A Weekly Update from SMC
2011: Issue 286, Week: 3rd - 6th October (For private circulation only)
WISE M NEY
Brand smc 112
From The Desk Of Editor
Equity 4-7 Germany parliament approved the reforms to the European Financial Stability Facility
Derivatives 8-9 (EFSF) giving it more power so that it offers credit lines in case of the problem in real
economy. But it is still to be seen how European Union along with IMF view the Greece
situation. Greece is expected to run out of money by 10th October, if it is not able to
Currency 14 secure the next €8 billion tranche to pay its bill next month. Chinese economy is
IPO 15-16 showing signs of weakness. As per the HSBC Holdings Plc and Markit Economics
Mutual Fund 17-18 readings the manufacturing in the region contracted for the third consecutive month.
Back at home, the food inflation for the week ending 17th September came higher at
EDITORIAL STAFF 9.13% from the previous week level of 8.84% due to the higher prices of pulses and
Editor Saurabh Jain vegetables. The eight core industries having combined weight of 37.90% in the Index
Executive Editor Jagannadham Thunuguntla of Industrial Production (IIP) recorded a growth of 3.5% from the previous month
+Editorial Team growth rate of 7.5%. Out of the eight core industries, coal and natural gas recorded
Nikhil Mehta Dr. R.P. Singh
negative growth of (-)15.3% and (-)5.3% respectively. The reason for the negative
Nitin Murarka Kunal Sharma
Vandana Bharti Tejas Seth growth in coal is because of lower production by Coal India which accounts for 85% of
Sandeep Joon Dinesh Joshi the domestic production. And that of negative growth in natural gas is because of
Vineet Sood Shitij Gandhi
Dhirender Singh Bisht Subhranil Dey lower production from Reliance KG D6 basin.
Parminder Chauhan Asmita Satyendra
The government said that it would increase the market borrowings by `52,872 crore to
Ajay Lakra Mudit Goyal
Rahul Kumar Reena Srivastava `2.2 lac crore in the second half of the fiscal as it expects the shortfall of `35,000
Sumit Kukreja Neha Minocha kapoor crore in small-saving accounts. The total market borrowing for the fiscal would now
Content Editor Kamla Devi
be at least 12.5% higher that the budget estimates to `4.7 lac crore. Though
Graphic Designer Pramod Chhimwal
Research Executive Simmi Chibber government has indicated that the increase in borrowing would not affect the fiscal
deficit projections pegged at 4.6% of GDP but there are fair chances of slippages on
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
account of lower net tax revenue collections that grew by only 1.1% in the period of
Tel: 91-11-30111000, Fax: 91-11-25754365 April to July and higher subsidies on account of rising crude prices. In the period from
MUMBAI OFFICE: April to June, the fiscal deficit has already shot up to 55.4% of the budget estimate
Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road
Malad (West), Mumbai 400064 while revenue deficits have now gone to 63.4%.
Tel: 91-22-67341600, Fax: 91-22-28805606
The increase in borrowing program sent bond yields higher on fears of further rise in
18,Rabindra Sarani, Poddar Court, Gate No-4, 4th & 5th Floor, interest rate and competition of funds from corporate and individuals. However, it is
Kolkata-700001 believed that since the economy is showing signs of weakness and credit offtake is not
Tel : 91-33-39847000/39801300, Fax No : 91-33-39847004
AHMEDABAD OFFICE : picking up, the borrowing programme would sail smoothly. As of now, banks Statutory
3rd Floor, Sun City House, Besides Pantaloon, Opp Kotak Bank, Liquidity Ratio stands at close to 30.95% as against the requirement of 24% of total
MithaKhali Six Road, Ahmedabad - 380009.
Tel: +91 79 26424222 to 233, 40095400 to 404 deposits.
