A Weekly Update from SMC

2019: Issue 682, Week: 6th - 10th May (For private circulation only)

WISE M NEY

Brand smc 466

MAY THIS SPECIAL DAY BRINGS PEACE,

HAPPINESS AND PROSPERITY TO EVERYONE.
AWARDED THE BEST,
TIME AND AGAIN.
 From The Desk Of Editor
Contents

I
Equity 4-7 n the week gone by, global markets moved in a range on reports that both U.S. and
Derivatives 8-9 China are making steady progress over trade negotiations and the statement of
Commodity 10-13 Federal Reserve that the central bank has no bias to either tighten or ease policy.
Currency 14 Chinese official manufacturing gauge fell unexpectedly in the month of April
IPO 15 suggesting the economic stabilisation in the first quarter is fragile. European Central
FD Monitor 16 Bank (ECB) officials showed confidence over the region’s economic outlook as the
Mutual Fund 17-18 preliminary data showed that euro area economy grew 0.4% in the first quarter, up
from 0.2% in the fourth. While the data came better but external trade difficulties,
drop in German business confidence and drop in manufacturing in France warn against
SMC GLOBAL SECURITIES LTD. to overreact to the data.
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365
Back at home, domestic market continued to move higher on the buying spree by the
MUMBAI OFFICE:
foreign institutional investors. On the data front the Nikkei India Manufacturing
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , Purchasing Managers’ Index dropped to 51.8 in the month of April indicating that the
Graham Firth Steel Compound, Off Western Express Highway, activity dropped to lowest in eight months. Recently, finance ministry also said that
Jay Coach Signal, Goreagon (East) Mumbai - 400063 the reasons for decline in growth are tepid increase in fixed investments, muted
Tel: 91-22-67341600, Fax: 91-22-67341697 exports and decline in private consumption. Foreign institutional investors remained
KOLKATA OFFICE:
net buyers for the third month in April and have pumped nearly Rs 72,000 crore. Sales
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
numbers of Automobile companies failed to pick up in the month of April and auto
AHMEDABAD OFFICE : makers feel the slowdown to continue till September. Investors will continue to wade
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, through corporate results as fourth-quarter earnings season moves into full swing.
C G Road, Ahmedabad-380009, Gujarat
Trend in global markets, the movement of rupee against the dollar and crude oil price
Tel : 91-79-26424801 - 05, 40049801 - 03
movement will also be monitored. Investors will keep a watch on inflows from foreign
CHENNAI OFFICE:
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, and domestic institutional players.
Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111 On the commodity market front, corrections deepened in commodities owing to some
SECUNDERABAD OFFICE: weaker economic data. CRB saw further fall. Bullion counter may trade with weaker
315, 4th Floor Above CMR Exclusive, BhuvanaTower,
bias amid stronger greenback. Gold can further decline towards 30900 levels while
S D Road, Secunderabad, Telangana-500003
taking resistance near 31600 levels while silver can dip towards 36000 while taking
Tel : 040-30031007/8/9
resistance near 37600. Crude oil prices may continue to remain on volatile path as
DUBAI OFFICE:
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers, surge in U.S. output and an expected supply increase from producer club OPEC
PO Box 117210, Dubai, UAE prompted selling pressure while supply disruptions in Venezuela can give support to
Tel: 97145139780 Fax : 97145139781 the prices. Crude oil can take key support near 4200 while its upside will be capped
Email ID : pankaj@smccomex.com
near 4500. In base metal counter, further selling pressure can be seen on weaker
smcdmcc@gmail.com
data’s. RBA Cash Rate Target, RBNZ Official Cash Rate¸ CPI of China, Mexico and US,
Printed and Published on behalf of
New Yuan Loans, GDP of UK, Unemployment Rate of Canada, etc are few important
Mr. Saurabh Jain @ Publication Address data to be released this week, which may give significant direction to the
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
commodities.
Website: www.smcindiaonline.com
Investor Grievance : igc@smcindiaonline.com

Printed at: S&S MARKETING

102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India)

Ph.: +91-11- 43035012, 43035014, Email: ss@sandsmarketing.in

(Saurabh Jain)

SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also
registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of
interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or
its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company
covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any
investment decision.
EQUITY

NEWS TREND SHEET

DOMESTIC NEWS
Economy Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing
• According to survey data from IHS Markit showed, India's manufacturing Price Trend Trend S/l
expansion eased to an eight-month low in April, as almost all components Changed Changed
except exports weakened. The headline Nikkei/ IHS Markit manufacturing
S&P BSE SENSEX 38963 UP 08.02.19 36546 36300 35300
Purchasing Managers' Index, or PMI, fell to 51.8 in April from 52.6 in March.
Any reading above 50 indicates an expansion in the sector. NIFTY50 11712 UP 08.02.19 10944 10900 10600
• Goods and services tax (GST) collection touched a record high in April, NIFTY IT 16093 UP 21.07.17 10712 15200 14800
exceeding Rs 1 trillion for the third time in four months. The mop-up NIFTY BANK 29954 UP 30.11.18 26863 27700 27000
was 10 per cent higher over the previous year. Gross collection for the ACC 1634 UP 01.03.19 1482 1560 1540
month was Rs 1.13 trillion. Despite the recent rate rationalisation in BHARTIAIRTEL 331 UP 15.03.19 338 300 290
December, a rise in collection was reported. BPCL 381 UP 08.03.19 367 358 355
Oil & Gas CIPLA 565 UP 01.03.19 552 530 520
• IOCL has increased price of a subsidised liquefied petroleum gas (LPG) 14.2
SBIN 310 UP 02.11.18 286 295 285
kg cylinder by 28 paise in New Delhi and 29 paise in Mumbai. The non-
HINDALCO 205 UP 05.04.19 215 202 195
subsidised rates have been increased by Rs 6 per cylinder in both metros.
ICICI BANK 402 UP 02.11.18 355 370 360
Realty/ Construction
• Godrej Properties announced the addition of a new project in Chembur, INFOSYS 724 UP 14.12.18 706 710 690
Mumbai, spread across 2.2 acres, this project will offer approximately ITC 304 UP 08.03.19 292 290 285
33,000 square meters (approximately 0.35 million square feet) of saleable L&T 1364 UP 08.03.19 1339 1320 1290
area comprising modern residential apartments of various configurations as MARUTI 6710 DOWN 26.04.19 6843 7300 7500
well as a luxury retail experience. The site is strategically located on the NTPC 135 UP 08.03.19 127 124 120
main Sion-Panvel Road and offers an extremely well developed social and ONGC 170 UP 08.03.19 150 145 143
civic infrastructure with multiple schools, hospitals, retail malls,
RELIANCE 1409 UP 30.11.18 1168 1280 1250
residential, and commercial spaces in close proximity.
TATASTEEL 548 UP 15.03.19 515 500 490
• DLF has transferred shopping mall in Noida, Uttar Pradesh, to its
Closing as on 03-05-2019
subsidiary firm for Rs 2,950 crore, as part of efforts to settle dues of its
joint venture firm with GIC. NOTES:
Infrastructure Developers 1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name
of "Morning Mantra ".
• GMR Infrastructure Limited (GIL) announced execution of resolution 2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength
coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and
plan for its stressed GMR Rajahmundry Energy Limited (GREL) – 768 MW taking a long-term view and not a short-term view.

gas-fired power plant in Andhra Pradesh. The company informed that it

has paid a portion of the sustainable debt of the project. FORTHCOMING EVENTS
Pharmaceuticals
• Dr Reddy's Laboratories is recalling 33,958 bottles of Divalproex Meeting Date Company Purpose
Sodium Extended-Release tablets, used to treat seizure disorders, 6/5/2019 ICICI Bank Quarterly Results, Dividend & Others
from the American market, as per a report by the US health regulator. 6/5/2019 Marico Quarterly Results
Automobile 6/5/2019 Bharti Airtel Quarterly Results
• Mahindra & Mahindra (M&M) launched an updated version of its 7/5/2019 Vedanta Accounts
compact SUV TUV300 priced at Rs 8.38 lakh (ex-showroom Mumbai). 8/5/2019 Titan Company Quarterly Results, Dividend
The ‘Bold New TUV300’ features design enhancements and new 9/5/2019 Asian Paints Quarterly Results, Final Dividend
features like piano black front grille with black chrome inserts,
9/5/2019 Voltas Accounts, Final Dividend
muscular side cladding and a newly designed X-shaped metallic grey
9/5/2019 HCL Technologies Accounts, Interim Dividend
spare wheel cover.
9/5/2019 Oracle Fin.Serv. Accounts, Dividend
Engineering
10/5/2019 Larsen & Toubro Accounts, Dividend, AGM
• L&T, along with its joint venture partner, BESIX, has finished building a
10/5/2019 St Bk of India Quarterly Results, Dividend
Sewage Treatment Plant (STP) in the United Arab Emirates. The
3,75,000 cubic metres per day STP has come up in Jebel Ali (Phase 2) 13/05/2019 HDFC Quarterly Results, Final Dividend, AGM
and is claimed to be the biggest in the UAE. L&T in a statement added 13/05/2019 ITC Quarterly Results, Dividend
that the plant was finished ahead of schedule, maintaining the highest 15/05/2019 Lupin Accounts, Final Dividend
standards of quality and safety. 16/05/2019 Bajaj Fin. Accounts, Dividend
16/05/2019 Bajaj Finserv Accounts, Dividend
INTERNATIONAL NEWS 17/05/2019 Dr Reddy's Labs Accounts, Dividend
• US factory orders spiked by 1.9 percent in March after falling by a 17/05/2019 IOCL Dividend
revised 0.3 percent in February. Economists had expected orders to 17/05/2019 Bajaj Auto Dividend, Accounts
surge up by 1.5 percent compared to the 0.5 percent drop originally 18/05/2019 Shree Cement Quarterly Results, Final Dividend
reported for the previous month. 20/05/2019 HPCL Accounts, Final Dividend
• US initial jobless claims came in at 230,000, unchanged from the
Ex-Date Company Purpose
previous week's unrevised level of 230,000. Economists had expected
jobless claims to dip to 215,000. 6/5/2019 Nestle India 230% Interim Dividend
• US consumer confidence jumped to 129.2 in April after falling to 124.2 7/5/2019 Hexaware Tech. 125% Interim Dividend
in March. Economists had expected the index to rise to 127.0. 7/5/2019 Indiabulls Hous. 500% Interim Dividend
• Bank of England policymakers unanimously decided to hold the key 7/5/2019 Bharti Infra. 75% Second Interim Dividend
interest rate and asset purchases unchanged and raised the growth 24/05/2019 Tata Global 250% Final Dividend
outlook, while reiterating that policymakers would always aim to 13/06/2019 Infosys 210% Final Dividend

