. EM (flat on YoY
basis) and API business (+13% YoY) stood at
US$194mn and US$66mn, respectively.
• Gross margin remained flat on YoY comparison at
71% due to product-mix across geography and
transition in domestic business.
COMPANY SHAPSHOT
CMP 450.65
TARGET 555
TIME FRAME 6 MONTH
NSE CODE SUNPHARMA
BSE CODE 524715
CMP 24 Aug 2019 450.65
EQUITY CAPITAL 239.93 CR
FACE VALUE Rs. 1.00
EQ SHARE O/S 29.83 CR.
MARKET CAP 108,066 CR
BOOK VALUE 172.59
AVG 52 WEEK
VOLUME
1770810
52 WEEK HIGH 679.30
52 WEEK LOW 344.55
Monthly Market Mirror
31 August 2019
10. 10
VALUATION AND OUTLOOK
SUNP has reported a strong performance in 1QFY19 on the back of healthy growth across geographies. On positive note, it
completed the transition in distribution in India business from AML to WOS, following which it reported 12% YoY underlining
growth and expects better-thancovered-market growth of 9-10%.
While fundamental thesis of positive operating leverage in the US business and steady India/EM business dynamics remains intact
and is expected to drive sustained earnings momentum for SUNP (+23% CAGR over FY19-FY21E), We believe the recent corporate
governance issues limit scope for a valuation rerating in the medium term.
We retain our FY20/FY21 EPS estimates of Rs 20/Rs 23 and maintain Buy with a rollover to a Sep’20 target price of Rs 555 Our target
EV/EBITDA multiple is unchanged at 11x (18x implied P/E).
Monthly Market Mirror
31 August 2019
11. 11
PIRAMAL ENTERPRISES
Solid start to the year
Piramal Group is a diversified global business
conglomerate, which has presence across various
sectors such as healthcare, life sciences, drug
discovery, healthcare information management,
financial services and real estate.
• Q1 FY20 sales surged 20.8% YoY to Rs. 3,506cr
helped by robust growth in Financial Services
revenue (+29.2%)
• EBITDA margin improved 887 bps YoY to 62.0% with
healthy spreads in Financial Services and expanded
margins in Pharma business.
• Adjusted PAT was up 20.6% YoY to Rs. 462cr
(excluding one-off severance payments of Rs. 11cr
in Q1FY20).
• Company reported strong topline growth in Q1FY20
(+20.8 per cent y-o-y to 3,506 crore). Growth is
primarily led by robust performance in Financial
Services division (+29.2 per cent y-o-y to 2,014
crore), despite liquidity tightening in the NBFC
space and overall slowdown across sectors.
• Total loan book rose 20.2 per cent y-o-y to 56,605
crore, while gross NPA ratio stood at 0.9 per cent
(63 per cent q-o-q decline in stage 2 assets),
maintaining healthy asset quality.
COMPANY SHAPSHOT
CMP 2048.45
TARGET 2260.00
TIME FRAME 3 MONTH
NSE CODE PEL
BSE CODE 500302
CMP 2048.45
EQUITY CAPITAL 39.77 Cr
FACE VALUE 2.00
EQ SHARE O/S 19.89
MARKET CAP 40,383 Cr
BOOK VALUE Rs 1370
AVG 52 WEEK VOLUME
52 WEEK HIGH 3307.95
52 WEEK LOW 1651.80
Monthly Market Mirror
31 August 2019
12. 12
VALUATION AND OUTLOOK
We believe the ongoing growth momentum will continue to support upside potential for the company. We
value the stock using (SOTP) valuation methodology (based on P/B for Financials and P/E multiples for other
businesses) and rate it a BUY with a price target of Rs. 2260.
Monthly Market Mirror
31 August 2019
13. 13
TECHNICAL STOCKS PICK
HAVELS LTD
• In the last four weeks, the stock has been forming a higher base at the major support area of | 630-640 being the confluence of the
61.8% retracement of the previous up move (| 550 to 806)
• The last two month’s corrective decline has helped the stock work off the overbought condition developed after strong rally between
October 2018 to June 2019 (| 550 to 806)
• The weekly stochastic is seen rebounding from the oversold territory and has generated a bullish crossover above its three periods
average thus supports the positive bias in the stocks
• The current consolidation of the last four weeks is approaching maturity and we expect the stock to resume up move towards | 715
levels being the 50% retracement of the entire previous decline (| 806 to 622)
TECHNICAL EVIDENCES
BUY - 680 TARGET 720 STOPLOSS 650
Monthly Market Mirror
31 August 2019
14. 14
CEAT LTD.
• The stock registered a resolute breakout above the falling channel containing the entire corrective decline since May 2019 high (|
1054) signalling a reversal of the corrective trend and offers fresh entry opportunity to ride the next up move in the stock
• After sharp up move in the first week of August, the stock consolidated in a range in the last two weeks and is seen resuming up move
during current week trade
• It has maintained a higher high and higher low during the last four weeks and moved above the 50 days EMA at 889 signalling base
formation with positive bias
• We expect the stock to continue its current up move and head towards 948 in coming weeks as it is the high of July 2019 and the
61.8% retracement of the last major leg of decline (1054 to 776) at 948
TECHNICAL EVIDENCES
BUY - 910 TARGET 948 STOPLOSS 880
Monthly Market Mirror
31 August 2019
15. 16
DERIVATIVE OUTLOOK
The Nifty futures open interest has decreased by 24.09% Bank Nifty futures open interest has decreased 29.77% as market
closed at 10948.30 levels
The Nifty OI decreased by 24.12% and currently stands at 18.03 million.
The Nifty September future closed with a premium of 54.05 points against a premium of 38.80 points in last trading session.
The October series closed at a premium of 94.65 points.
The INDIA VIX has increased from 16.01 to 16.42. At the same time, the PCR-OI of Nifty has increased from 1.11 to 1.31.
At present, we are starting a new series with lower base, fresh build-up going ahead shall give more clearity for the upcoming
trend. At current juncture, 10700-10800 is an immediate support zone; whereas, 11100-11200 shall act as a hurdle for the time
being.
Monthly Market Mirror
31 August 2019
16. 17
DERIVATIVE STRATEGIES:
The short put ladder, or bull put ladder, is a unlimited profit, limited risk strategy in options trading that is employed when the options
trader thinks that the underlying security will experience significant volatility in the near term.
Sell 1 ITM Put
Buy 1 ATM Put
Buy 1 OTM Put
Maximum gain is limited to the initial credit received if the stock price rallies above the upper breakeven point but large unlimited profit
can be achieved should the stock price makes a dramatic move to the downside below the lower breakeven point.
Maximum loss for the short put ladder strategy is limited and occurs when the underlying stock price on expiration date is trading
between the strike prices of the put options bought
Bull Call Spread on NIFTY (CMP 11864)
Sell Nifty 10900 call around 300
Buy Nifty 11100 call around 150
Buy Nifty 11200 call around 100-110 .
Max. Profit : Undefined
Max. Loss : Undefined
Breakevens : 11300.0
Total PNL : +17,347.5
Estimated Margin +284,694
Monthly Market Mirror
31 August 2019
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