4
EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
2.00
0.00

-0.20 1.50 1.43

-0.22
-0.25
-0.40

1.00
-0.60 -0.54
0.67
-0.80
0.50

-1.00 -0.94

-1.20 0.00
0.00

-1.40
-0.50
-1.49 -0.46 -0.50
-1.60

-1.80 -1.00
-1.76
-1.02
-1.15
-2.00
Ni y Sensex BSE Midcap BSE Smallcap Ni y Next 50 S&P CNX 500
-1.50
-1.47

-1.79
-2.00
SMC Trend -2.03
-2.11
Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500
-2.50
Auto Index Bankex Cap Goods Cons Durable FMCG Index Healthcare IT Index Metal Index Oil & Gas Index Power Index Realty Index
Index Index Index

GLOBAL INDICES (% Change)

SMC Trend
1.50
Auto Cap Goods FMCG IT Oil & Gas
Bank Cons Durable Healthcare Metal Power
1.15
1.08 Realty
1.00

FII/FPI & DII TRADING ACTIVITY (In Rs. Crores)

0.50

1200.00
0.00
0.00 954.08
1000.00

797.82
-0.26 800.00
-0.50
-0.55
600.00
-0.76
-1.00 -0.89
400.00
-1.03
286.79

-1.35 200.00
-1.50
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40 0.00 0.00 0.00
0.00
0.00
SMC Trend -35.90

Nasdaq Nikkei Hang Seng FTSE 100

-200.00
Dow jones Strait times Shanghai CAC 40
Friday Monday Tuesday Wednesday Thursday
S&P 500
FII / FPI Activity DII trading activity
Up Down Sideways
BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
5.00 3.46 10.00
2.17 2.15 1.94 1.81

5.00 4.30
0.00 3.43 3.28
2.02 1.99

-3.14 0.00
-5.00 -3.83
-4.34

-7.87 -5.00 -3.85

-10.00
-6.22
-8.10 -7.96
-10.00
-15.00

-15.00
-20.00

-20.00

-25.00
-25.00
-26.79
-30.00 -26.75
HDFC Bank HDFC Kotak Mah. HCL Tata Steel Yes Bank IndusInd Bank Tata Tata Motors ICICI Bank -30.00
Bank Technologies Motors-DVR JSW Steel IOCL HDFC Bank HDFC BPCL Yes Bank IndusInd Bank Indiabulls Hous. Britannia Inds. Tata Motors

5
EQUITY
Beat the street - Fundamental Analysis
GRASIM INDUSTRIES LIMITED CMP: 899.00 Target Price: 1065 Upside: 18%
VALUE PARAMETERS Investment Rationale crore. It has a total capex plan of approximately
Face Value (Rs.) 2.00 • Grasim Industries is a flagship company of the Aditya Rs. 7,627 crore for raising capacities in both the
Birla Group. Today, it is a leading global player in VSF VSF and Chemical businesses. Its subsidiary,
52 Week High/Low 1114.70/688.65 Ultratech reported 108% jump in its Q4FY19 net
(viscose staple fibre) and the largest Chlor-Alkali
M.Cap (Rs. in Cr.) 59111.52 player in India. It is the ultimate holding company of profit at Rs 1,017.5 crore on the back of better
EPS (Rs.) 49.95 Ultratech Cement and Aditya Birla Capital. operating performance. It’s revenues were up 18 %
• The company has recently acquired Soktas India at at Rs 10,500 crore.
P/E Ratio (times) 18.00 an enterprise value of Rs. 165 crore, which will Risk
P/B Ratio (times) 1.06 further strengthen its presence in the premium • Commodity price volatility
Dividend Yield (%) 0.69 fabric market. Also, it has inked pact to aquire • Weak consumer demand
chlor-alkali business of KPR Industries for a cash Valuation
Stock Exchange BSE consideration of Rs. 253 crore, which is expected Company’s chemical business is witnessing a healthy
% OF SHARE HOLDING to act as an excellent sourcing point for leading growth with the completion of its recent capacity
aluminium players. expansion. Also, cement demand is witnessing an upward
• In its Viscose business, it recently launched eco movement with higher spends on infrastructure and the
enhanced VSF variant ‘Livaeco’ riding on the government sponsored housing programme. With recent
10.67 tremendous success of its brand Liva. On the back
25.51
Foreign
acquisitions by its subsidiaries and positive economic
Institutions
of such new product innovations, viscose business outlook, it is very well placed to participate in the growth
40.16
Non Promoter Corp. Hold. has been registering a double digit growth in the of the economy. We expect the stock to see a price target
18.67 Promoters
5.01
Public & Others last few years. The business delivered highest ever of Rs. 1065 in 8 to 10 months time frame on the current
production in Q3 FY19 at 141 KT, an increase of 11% P/Bx of 1.06 times and FY20E BVPS of 1005.
and the sales volume at 134 KT. P/B Chart
• Caustic soda production and sales were up 9% and 3000.00
` in cr
10% respectively to 250 KT each in Q3 FY19 as the 2500.00
ACTUAL ESTIMATE
demand remained buoyant. The net revenue for
FY Mar-18 FY Mar-19 FY Mar-20 2000.00
the quarter rose by 19% YoY to Rs.1,559 crore and
Revenue 56198.03 72973.50 82695.34 1500.00
EBITDA by 23% YoY to Rs. 441 crore driven by better
Ebitda 11462.91 14278.90 16792.52
realisation and higher sales volume. The company 1000.00
Ebit 8738.55 9725.67 11724.43
is in the process of implementing the proposed 500.00
Pre-tax Profit 6070.16 7272.32 9604.71
capacity expansion plan from 1,140 KTPA to 1,310 0.00
Net Income 3111.43 4215.89 5044.33

10-Sep-15

22-Sep-16

27-Sep-17

6-Dec-18
4-Oct-18
14-Jul-15

21-Jul-16

27-Jul-17

31-Jul-18
KTPA at multiple locations.

12-Mar-15

17-Mar-16

27-Mar-17

3-Apr-18

8-Apr-19
9-Jan-15
5-May-14

3-Sep-14

5-Feb-19
2-Jul-14

1-Jun-18
11-Nov-14

16-Nov-15
15-Jan-16

24-Nov-16
23-Jan-17

28-Nov-17
29-Jan-18
15-May-15

23-May-16

29-May-17
EPS 51.31 64.13 76.75
BVPS 872.56 908.20 1004.65 • In Q3 FY19, its revenue swelled to Rs. 18,419 crore,
RoE 7.01% 6.93% 7.95% up 22% YoY, while EBITDA jumped 11% to Rs.2,958
0.82 1.46 2.09 2.73 Close Price

LIC HOUSING FINANCE LIMITED CMP: 485.10 Target Price: 560 Upside: 15%
VALUE PARAMETERS Investment Rationale loan portfolio stood at Rs 11365 cr as on December
Face Value (Rs.) 2.00 • LIC Housing Finance Ltd is one of the largest 31, 2018 as against Rs 6189 cr as on December 31,
housing finance companies in India having one of 2017, a growth of 84%. Total outstanding portfolio
52 Week High/Low 583.20/387.60 the widest networks of offices across the country grew at 16% from Rs. 156176 cr to Rs. 181698 cr.
M.Cap (Rs. in Cr.) 24481.20 and representative offices at Dubai & Kuwait. In Risk
addition, the Company also distributes its • Interest Rate Risk
EPS (Rs.) 45.12 products through branches of its subsidiary LICHFL • Liquidity risk
Financial Services Ltd. Valuation
P/E Ratio (times) 10.30
• The company was selective in disbursements in the The Company has registered improvements on both
P/B Ratio (times) 1.55 current atmosphere. Total disbursement during margins and asset quality; the management of the
the December quarter Rs. 12778 crs as against Rs. company is confident of further improvements on all
Stock Exchange BSE
12293 crs for the same period in previous year. operational areas in coming years. Given the positive
During the quarter, disbursements in the individual push by the government, housing finance is being
% OF SHARE HOLDING
home loan category was Rs. 9170 crore as perceived as the most lucrative sector in the current
compared to Rs 8935 crore. The disbursements in times, which is elevating the competition within the
developer loan segment was Rs 1238 crore as sector.The company looks forward to maintain this
10.43 against Rs 970 crore for Q3 FY18, a growth of 28%. growth journey with a focus on healthy asset quality,
38.22 Foreign • Demand continued to remain strong across India. cost improvement and better market presence across
Institutions
40.31 Non Promoter Corp. Hold. Central, Western and Eastern geography did well. India.Thus, it is expected that the stock will see a price
Promoters
Within Metros, Mumbai, Pune, Hyderabad did well target of Rs. 560 in 8 to 10 months’ time frame on an
8.99 Public & Others
and there was a pick up seen in NCR region. expected P/Bvx 1.60 and FY20 (BVPS) of Rs.349.69.
• Net interest income (NII) was Rs 1042 crores, as P/B Chart
2.04 against Rs 737 cr for the same period last year. Net 1000.00
` in cr
Interest Margins (NIM) for the Q3 FY19 stood at 900.00
ACTUAL ESTIMATE 800.00
2.33% as against 2.35% for Q2 FY19. 700.00
FY Mar-18 FY Mar-19 FY Mar-20 • Net Non-performing asset (NPA) stood at 0.85% as 600.00
NII 3701.31 4226.77 4873.06 on December 31, 2018 as against 0.49 % as on
500.00
400.00
Ebit 3300.74 3677.22 4267.98 December 31, 2017. Total provision including 300.00
200.00
Net Income 1989.59 2328.97 2712.42
general provision on standard loans is Rs 1491 100.00
crores as on December 31, 2018 against Gross NPAs 0.00
EPS 39.42 45.99 53.40
10-Sep-15

22-Sep-16

27-Sep-17

6-Dec-18
4-Oct-18
14-Jul-15

21-Jul-16

27-Jul-17

31-Jul-18
12-Mar-15

17-Mar-16

27-Mar-17

3-Apr-18

8-Apr-19
9-Jan-15
5-May-14

3-Sep-14

5-Feb-19
2-Jul-14

1-Jun-18
11-Nov-14

16-Nov-15
15-Jan-16

24-Nov-16
23-Jan-17

28-Nov-17
29-Jan-18
15-May-15

23-May-16

29-May-17

of Rs 2290 crores on the same date.

BVPS 251.47 305.10 349.69 • The Individual loan portfolio stood at Rs 170334 cr
RoE 16.74% 16.36% 16.36%
as against Rs 149986 cr, a growth of 14%. Developer
1.60 2.30 3.00 3.70 Close Price

Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline

6
EQUITY

Havells India Limited (HAVELLS)

The stock closed at Rs 770.30 on 03rd May, 2019. It made a 52-week low of Rs
514.70 on 21st May 2018 and a 52-week high of Rs. 783 on 01st April 2019. The 200
days Exponential Moving Average (DEMA) of the stock on the daily chart is
currently at Rs 680.84

Short term, medium term and long term bias are looking positive for the stock as
it is continuously trading in higher highs and higher lows sort of “Rising Wedge”
on weekly charts which is considered to be bullish. On the technical indicators
front such as RSI and MACD are also suggest buying for the stock so one can
initiate long in the range of 755-762 levels for the upside target of 810-830 levels
with SL below 720.

SBI Life Insurance Company Limited (SBILIFE)

The stock closed at Rs 664.15 on 03rd May, 2019. It made a 52-week low at Rs 485
on 01st October 2018 and a 52-week high of Rs. 757.65 on 02nd May 2018. The
200 days Exponential Moving Average (DEMA) of the stock on the daily chart is
currently at Rs 614.83

As we can see on charts that stock was consolidated in the wide range of 500 -
650 levels and formed a “Continuation Triangle” on weekly charts which is
bullish in nature. Last week, stock has given the breakout of pattern and also has
managed to close above the same. Apart from this, it has formed a long
Marubozu candlestick, which also gives positive outlook for coming days.
Therefore, one can buy in the range of 655-660 for the upside target of 710-720
levels with SL below 620.

Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its
research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any
part of the analysis research.
SOURCE: CAPITAL LINE

Charts by Spider Software India Ltd

Above calls are recommended with a time horizon of 1-2 months

7
DERIVATIVES
WEEKLY VIEW OF THE MARKET

In the week gone by, Indian markets witnessed a volatile week; a tug of war between bulls and bears kept the index on a roller coaster ride. However, a long
rollover to May series has been observed as from derivative front call writers covered their short positions and put writers were actively selling 11700 & 11800
puts which suggest that bulls are more or likely trying to make a comeback. However, the India VIX is constantly maintaining above 21 levels which indicates that
volatility is likely to grip the market in coming sessions as well. The Implied Volatility (IV) of calls closed at 23.09% while that for put options closed at 23.57%.
The Nifty VIX for the week closed at 22.98% and is expected to remain up trending. Among Nifty weekly Call options, the 11800-strike call has the highest open
interest of more than 25 lakh shares, and in nifty weekly, put option side 11700-strike has the highest open interest of over 17 lakh shares in open interest
respectively. The PCR OI for the week closed up at 1.22. From technical front, 11500 levels for Nifty while 29500 for bank nifty will be key support levels while on
a higher side any decisive move above 11850 in nifty can add further follow up buying into the index. The current trend is likely to remain choppy with continuous
volatility on card ahead of political uncertainty over upcoming election results.

DERIVATIVE STRATEGIES

BULLISH STRATEGY BEARISH STRATEGY

BHARTIARTL BAJAJ-AUTO PIDILITIND

BUY MAY 340 CALL 12.50 BUY MAY 3100 CALL 97.00 BUY MAY 1180 PUT 35.95
OPTION SELL MAY 350 CALL 8.70 SELL MAY 3150 CALL 80.00 SELL MAY 1160 PUT 28.25
STRATEGY
Lot size: 1851 Lot size: 250 Lot size: 500
BEP: 343.80 BEP: 3117.00 BEP: 1172.30

Max. Profit: 11476.20 (6.20*1851) Max. Profit: 8250.00 (33.00*250) Max. Profit: 6150.00 (12.30*500)
Max. Loss: 7033.80 (3.80*1851) Max. Loss: 4250.00 (17.00*250) Max. Loss: 3850.00 (7.70*500)

CENTURYTEX(MAY FUTURE) VOLTAS (MAY FUTURE) RECLTD(MAY FUTURE)

Buy: Above `953 Sell: Below `598 Sell: Below `143
FUTURE
Target: `995 Target: `575 Target: `138
Stop loss: `931 Stop loss: `611 Stop loss: `146

NIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN NIFTY OPTION OI (IN QTY) (MONTHLY)

In lakhs In lakhs
25.00 4.00

3.46
21.88

3.50

20.00 3.00
17.59

2.50
15.11

1.81
13.97

1.63
2.00
15.00

1.39
11.99

1.17
1.50
1.02
10.87

10.85
10.07

1.00
0.60

0.59
0.42
8.66

0.35

10.00
7.83

0.22
0.21

0.20

0.20
7.46

0.50

0.08
7.02

0.00
6.24

5.50

5.26

5.21

0.00
4.78
4.66

4.03

-0.15

-0.18
5.00
3.12
3.06

-0.24
2.80

-0.50
-0.35

-0.68
-1.00
-0.86

0.00 -1.50
9500 10000 10500 11000 11500 11600 11700 11800 12000 12500 13000 9500 10000 10500 11000 11500 11600 11700 11800 12000 12500 13000
Call Put Call Put

BANKNIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN BANKNIFTY OPTION OI (IN QTY) (MONTHLY)

In 10,000 In 10,000
80.00 25.00
69.57

20.16

70.00
20.00

60.00
13.53

13.48

15.00
50.00
33.89
33.35

40.00 10.00
6.04
27.11
25.38

5.18

30.00
21.97

3.58

5.00
18.60

2.08

1.90
1.83

1.79
15.97
15.65

1.25

0.76
0.62
12.92

0.40

20.00
0.33
0.16
0.12
11.57

0.00

0.00
11.40
10.56

7.90
7.80

0.00
5.12

-0.06

10.00
-0.08
3.65

-0.32
3.32

2.59

1.88
1.25

0.95

0.00 -5.00
26500 27000 27500 28000 28500 29000 29500 30000 30500 31000 32000 26500 27000 27500 28000 28500 29000 29500 30000 30500 31000 32000
Call Put Call Put

8
DERIVATIVES

SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)

02-May 30-Apr 26-Apr 25-Apr 24-Apr 02-May 30-Apr 26-Apr 25-Apr 24-Apr
DISCOUNT/PREMIUM 40.65 43.40 58.85 89.05 100.80 DISCOUNT/PREMIUM 90.75 126.90 164.40 230.20 209.75
COST OF CARRY% 0.65 0.63 0.61 0.63 0.63 COST OF CARRY% 0.65 0.63 0.61 0.63 0.63
PCR(OI) 1.22 1.23 1.23 1.28 1.31 PCR(OI) 1.21 1.25 1.20 1.05 1.05
PCR(VOL) 0.99 0.92 0.99 1.12 0.97 PCR(VOL) 1.04 1.38 1.61 1.23 1.06
A/D RATIO(NIFTY 50) 0.65 0.82 1.55 0.28 3.25 A/D RATIO(BANKNIFTY) 1.40 0.50 5.00 0.09 11.00
A/D RATIO(ALL FO STOCK)* 0.62 0.40 1.09 0.39 3.40 A/D RATIO(ALL FO STOCK)# 2.29 0.28 4.75 0.15 10.50
IMPLIED VOLATILITY 23.09 21.56 21.24 22.53 18.41 IMPLIED VOLATILITY 28.75 27.16 23.97 26.52 26.64
VIX 22.98 21.83 21.72 23.23 23.23 VIX 22.98 21.83 21.72 23.23 23.23
HISTORICAL VOLATILITY 14.46 14.88 15.32 14.13 14.02 HISTORICAL VOLATILITY 19.86 20.43 20.57 18.73 18.56
*All Future Stock #All Future Stock

FII’S ACTIVITY IN INDEX FUTURE FII’s ACTIVITY IN DERIVATIVE SEGMENT

In Cr. In Cr.
3500

3163
1794

3098

3061
2000

3000
1207

1500

2425
2500

2133
1000
741

2000
441
294

500
152

1500
0

759
1000
630

590
-500
-436

500
-516

129
-1000
0
-951

-1500

-332
-500
-1479

-2000 -1000
15-Apr 16-Apr 18-Apr 22-Apr 23-Apr 24-Apr 25-Apr 26-Apr 30-Apr 02-May 15-Apr 16-Apr 18-Apr 22-Apr 23-Apr 24-Apr 25-Apr 26-Apr 30-Apr 02-May

TOP 10 LONG BUILD UP TOP 10 SHORT BUILD UP

LTP % Price Change Open interest %OI Chng LTP % Price Change Open interest %OI Chng
AJANTPHARM 1077.60 4.93% 935000 42.64% APOLLOHOSP 1199.15 -3.58% 1186000 42.81%
CANFINHOME 345.05 6.12% 4096800 18.17% BIOCON 562.05 -10.02% 7866000 34.88%
KAJARIACER 612.95 1.37% 1593800 15.88% JETAIRWAYS 103.55 -25.50% 6014800 28.66%
PVR 1783.45 4.20% 754000 13.28% TVSMOTOR 469.10 -5.81% 6770000 25.00%
ASHOKLEY 90.35 1.29% 69608000 8.46% RPOWER 5.45 -26.35% 106272000 24.69%
TECHM 840.60 1.25% 10594800 6.69% ESCORTS 684.75 -7.57% 3702600 20.73%
CONCOR 517.55 4.05% 1803702 5.48% NIITTECH 1288.35 -2.74% 1469250 18.80%
HCLTECH 1167.40 1.80% 8523200 4.24% DABUR 384.90 -3.99% 14156250 16.03%
IDEA 15.75 1.94% 528528536 3.63% RELINFRA 109.05 -8.71% 11596000 15.86%
JSWSTEEL 308.75 4.06% 45025500 2.67% PCJEWELLER 113.55 -7.87% 9249500 14.39%

**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering

9
 SPICES
Turmeric futures (May) is likely to hover sideways in the range of 6250-6650
levels. Currently, buyers are active in the spot amid supply of new crop. The new
turmeric supply in Andhra Pradesh Duggirala market has already started,
however, the quantity is on the lower side because the farmers are not getting
remunerative prices. Jeera futures (May) is expected to witness sell on rise & see
16700-16500, facing resistance near 17250 levels. Profit booking coupled with
appreciation in rupee against dollar denting the export demand may weigh on
the counter. Cardamom futures have made a new life time high of 2120.60 on the
national bourse & this bullish trend may continue till 3000 levels. This is because
of a smaller crop this year and expectations of further fall in production in 2019-
20 (Jul-Jun). Dry temperatures in key growing areas over the past month have led
to fears that output in 2019-20 may fall to 10,000-12,000 tn from 15,000 tn in the
current season, which is also down 25% from over 20,000 tn in 2017-18. Already,
the cardamom price reached an all-time record of ₹3,000 a kg at the Spices Board
of India’s auction centre at Puttady. The new produce is expected to arrive in the
market by June/July. The total quantity is not expected to increase sharply as
drought-hit plants have to be replanted. A newly planted area will provide first
yield only after three years. The uptrend of coriander futures (May) has taken a
pause since past four weeks, facing resistance near 7400 levels, while on the
contrary taking support near 7000 levels. Going ahead, we may see another week
of sideways movement within this range amid muted domestic and export
demand.
OIL AND OILSEEDS
The overall trend of soybean futures (May) is negative & hence it may witness
sell on rise from 3650 levels to 3520 levels. As 2019 southwest monsoon
forecast by India Meteorological Department is near normal, the market
participants are expecting a bigger soybean crop this year. Moreover, the
Centre has 304,090.1 tn certified soybean seeds, 30,121.5 tn higher than
requirement for sowing in the upcoming kharif season beginning June. If the
southwest monsoon fares well, then soybean crop is seen higher on year.
Another major factor which is adding to the bearishness is the downtrend of
Chicago soybean futures which is on on track for a fourth straight weekly loss
on expectations of higher U.S. production and slowing demand from top buyer
China dragging prices lower. At present, Commodity funds are net sellers of
soybeans, soymeal and soyoil. Soy oil futures (May) is expected to follow the
bearish footsteps of soybean & selling pressure may drag the counter to 722
levels, if breaks 733 levels. The supplies are increasing in the spot markets due
to imports of refined soybean oil and palmolein from Nepal at zero customs
duty under a concession given to the least developed nations in the SAARC
region. In addition, the imported soybean oil is being sold at Rs.5,000 per ton
cheaper as compared with local soybean oil. The downtrend of CPO futures
(May) will prevail as there is possibility that it may test 510-500 levels in days
to come. The sentiments have turned pessimistic in the Malaysian markets
after the forecast that palm oil output is estimated to rise to 20 million tons in
2019, up from as much as 19.5 million tons predicted earlier.
OTHER COMMODITIES
Cotton futures (Apr) is seen to go down further & test 22000-21800 levels. India's
cotton imports are likely to rise by 80% this crop year (October 2018 to September
2019), due to short supply of quality material for textile mills. Drought in the major
growing & poor quality of late picked crop is poor due to the paucity of moisture in
the field, have restricted the spinning mills to procure this soft commodity. Further,
the demand side is also dull since the export is estimated to decline to 4.7 million
bales in 2018-19, from 6.9 million last year. On the other hand, U.S cotton futures-
the price setter is trading near to its seven-week low weighed down by uncertainty
about US-China trade talks, while favourable planting conditions for the natural
fibre in major producer Texas. Day’s ahead, the market participants would be
keeping a close watch on the outcomes of the U.S-China trade war deal, as the
announcement is “possible” by this Friday. Chana futures (May) is expected to
witness more correction towards 4250 levels owing to increased selling pressure on
the spot markets. Prices of pulses like chana, masur, urad and moong have been
falling with increased arrival of the Rabi crop in mandis and the government
offloading stock in the open market. Guar seed futures (May) will probably see some
consolidation in the range of 4330-4430 levels, while guar gum futures (May) is likely
to see some recovery towards 8950-9000 levels, taking support near 8600 levels.
Various factors ranging from the onset of the South-West Monsoon likely to be
delayed by a week, steady guar seed-guar gum ratio hovering near 1:2 may give
cushion to these counters.
BULLIONS
Bullion counter may trade with weaker bias amid stronger greenback as gold
plunged to 4-month lows after the Fed’s decision to leave interest rates
unchanged thereby cooling off the rate-cut bets. Gold can further decline
towards 30900 levels while taking resistance near 31600 levels while silver can
dip towards 36000 while taking resistance near 37600. On the domestic
bourses, strength in local currency is further keeping the prices under
pressure. The Federal Reserve announced last week that it is holding the
benchmark interest rate steady at a target range of 2.25% to 2.5%, noting that
inflation is “running below” its stated target of 2%. The central bank’s
statement walked back its March view that the economy had “slowed” from
the end of last 2018, noting that recent developments show that economic
activity “rose at a solid rate.”According to WGC’s 2019 first Quarter Global
Trends Report, worldwide gold demand increased to 1,053 tonnes in the first
three months of the year, an increase of 7% compared to the first quarter of
2018.There was a 49% year-over-year increase in demand for gold-backed
exchange-traded funds. The global investment trend was limited with a 1%
drop in worldwide bar and coin demand and an 8% drop in Chinese investment
demand. Although global investment demand was relatively tame in the first
quarter, central banks were on a buying spree with global official gold
purchase totaling 145.5 tonnes in the first quarter, a 68% increase compared to
the first quarter of 2018. Central banks bought gold at the fastest pace since
the quarter performance since 2013.
ENERGY COMPLEX
Crude oil prices may continue to remain on volatile path as surge in U.S.
output and an expected supply increase from producer club OPEC prompted
selling pressure while supply disruptions in Venezuela can give support to the
prices. Rising U.S. oil production has helped offset some of the disruptions
from U.S. sanctions against Iran and Venezuela. Oil prices had previously been
supported by the political crisis in Venezuela, the stricter U.S. sanctions
against Iran and production cuts from the OPEC. U.S. crude stockpiles rose to
their highest since September 2017, jumping by 9.9 million barrels to 470.6
million barrels as production hit a record high of 12.3 mbpd. Crude oil can take
key support near 4200 while its upside will be capped near 4500. U.S. crude oil
production reached a record 12.3 million barrels per day (bpd) last week EIA,
rising by around 2 million bpd over the past year. U.S. crude exports broke
through 3 million bpd for the first time this year, according to data from the
Energy Information Administration. Natural gas may remain sideways as it can
move in range of 175-190. The U.S. Energy Information Administration (EIA)
stated that utilities added 123 billion cubic feet (bcf) of gas to inventories
during the week ended April 26. That was the biggest build this early in the
injection season, according to EIA data going back to 1994. The extremely
short-term weather conditions are mixed, but the near- to mid-term patterns
are bearish, which likely means improving storage deficits before the summer
heat arrives.
BASE METALS
In base metal counter, further selling pressure can be seen as U.S.
manufacturing activity slowed to a 2- 1/2-year low in April amid a sharp drop
in new orders while construction spending unexpectedly fell in March,
suggesting economic growth was moderating after surging in the first quarter.
China's auto sales fell again in March but the pace of decline was the smallest
in seven months. Copper may slip lower towards 415 while its upside is capped
near 440. China's refined copper cathodes imports rose to 279,630 tonnes in
March, up more than 30% from February. Copper is getting some support after
EV maker Tesla expecting a global shortage in copper due to under-investment
in the mining sectors. Meanwhile Lead may also take support near 128 levels
while taking resistance near 137 levels. Nickel can dip lower towards 810
levels while facing resistance near 870 levels. Aluminium may remain
sideways in range of 140-154 levels.LME aluminium inventories surged by
92,350 tonnes to 1,227,650 and have climbed by a fifth over the past week to
the highest level since February 25. Zinc may remain under selling pressure as
it can test 205 while facing resistance near 225. Zinc prices hit their lowest
since mid-March on worries about global demand and as inventories climbed,
but other metals were supported by hopes that a US-China trade deal would be
agreed. Zinc cash is trading at a premium of $120/ton over the 3 Month
contract, the highest since early December last year when it touched $125 a
tonne.
10
 TREND SHEET

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX SOYABEAN MAY 3626.00 27.03.19 Sideways 3650.00 3500.00 3800.00 -
NCDEX JEERA MAY 16920.00 22.04.19 UP 16970.00 16200.00 - 16100.00
NCDEX REF.SOY OIL MAY 735.45 26.04.19 Down 746.00 - 750.00 751.00
NCDEX RMSEED MAY 3725.00 11.03.19 Down 3969.00 - 3850.00 3870.00
NCDEX CHANA MAY 4324.00 24.02.19 Sideways 4050.00 4100.00 4500.00 -
NCDEX GUARSEED MAY 4383.50 20.03.19 UP 4350.00 4230.00 - 4200.00
NCDEX COCUD MAY 2521.00 01.01.19 UP 1940.50 2400.00 - 2390.00
NCDEX CASTOR MAY 5670.00 25.04.19 Down 5900.00 - 5920.00 5950.00
MCX CPO MAY 516.50 07.03.18 Down 547.00 - 530.00 532.00
MCX MENTHA OIL MAY 1346.00 21.01.19 Down 1551.90 - 1380.00 1385.00
MCX SILVER JUL 36705.00 11.04.19 Down 37000.00 - 38000.00 38200.00
MCX GOLD JUN 31345.00 16.04.19 Down 31500.00 - 31800.00 31850.00
MCX COPPER JUN 430.50 01.05.19 Down 449.80 - 445.00 450.00
MCX LEAD MAY 131.10 11.04.19 D own 135.00 - 137.00 139.00
MCX ZINC MAY 218.00 23.04.19 Sideways 220.00 214.00 223.00 -
MCX NICKEL MAY 846.20 07.03.19 Down 940.00 - 880.00 885.00
MCX ALUMINIUM MAY 146.90 01.05.19 Sideways 144.80 140.00 150.00 -
MCX CRUDE OIL MAY 4277.00 26.04.19 Down 4692.00 - 4500.00 4550.00
MCX NATURAL GAS MAY 180.70 21.01.19 Down 217.90 - 192.00 193.00
Closing as on 02.05.19

TECHNICAL RECOMMENDATIONS

NICKEL MCX (MAY) contract closed at Rs. 846.20 on 2nd May’19. The contract made its
high of Rs. 932.00 on 4th Jan’19 and a low of Rs. 842.20 on 3rd May’19. The 18-day
Exponential Moving Average of the commodity is currently at Rs. 877.16.On the daily
chart, the commodity has Relative Strength Index (14-day) value of 28.784.

One can sell at Rs. 865 for a target of Rs. 825 with the stop loss of Rs. 885.

LEAD MCX (MAY) contract closed at Rs. 131.10 on 3rd Apr’19. The contract made its high
of Rs. 143.15 on 29th Mar’19 and a low of Rs. 126.60 on 1st May’19. The 18-day
Exponential Moving Average of the commodity is currently at Rs. 135.29. On the daily
chart, the commodity has Relative Strength Index (14-day) value of 34.387.

One can buy around Rs. 126 for a target of Rs. 134 with the stop loss of Rs. 121.

COCUDAKL NCDEX (MAY) contract was closed at Rs. 2521.00 on 2nd May’19. The
contract made its high of Rs. 2535.00 on 2nd May’19 and a low of Rs. 1961.50 on 1st
Mar’19. The 18-day Exponential Moving Average of the commodity is currently at Rs.
2435.60. On the daily chart, the commodity has Relative Strength Index (14-day) value
of 67.485.

One can sell near Rs. 2530 for a target of Rs. 2400 with the stop loss of Rs 2590.

11
 NEWS DIGEST WEEKLY COMMENTARY
• Euro zone factory activity contracted for a third month in Corrections deepened in commodities owing to some weaker economic data; and investors
April, hurt by weak global demand, rising trade ignored the fall in dollar index. CRB saw further fall. Dollar index surrendered its previous gain
protectionism and concerns over Britain's upcoming on dovish statement by Powell. Fed Chairman Jerome Powell said the central bank’s “policy
departure from the European Union. stance is appropriate right now” and that they “don’t see a strong case for moving in either
• Venezuela's state-run PDVSA exported 1.06 million direction.” ETF outflows amid the expectation that U.S. and China may announce a trade deal
barrels per day (bpd) of crude and refined products last next Friday also supported risk sentiment and put pressure on the safe-haven gold. Major dip
month, an eight percent increase from March. was on Thursday; a day after the Federal Reserve stood pat on monetary policy and indicated
that interest rates would likely to remain on hold for an extended period. Silver followed the
• Russia's oil production fell to 11.23 million barrels per
footsteps of gold and closed the week in negative territory. Crude oil prices fell sharply as
day (bpd) in April from 11.3 million bpd in March.
stockpiles in the U.S. rose to their highest level since 2017. U.S. crude stockpiles last week rose
• Refined copper imports slowed over February and March to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as
but the first-quarter total of 839,000 tonnes was down by production set a record high of 12.3 million barrels per day. Trump statement to increase the
only a marginal 1.6 percent on 2018. output crashed crude prices. Base metals were mostly bearish on weaker data. U.S.
• Malaysia has deferred its export duty on crude palm oil manufacturing activity slowed to a 2-1/2-year low in April amid a sharp drop in new orders while
until Dec 31 this year. construction spending unexpectedly fell in March, suggesting economic growth was moderating
after surging in the first quarter. Additionally, investors were closely monitoring developments
• The Centre has 304,090.1 tn certified soybean seeds,
in the U.S.-China trade front. Oil seeds and edible oil futures saw sharp fall on higher production
30,121.5 tn higher than requirement for sowing in the
news from Indonesia and Malaysia. The fundamentals cite that Malaysia's palm oil output is forecast
upcoming kharif season beginning June. No shortage of
to rise to 20 million tonnes in 2019, up from as much as 19.5 million tonnes forecast earlier. The
quality and normal seeds is seen this year
buying pace of stockists and the millers are sluggish in the current scenario due to surplus imported
• As on April 30, 2019, NAFED has successfully procured veg oil stocks at domestic front along with bearish global market keeping the overall sentiments on
145740.40 MT of Chana at Minimum Support Price of lower end. There was no respite in chana and its prices fell down on weak spot market trend. Guar
Rs.4,620. seed recovered from the low on lower levels buying. Mentha was facing the resistance of 1400 and
• The France based agency strategie grains has lowered its from there it saw gradual downside on technical weakness amid poor offtake in physical market. In
forecast for 2019 European Union rapeseed harvest to spices, jeera saw some breather in rally after a continuous nine week remarkable rally fueled by
18.85 million tonnes in 2019, down from the earlier better export demand. Coriander and turmeric also witnessed correction in the prices; it was only
estimate of 19.32 million tonnes a month ago. cardamom which trade in upper circuits with very thin volume.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
3.00% 10.00%

2.19%
2.00% 8.03%
1.58% 1.55% 8.00%

1.00% 0.85%
0.70%
6.00%

0.00%
4.00%

-1.00%
2.00%
-1.54%
-2.00% -1.84% 0.67%
-2.00%
0.00%
-3.00%
-3.22%
-2.00%
-4.00%

-5.00% -4.00% -3.79% -3.78% -3.70%

-5.15% -4.41% -4.38%

-6.00% -6.00%
COCUD GUARGUM GUAR SEED WHEAT BARLEY MAIZE RABI CPO SOYABEAN CORIANDER JEERA CARDAMOM BRASS COPPER LEAD MENTHA OIL CPO SILVER MICRO

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COMMODITY UNIT 25.04.19 02.05.19 DIFFERENCE COMMODITY UNIT 24.04.19 30.04.19 DIFFERENCE
QTY. QTY. QTY. QTY.
BARLEY MT 6026 6264 238 COMMODITY UNIT 24.04.19 30.04.19 DIFFERENCE
CASTOR SEED MT 70446 82367 11921 ALUMINIUM MT 4.81 4.81 0.00
CHANA MT 54857 67704 12847
COCUD MT 41909 39125 -2784 COTTON BALES 208600.00 204900.00 -3700.00
CORIANDER MT 2664 2992 328 GOLD KGS 20.00 20.00 0.00
GUARGUM MT 13404 12577 -827
GOLD MINI KGS 6.50 6.50 0.00
GUARSEED MT 22500 22450 -50
JEERA MT 641 884 243 GOLD GUINEA KGS 7.43 7.37 -0.06
RM SEED MT 48390 53796 5406 MENTHA OIL KGS 82105.90 64833.25 -17272.65
SOYBEAN MT 66173 61057 -5116
SILVER (30 KG Bar) KGS 3560.48 3560.48 0.00
TURMERIC MT 1833 2177 344
WHEAT MT 3294 4840 1546 ZINC MT 10.06 422.92 412.86

12
COMMODITY
SPOT PRICES (% change) Ambitious target for food grains ....Can double the farmers’ income

The government has set an ambitious food grains target of 291.1 million tonnes for
2019-20, nearly 2.6 per cent more than the previous year’s 283.7 million tonnes, as
COTTON SEED OIL CAKE (AKOLA) 2.76
favorable monsoon is anticipated in the current season.
Agricultural Ministry sources at the National Kharif Campaign conference on 25
GUR (MUZAFFARNGR.) 2.44
April 2019 said that the target fixed for rice is 116 million tonnes, 3 million tonnes
more than it was in 2018-19 and wheat production target is set at 100.5 million
BARLEY (JAIPUR) 1.88
tonnes that is slightly higher than the previous year’s 100 million tonnes. However,
according to the second advance estimates for 2018-19, output of rice is estimated
PEPPER MALABAR GAR (KOCHI) 1.31
to be 115.6 million tones and that of wheat is 99.12 million tonnes.

TURMERIC (NIZAMABAD)
The Centre, on the other hand, is hoping to have a considerable 10 % increase in
1.04
production of pulses at 26.3 million tonnes, as against the target of 24 million
tonnes last year. With regard to coarse cereals, the Ministry has maintained its
GUAR GUM (JODHPUR) 0.74
targets for jowar, bajra, small millets and barley at exactly the same level as last
year, but hopes to increase the production of maize, projecting a 1.6 million tonnes
WHEAT (DELHI) 0.53
increase to hit a production of 28.9 million tonnes from both kharif and rabi
seasons together. This has pushed up the overall coarse cereal target to 48.3
GUAR SEED (JODHPUR) 0.51
million tonnes in the coming year as against 46.7 million tonnes in the previous
year. Target for maize in the current year is 28.9 million tonnes and that for bajra &
SUGAR (KOLKATA) 0.42
jowar are 9.5 million tonnes and 4.9 million tonnes in that order.

RAW JUTE (KOLKATA) 0.38

Oilseeds output, however are expected to be 36.1 million tonnes (36 million tonnes
in 2018-19). So is with cotton, whose tentative target for 2019-20 is 35.75 million
bales of 170 kg each, slightly higher than 35.5 million bales in 2018-19. But, as per
COTTON (KADI) 0.16
the 2nd advance estimates, the expected oilseeds production in 2018-19 was 31.5
million tonnes and that of cotton was 30 million bales.
JEERA (UNJHA) -1.12
The targeted sugarcane output, on the other hand, is 385.5 million tonnes, almost
CORIANDER (KOTA) -1.27
30 million tonnes more than the previous year, but just 5 million tonnes more than
that was projected in the 2018-19 2nd advance estimates.
MUSTARD (JAIPUR) -1.96 Agri Production target for 2019-20 (In million ton)
Food grain 2nd Advance estimates Target for 2019-20
SOYABEAN (INDORE) -2.23
Rice 115.60 116
CRUDE PALM OIL (KANDLA) -3.02 Weat 99.10 100.50
Coarse cereal 42.60 48.30
Pulses 24 26.30

WEEKLY STOCK POSITIONS IN LME (IN TONNES) Oilseeds 31.50 36.10

Cotton* 30 35.80
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
Sugarcane 380.80 385.50
25.04.19 02.05.19 * In million bale(1 bale equal to 170 kg) Source: MOA
ALUMINIUM 1027800 1135300 107500 Can Double the Farmers’ Income
COPPER 194800 225925 31125 The latest target is good news in the sense that despite all their problems, the
NICKEL 174528 173058 -1470 government is sincere to fulfill their promise of doubling of farmers’ income by the
LEAD 74950 74425 -525 year 2022. To fulfill the target, the government is taking all the necessary steps to
ZINC 76425 85050 8625 increase the farm production that directly linked with farmers’ income.
While higher production of food grains and non-food crops like cotton and
sugarcane suggest a recovery in agriculture is underway, but record harvests over
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $) the last few years have caused a glut in production, leading to a crash in farm
prices, leaving farmers in the lurch. The price nosedive to below minimum support
COMMODITY EXCHANGE CONTRACT 26.04.19 02.05.19 CHANGE%
price (MSP) while the lack of sufficient procurement center in all over the country
ALUMINIUM LME CASH 1849.00 1800.50 -2.62
has increase the misery of farmers.
COPPER LME CASH 6388.00 6214.00 -2.72
LEAD LME CASH 1937.00 1859.00 -4.03
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 12350.00 12125.00 -1.82
COMMODITY EXCHANGE CONTRACT UNIT 26.04.19 02.05.19 CHANGE(%)
ZINC LME CASH 2772.00 2832.00 2.16
Soybean CBOT MAY Dollars Per Bushel 8.54 8.35 -2.20
GOLD COMEX JUNE 1285.50 1272.00 -1.05
SILVER COMEX JULY 15.09 14.62 -3.10 Soy oil CBOT MAY Cents per Pound 27.52 27.23 -1.05

LIGHT CRUDE OIL NYMEX JUNE 63.30 61.81 -2.35 CPO BMD JULY MYR per MT 2118.00 2032.00 -4.06
NATURAL GAS NYMEX JUNE 2.57 2.59 0.94 Cotton ICE JULY Cents per Pound 77.70 75.45 -2.90

13
CURRENCY
Currency Table News Flows of last week
Currency Pair Open High Low Close 29th APR RBI's revised guidelines for resolution of stressed assets likely
before May 23.
USD/INR 70.1025 70.19 69.56 69.6150
29th APR U.S. Treasury cut borrowing estimate for second quarter.
EUR/INR 78.62 78.7775 78.1725 78.22 30th APR U.K.'s May and Corbyn hinted that a Brexit deal could be in sight.
GBP/INR 90.95 91.4075 90.7825 90.9850 1st MAY U.S. factory activity at two-and-half-year low, points to slowing economy.
JPY/INR 63.0025 63.1675 62.5225 62.5625 1st MAY U.S. ramped up threats to use force as Venezuela's crisis deepens.
(* NSE Currency future, Source: Reliable, Open: Tuesday 9.00 AM IST, Close: Thursday (5.00 PM IST) 2nd MAY ECB officials expressed confidence in stabilizing economy.

Market Stance Economic gauge for the next week

With decade low FX volatility, Indian Rupee drifted lower against a US Dollar amid Date Currency Event Previous
sudden spike in oil prices. This week the panic busted to cover forward contracts by
6th MAY INR Nikkei Services PMI APR 52.0
Importers when Brent surpassed $75.00. Forward premiums on an annualized basis
jumped to 3-month high. Later the forward premiums and Indian Rupee eased off 7th MAY EUR EU Economic Forecasts
after Oil pulled-back. Trade volumes in USDINR remains low ahead of general
election outcome as market participants are refraining to take large positions. On 9th MAY USD PPI m/m 0.6%
the monetary policy side, FOMC has given well anticipated policy guidance this
week to hold the Fed Fund rate in the range of 2.25%-2.50%. Admittedly US GDP 10th MAY GBP Prelim GDP q/q 0.2%
posted a bumper jump to 3.2% implied by uptick in net trade, although personal
consumption and business investment dipped lower. Later the elevated number 10th MAY USD CPI m/m 0.4%
likely to revised down over the next quarters. Euro zone posted above inflation
10th MAY INR Manufacturing Production YoY MAR -0.3%
print to 1.7% on annualized term in the month of April was largely priced-in due to
Easter effects. Monthly payroll and wage growth of US will briefly guide Jay Powell
10th MAY INR Industrial Production YoY MAR 0.1%
to project rate path. Next week Fed Chair’s speech will give further hint about the
degree of dovishness he is currently holding-in. 10th MAY INR Foreign Exchange Reserves 03-MAY -

USDINR is likely to stay below 69.80 and move lower towards 68.90.

Technical Recommendation USD/INR EUR/INR

USD/INR (APR) contract closed at 69.6150 on 2nd May’ 19. The contract made its
high of 70.19 on 30th Apr’19 and a low of 69.56 on 2nd May’ 18 (Weekly Basis). The
14-day Exponential Moving Average of the USD/INR is currently at 69.77
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of
47.96. One can sell at 69.80 for the target of 69.20 with the stop loss of 70.10.
EUR/INR (APR) contract closed at 78.22 on 2nd May’ 19. The contract made its
high of 78.7775 on 30th Apr’19 and a low of 78.1725 on 2nd May’19 (Weekly Basis).
The 14-day Exponential Moving Average of the EUR/INR is currently at 78.48
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 43.47.
One can sell at 78.10 for a target of 77.50 with the stop loss of 78.40.

GBP/INR JPY/INR

GBP/INR (APR) contract closed at 90.9850 on 2nd May’ 19. The contract made its
high of 91.4075 on 2nd May’19 and a low of 90.7850 on 30th Apr’18 (Weekly Basis).
The 14-day Exponential Moving Average of the GBP/INR is currently at 90.94
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 48.08.
One can sell at 90.90 for a target of 90.30 with the stop loss of 91.20.
JPY/INR (APR) contract closed at 62.5625 on 2nd May’ 19. The contract made its
high of 63.1675 on 30th Apr’19 and a low of 62.5225 on 2nd May’19 (Weekly Basis).
The 14-day Exponential Moving Average of the JPY/INR is currently at 62.62
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 48.11.
One can sell at 62.80 for a target of 62.20 with the stop loss of 63.10.

14
IPO
IPO NEWS

Sterling and Wilson files paper for Rs 4,500-cr IPO

Sterling and Wilson, a solar engineering, procurement and construction firm promoted by Shapoorji Pallonji and Company has filed draft papers with markets
regulator Sebi to raise about Rs 4,500 crore through an initial public offer. The IPO will be an offer for sale by the company's chairman Khurshed Yazdi Daruvala
and Shapoorji Pallonji and Company, according to the Draft Red Herring Prospectus (DRHP). ICICI Securities, Axis Capital, Credit Suisse Securities (India),
Deutsche Equities India, IIFL Holdings, SBI Capital Markets are the global coordinators and book running lead managers. IndusInd Bank and YES Securities (India)
are the book running lead managers to the issue. The shares of Sterling and Wilson are proposed to be listed on BSE and NSE. Sterling and Wilson is a global pure-
play, end-to-end solar EPC solutions provider. The company's order book was Rs 4,309.09 crore as of December 31, 2018. The company has operations in 26
countries, and use its subsidiaries and branch offices globally for operations.

Shriram Properties gets Sebi nod for IPO

Real estate firm Shriram Properties has received market regulator Sebi's go-ahead to float an initial public offering (IPO) through which it plans to raise about Rs
1,250 crore. The firm, which approached the regulator in December 2018 seeking its clearance to launch IPO, obtained Sebi's "observations" on April 9, according
to the latest update with the market watchdog. Sebi's observations are necessary for any company to launch public issues such as IPO, follow-on public offer and
rights issue. According to draft papers, the IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing
shareholders, including Tata Capital Financial Service and TPG Asia, draft papers filed with Sebi showed. The company is looking to consider a pre-IPO placement
of up to Rs 100 crore. Funds raised through the issue would be utilised for repayment of certain borrowings availed by the company or its subsidiaries and for
general corporate purposes. Axis Capital, Edelweiss Financial Services, JM Financial and Nomura Financial Advisory and Securities will manage the company's
public issue.

IPO TRACKER

Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price* %Gain/Loss

Polycab India Ltd Cable 9515.05 1346.00 16-Apr-19 538.00 633.00 639.40 18.85

Metropolis Healthcare Limited Healthcare 4743.76 1204.00 15-Apr-19 880.00 960.00 942.60 7.11

Rail Vikas Nigam Ltd Railway 4974.38 481.57 11-Apr-19 19.00 19.00 23.90 25.79

MSTC Ltd Trading 738.59 212.00 29-Mar-19 128.00 111.00 104.75 -18.16

Chalet Hotels Hotels & Restaurants 6685.26 1641.00 7-Feb-18 280.00 294.00 328.05 17.16

Xelpmoc Design IT 96.11 23.00 4-Feb-18 66.00 56.00 70.25 6.44

Garden Reach Shipbuilding Ship Building 1344.18 345.00 10-Oct-18 118.00 104.00 118.35 0.30

AAVAS Financiers Ltd NBFC 9656.16 1734.00 8-Oct-18 821.00 758.00 1236.70 50.63

Ircon International Ltd Railway 3758.69 470.00 28-Sep-18 475.00 410.30 399.50 -15.89

CreditAccess Grameen Ltd. NBFC 7553.42 1131.00 23-Aug-18 422.00 393.00 525.60 24.55

HDFC Asset Management Co AMC 36021.52 2800.00 6-Aug-18 1100.00 1726.25 1695.40 54.13

TCNS Clothing Co. Limited Retail 5011.34 1125.00 30-Jul-18 716.00 715.00 816.10 13.98

Varroc Engineering Limited Auto Ancillary 7293.86 1945.00 6-Jul-18 967.00 1015.00 544.75 -43.67

Fine Organic Industries Limited FMCG 4370.96 600.00 6-Jul-18 783.00 815.00 1423.95 81.86

RITES Limited Railway 4898.32 460.00 6-Jul-18 185.00 190.00 244.80 32.32

Indostar Capital Finance Ltd NBFC 3594.90 1844.00 21-May-18 572.00 600.00 390.85 -31.67

Lemon Tree Hotels ltd Hotel 5865.91 1038.00 9-Apr-18 56.00 61.60 74.60 33.21

ICICI Securities Ltd Broking House 6929.87 4016.00 4-Apr-18 520.00 431.10 216.10 -58.44

Mishra Dhatu Nigam Ltd Metal 2448.88 439.00 4-Apr-18 90.00 87.00 131.00 45.56

Karda Construction Ltd Construction 223.71 78.00 2-Apr-18 180.00 136.00 180.10 0.06

*Closing price as on 02-05-2019

15
FIXED DEPOSIT MONITOR
FIXED DEPOSIT COMPANIES
PERIOD
ADDITIONAL RATE OF INTEREST (%) MIN.
INVESTMENT
S.NO (NBFC COMPANY -NAME)
12M 18M 24M 36M 45M 48M 60M 84M (Rs.)

SR. CITIZEN BENEFIT: 0.25% EXTRA FOR

1 AADHAR HOUSING FINANCE LTD. (< RS. 5 CR.) 8.50 8.75 9.00 - 9.00 9.00 8.80 12M TO 35M & 0.40% EXTRA FOR 36M TO 120M 5000/-
OR 0.05% EXTRA FOR WOMEN CUSTOMERS

0.35% EXTRA FOR SR. CITIZEN OR 0.25% EXTRA

FOR EXISTING CUSTOMER (15 DAYS GAP IN
2 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 8.00 15M=8.05% 8.15 8.60 - 8.60 8.60 - FIRST & SECOND DEPOSIT) & 0.10% EXTRA IN 25000/-
RENEWAL UPTO RS.5 CR.
CUM-5000/-
3 CENT BANK HOME FINANCE (ONLY RENEWAL) 7.75 8.00 8.00 8.00 - 8.25 8.25 8.00 0.25% FOR SENIOR CITIZEN NON CUM-
10000/-

DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.50% 14M=8.55% 18M=8.55% 40M=9.25% 0.40% EXTRA FOR SR CITIZEN,WIDOW, EXISTING
4 FOR < RS. 5 CRORE (FOR TRUST ONLY) (FOR WOMEN ONLY) DHFL HOME BORROWERS & DHFL MORTGAGE & 5000/-
SME LOAN CUSTOMERS, 0.15% EXTRA FOR
DEWAN HOUSING FINANCE CORPORATION LTD RENEWAL BUT APP SHOULD REACH IN COMPANY
5 8.50 - 8.75 9.25 - 9.25 9.25 9.25 BEFORE DUE DATE. 5000/-
(AASHRAY) FOR < RS. 5 CRORE

DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.75% 14M=8.75% 18M=8.75% 40M=9.25% 0.40% EXTRA FOR SR CITIZEN,WIDOW, EXISTING
6 FOR RS. 5 CRORE & ABOVE (FOR TRUST ONLY) (FOR WOMEN ONLY) DHFL HOME BORROWERS & DHFL MORTGAGE 5000/-
& SME LOAN CUSTOMERS, 0.15% EXTRA FOR
DEWAN HOUSING FINANCE CORPORATION LTD RENEWAL BUT APP SHOULD REACH IN COMPANY
7 8.75 - 8.85 9.25 - 9.25 9.25 9.25 BEFORE DUE DATE. 5000/-
(AASHRAY) FOR RS. 5 CRORE & ABOVE

96-120M=7.75%; 0.25% FOR FEMALE, SENIOR

8 GRUH FINANCE LTD. 7.75 13M=7.75 7.75 8.00 - 8.00 8.00 8.25 1000/-
CITIZEN & TRUST

HDFC LTD- PREMIUM DEPOSIT FOR INDIVIDUAL

9 15M=8.03 22M=8.14 30M=8.08 44M=8.14 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- SPECIAL DEPOSIT FOR INDIVIDUAL

10 33M=8.19 - - 66M=8.19 - - 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- REGULAR DEPOSIT FOR INDIVIDUAL

11 7.87 - 7.87 7.87 - 7.87 7.87 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.
(UPTO RS.2 CR.)
20000/- BUT
HDFC LTD- REGULAR FOR INDIVIDUAL & TRUST
12 8.14 - 8.14 8.14 - 8.14 8.14 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR. 40000/-
(>RS.2 CR TO RS. 10 CR)
IN MONTHLY
HDFC LTD- PREMIUM DEPOSIT FOR TRUST &
13 15M=8.19 - - 30M=8.19 - - -
INSTITUTION (UPTO RS. 2 CR.)

HDFC LTD- SPECIAL DEPOSIT FOR TRUST

14 33M=8.24 - - 66M=8.24 - - 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR.
(UPTO RS. 2 CR.)

HDFC LTD- REGULAR DEPOSIT FOR TRUST &

15 7.98 - 7.98 7.98 - 7.98 7.98 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.
INSTITUTION (UPTO RS.2 CR.)

16 HUDCO LTD.(IND & HUF) 7.50 - 7.50 7.50 - 7.25 7.25 - 0.25% FOR SENIOR CITIZEN 10000/-

17 HUDCO LTD.(TRUST/CO/INSTITUTION) 7.25 - 7.25 7.25 - 7.00 7.00 - - 10000/-

0.50% ADD. INTEREST TO SR. CITIZEN,

18 J K LAKSHMI CEMENT LTD 8.00 - 8.25 8.35 - - - - EMPLOYEES,SHAREHOLDERS AND PERSON
INVESTING RS. 5 LACS AND ABOVE - MAX. 0.50%
0.50% ADD. INTEREST TO SR. CITIZEN,
19 J K TYRE INDUSTRIES LTD. 8.00 - 8.25 8.35 - - - - EMPLOYEES, SHAREHOLDERS AND PERSON
INVESTING RS. 5 LACS AND ABOVE - MAX. 0.50%

20 KTDFC (KERALA TRANSPORT) 8.50 - 8.50 8.50 - 8.25 8.25 - 0.25% EXTRA FOR SR. CITIZEN 10000/-

0.25% FOR SENIOR CITIZEN IF APP ABOVE

21 LIC HOUSING FINANCE LTD.(UPTO RS. 25 CR.) 8.15 8.15 8.20 8.25 - - 8.30 - 10000/-
RS. 50,000/- & 0.10% IF APP UPTO RS. 50,000/-
M&M FINANCIAL SERVICES LTD
22 (FOR BELOW RS. 1 CRORE) 8.10 8.10 8.50 8.80 - 8.80 8.80 - 0.25% FOR SENIOR CITIZEN 10000/-

23 OMAXE LTD 10.50 - 11.00 11.50 - - - - -

24 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 8.30 - 8.30 8.40 - 8.40 8.45 8.30 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE
10000/-
25 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 15M=8.30 22M=8.35 30M=8.30 44M=8.45 0.25% FOR SENIOR CITIZEN

0.25% FOR SENIOR CITIZEN,

26 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 8.25 - 8.50 9.00 - 9.00 9.25 - 5000/-
0.25% EXTRA FOR RENEWALS
0.25% FOR SENIOR CITIZEN,
27 SHRIRAM CITY UNION SCHEME 8.25 - 8.50 9.00 - 9.00 9.25 - 0.25% EXTRA FOR RENEWALS
5000/-
* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application.
* For Application of Rs.50 Lac & above, Contact to Head Office.
* Email us at fd@smcindiaonline.com

16
MUTUAL FUND
INDUSTRY & FUND UPDATE

BSE StARMF executes 42.6 lakh transactions in April

The Bombay Stock Exchange’s online mutual Fund platform-BSE StARMF has executed 42.6 lakh transactions in April, according to a press release from
Asia's oldest exchange. According to estimates, BSE StARMF now accounts for 20 percent of all MF transactions and 40 percent of all new subscribers to
MF industry. The BSE had launched its BSE StAR MF platform on December 4, 2009.

IL&FS Mutual Fund makes on-time redemption; pays Rs 314 cr to debt fund investors
IL&FS Mutual Fund paid Rs 314 crore to investors in one of its infrastructure debt fund, making on-time redemption, according to a release. The money was
paid to investors in IL&FS Mutual Fund's first debt fund series -- IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A) -- that is due April 30. The five-year
close-ended scheme was fully funded in April 2014 and had raised Rs 238 crore in assets under management. "The scheme redeemed Rs 314 crore to the
investors, which was paid out today," IL&FS Infra Asset Management Ltd said in the release. The scheme is one of the eight schemes in the portfolio. The
remaining schemes have varying maturities, ranging from 2 to 12 years, with final maturity in 2031-32. Two funds in the same series -- IL&FS Infrastructure
Debt Fund Series 1B and IL&FS Infrastructure Debt Fund Series 1C -- have maturities of 7 years (2021) and 10 years (2024), respectively, the release said.

Aditya Birla Sun Life Mutual Fund seeks SEBI nod for banking ETF
Aditya Birla Sun Life Mutual Fund has sought the Securities and Exchange Board of India’s approval to launch Aditya Birla Sun Life Banking ETF, according to the
draft offer document on the market regulator’s website. The open-ended exchange traded fund (ETF) tracking the Nifty Bank will deploy at least 95 percent of
its assets in stocks comprising the index, with the balance allocated to debt and money market instruments. The units of the scheme will be compulsorily traded
in dematerialised form, and hence there will be no entry/exit load for units purchased or sold through stock exchanges, as per the draft offer document.

NEW FUND OFFER

Scheme Name Principal Small Cap Fund - Regular Plan (G)

Fund Type Open-Ended
Fund Class Growth
Opens on 22-Apr-2019
Closes on 06-May-2019
Investment Objective To generate long term capital appreciation by predominantly investing in equity and equity related instruments of small cap
companies.
Min. Investment Rs.5000/-
Fund Manager P.V.K. Mohan / Siddarth Mohta

Scheme Name Aditya Birla Sun Life Fixed Term Plan - Series SN (1099 Days) - Regular Plan (G)
Fund Type Close-Ended
Fund Class Growth
Opens on 26-Apr-2019
Closes on 06-May-2019
Investment Objective To generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.
Min. Investment Rs.1000/-
Fund Manager Mohit Sharma

Scheme Name Mirae Asset Focused Fund - Regular Plan (G)

Fund Type Open-Ended
Fund Class Growth
Opens on 23-Apr-2019
Closes on 07-May-2019
Investment Objective To generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies.
There is no assurance that the investment objective of the Scheme will be realized.
Min. Investment Rs.5000/-
Fund Manager Gaurav Misra

Scheme Name HDFC Fixed Maturity Plan - 1100D - April 2019 Series 44 (1) Regular Plan (G)
Fund Type Close-Ended
Fund Class Growth
Opens on 30-Apr-2019
Closes on 07-May-2019
Investment Objective To generate income through investments in Debt / Money Market Instruments and Government Securities maturing on or before
the maturity date of the respective Plan(s).
Min. Investment Rs.5000/-
Fund Manager Shobhit Mehrotra / Amar Kalkundrikar

17
MUTUAL FUND Performance Charts

EQUITY (Diversified)

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
HDFC Top 100 Fund - Growth 500.35 11-Oct-1996 15452.70 7.69 9.77 11.79 16.58 19.98 1.77 1.05 -0.05 88.85 10.54 N.A 0.61
Franklin India Focused Equity Fund - G 41.61 26-Jul-2007 7609.72 9.79 12.17 9.46 14.09 12.87 1.88 1.01 -0.08 58.63 10.35 17.14 13.89
Axis Bluechip Fund - Growth 28.73 05-Jan-2010 4169.29 6.34 12.23 9.07 15.31 11.98 1.37 0.78 0.06 89.06 N.A N.A 10.94
Mirae Asset Large Cap Fund - Reg - G 51.23 04-Apr-2008 10640.40 6.48 9.14 8.48 17.27 15.89 1.61 0.99 -0.01 83.60 9.02 2.78 4.60
HDFC Equity Fund - Growth 669.58 01-Jan-1995 20973.50 6.96 8.45 8.41 16.21 18.85 1.96 1.10 -0.07 82.16 11.22 6.10 0.52
SBI Magnum Equity ESG Fund - Growth 105.52 01-Jan-1991 2143.40 5.69 11.17 8.14 12.85 14.42 1.57 0.97 -0.04 90.16 7.07 N.A 2.77
Reliance Large Cap Fund - Growth 35.21 08-Aug-2007 11656.00 6.88 7.84 7.83 16.78 11.32 1.78 1.02 -0.01 80.34 13.41 3.57 2.68

TAX Fund

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Kotak Taxsaver - Reg - Growth 44.30 23-Nov-2005 888.53 7.86 11.48 6.97 14.75 11.70 1.59 0.94 -0.10 59.44 27.33 9.57 3.66
Canara Robeco Equity Tax Saver Fund-G 65.09 02-Feb-2009 876.41 4.98 10.17 6.90 13.99 20.05 1.59 0.93 -0.03 N.A N.A N.A N.A
Mirae Asset Tax Saver Fund-Reg-Growth 17.62 28-Dec-2015 1405.40 6.31 8.95 6.29 20.75 18.45 1.69 1.00 0.00 69.40 14.46 7.67 8.47
ICICI Pru Long Term Equity F (Tax Saving)-R-G 379.81 19-Aug-1999 5686.28 8.21 7.65 5.58 12.81 20.26 1.60 0.85 -0.07 68.74 14.44 9.46 7.36
HDFC Long Term Advantage Fund - Gh 361.94 02-Jan-2001 1451.17 6.48 9.58 5.56 16.01 21.61 1.64 0.98 -0.05 72.61 8.12 17.19 2.07
DSP Tax Saver Fund - Growth 48.10 18-Jan-2007 4828.61 8.78 11.22 3.23 14.59 13.63 1.72 1.00 -0.09 72.05 11.21 11.87 4.87
HDFC Taxsaver - Growth 525.17 31-Mar-1996 6916.74 6.95 5.89 2.08 13.57 24.86 1.71 0.97 -0.14 82.46 7.67 7.24 2.64

BALANCED
Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &
(`) Date (` Cr.) Launch CAP CAP CAP OTHER
Mirae Asset Hybrid - Equity Fund-Reg-G 14.80 29-Jul-2015 1510.63 5.87 8.11 8.71 14.16 10.98 1.24 -0.02 58.76 9.44 4.83 26.97
Canara Robeco Equity Hybrid Fund - G 158.08 01-Feb-1993 1923.31 4.66 7.93 5.55 12.51 11.24 1.07 -0.04 N.A N.A N.A N.A
SBI Equity Hybrid Fund - Growth 134.58 09-Oct-1995 28413.30 6.82 9.09 5.29 11.91 15.65 1.12 0.00 53.18 9.93 8.08 28.80
ICICI Prudential Equity & Debt Fund - G 134.02 03-Nov-1999 25914.10 6.87 5.11 5.19 13.45 14.23 1.21 -0.05 60.33 5.41 4.64 29.62
Sundaram Equity Hybrid Fund - Reg - G 90.03 23-Jun-2000 1458.12 4.49 6.91 4.77 13.08 12.26 1.07 -0.05 51.75 20.93 2.34 24.98
Aditya Birla Sun Life Balanced Advantage F-G 52.74 25-Apr-2000 2891.58 3.66 4.06 4.09 11.00 9.13 0.68 -0.09 54.83 9.38 5.75 30.04
Franklin India Equity Hybrid Fund - G 120.26 10-Dec-1999 1939.25 4.51 6.48 3.94 9.43 13.67 1.10 -0.07 57.51 8.86 1.81 31.82

INCOME FUND
Returns (%) Risk
Average Yield till
Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe
Maturity (Years) Maturity
(`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev.
Franklin India Dynamic Accrual Fund - G 66.68 05-Mar-1997 3805.07 7.91 2.36 -2.89 10.58 8.75 8.99 8.93 0.16 0.08 2.85 10.93
ICICI Prudential Long Term Bond Fund - G 58.87 09-Jul-1998 717.68 20.50 8.57 -7.74 10.62 8.73 7.79 8.88 0.51 -0.04 11.63 8.24
Axis Corporate Debt Fund - Reg - Growth 11.43 13-Jul-2017 240.62 9.18 4.23 0.79 10.10 8.67 N.A 7.71 0.10 0.07 3.40 8.35
Reliance Income Fund - G P - Growth 59.15 01-Jan-1998 279.40 17.59 8.20 -5.91 10.72 8.65 6.82 8.68 0.41 -0.07 9.84 7.97
IDFC D B F - Reg - Growth (Re-Launched) 22.23 03-Dec-2008 1962.65 14.82 5.50 -8.74 10.01 8.53 7.34 7.97 0.36 -0.11 8.07 8.09
Axis Banking & PSU Debt Fund - Growth 1743.27 08-Jun-2012 3091.24 7.07 -1.19 -7.97 10.95 8.41 7.71 8.39 0.18 0.04 2.80 7.63
DSP Strategic Bond Fund - Reg - Growth 2169.29 12-Nov-2008 881.12 11.19 -0.61 -10.92 10.38 8.33 6.55 7.67 0.34 -0.11 8.01 8.15

SHORT Due to their inherent short term nature, Short term funds have been sorted on the basis of 6month returns

Returns (%) Risk Average Yield till

Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe Maturity (Years) Maturity
(`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev.
Kotak Dynamic Bond Fund - Reg - Growth 24.26 27-May-2008 593.22 11.22 3.63 -4.75 11.97 9.24 8.36 8.44 0.24 0.00 5.55 8.54
IDFC Banking & PSU Debt Fund - Reg - G 16.02 07-Mar-2013 2843.30 7.79 -3.27 -10.34 11.72 8.88 6.97 7.95 0.22 -0.02 3.59 7.80
Sundaram Banking & PSU Debt Fund - G 26.38 30-Dec-2004 989.39 4.07 -0.03 -3.96 10.41 8.09 6.50 6.99 0.20 -0.06 2.03 7.69
Franklin India STIP - Growth 3988.48 31-Jan-2002 12433.50 7.02 -3.97 -6.14 10.06 8.57 8.97 8.34 0.16 0.10 2.89 11.11
Aditya Birla Sun Life Corp Bond F -R - G 71.88 03-Mar-1997 14957.60 7.13 2.89 0.41 9.80 8.29 7.79 9.30 0.14 -0.01 2.24 8.24
IDFC Bond Fund - Short Term Plan-Reg-G 38.09 14-Dec-2000 5391.53 5.37 -0.19 -3.67 9.76 7.89 7.02 7.54 0.16 -0.07 1.96 7.67
Axis Short Term Fund - Growth 20.29 22-Jan-2010 4366.39 7.82 3.37 0.63 9.42 7.67 7.22 7.92 0.13 -0.09 2.80 8.24
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 02/05/2019
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

*Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

18
Mr. Mahesh C Gupta (Co-Founder, Vice CMD, SMC Group) and Mr. D K Aggarwal (CMD, SMC Investments & Senior VP –
PHD Chamber of Commerce) receiving the award “Broking House of The Year for Non Agricultural Commodities”
conferred upon SMC Comtrade Ltd. during MCX Awards 2019 held on Friday, 26th April, 2019 at Hotel The Leela,
Mumbai. The award was presented by Mr. Mrugank Paranjape (MD & CEO, MCX) accompanied by other dignitaries.

Mr. S C Aggarwal (Co-Founder, CMD, SMC Group) during Earth Day Celebration held on Monday,
22nd April, 2019 at Vishwa Bharati Public School, Sector 28, Noida.
 Investment ka time
kahan milta hai?
Milta hai! Kyunki mere
piche SMC hai.

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