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, The global worries like flattering growth in U.S., persisting European region debt
C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03 crisis, moderating growth in emerging nations like China and domestic worries like
CHENNAI OFFICE: high inflation, rising interest rates, expectations of lower growth in corporate profits,
2nd Floor, Mookambika Complex, 4, Lady Desikachari Road,
moderating industrial growth, fiscal slippage, etc are some of the key factors that are
Tel: 91- 44 - 39109100 Fax: 91- 44 - 39109111 weighing on the markets.
206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,
On the commodity front, Germany vote in favor of relief packages, recent correction
Secunderabad - 500003 in dollar index amid better durable GDP data of US offered much needed support to
Tel: 91-40-30780298/99, 39109536
some commodities. Expiry of September contract of base metals kept the investors on
212, D.D. Vyapar Bhawan, K P Valom Road, Kadavanthra, Erunakulam toes. But it is too early to say that commodities prices will consolidate at current
(Cochin), Kerala - 682020 levels. German vote and US GDP are not enough to bring back the investors'
Tel: 91-484-2312281-83, 3928894-95, Fax: 91-484-2312281
confidence on track; it is still waning. However, short covering in most of the
312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E. commodities is expected but upside is limited here. It is advisable to the investors to
Tel: 97143963120, Mobile : 971502612483
Fax : 9714 3963122
opt for small profit as trend is still vague. Bullions may see further upside, however if
Email ID : firstname.lastname@example.org rupee appreciates it may result in some wild movements. ISM manufacturing of US,
Australia, Japan, ECB and UK interest rate decision, Euro zone PPI, Euro zone retail
Printed and Published on behalf of sales, employment data of US and Canada may offer some direction to the
Mr. Saurabh Jain @ Publication Address commodities prices in coming days.
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Investor Grievance : email@example.com
Printed at: KOZMIC STYLE OFFSET
D-137, Okhla Industrial Area, Phase-I, New Delhi - 110020 (India) (Saurabh Jain)
Ph.: +91-11-46251190, Email: Kozmic@consigliori.org
The News letter is scheduled to be released on every Friday. The data is based on Thursday closing prices.
NEWS TREND SHEET
DOMESTIC NEWS STOCKS CLOSING TREND DATE RATE S1 R1 S2 R2 CL.
PRICE TREND TREND S/L
· Food inflation jumped to 9.13% for the week ended September 17 from 8.84%
in the previous week, mainly due to a rise in prices of potatoes, pulses and CHANGED CHANGED
SENSEX 16698 DOWN 06.05.11 18519 17200 17700 18100
Oil & Gas
· GAIL India had agreed to buy a 20% stake in one of Carrizo Oil & Gas Inc's shale S&P NIFTY 5015 DOWN 06.05.11 5551 5250 5400 5500
gas assets in the United States and would invest a total of $300 million over CNX IT 5746 DOWN 06.05.11 6627 5650 5900 6050
the next five years.
Engineering CNX BANK 9653 DOWN 20.05.11 10664 10000 10500 10800
· GVK Power and Infrastructure, the flagship company of Hyderabad-based ACC 1090 UP 28.07.11 1022 1040 1020 1000
GVK group, is planning to have 7,500 MW thermal power generation capacity
BHARTIAIRTEL 375 DOWN 18.08.11 391 395 405 410
· Power & Infrastructure said its unit has won a bid to develop a four-lane BHEL 1666 DOWN 21.04.11 2060 1720 1780 1820
section of Mumbai-Agra national highway in the state of Madhya Pradesh.
CIPLA 288 DOWN 28.07.11 308 290 298 305
· BEML has bagged huge orders totaling to `230 Crores during August and
September 2011 from M/s. Central Coalfields Limited (CCL) and Northern DLF 224 UP 29.09.11 224 212 206 200
Coalfields Limited (NCL), both subsidiaries of Coal India Limited. The Orders HINDALCO 134 DOWN 13.05.11 198 151 159 165
are for supply of 100 Ton and 60 Ton Dump Trucks.
Realty/ Construction ICICI BANK 891 DOWN 10.06.11 1036 910 940 970
· Punj Lloyd Group had bagged a contract worth `1,195 crore from Haldia INFOSYS 2551 DOWN 15.04.11 2990 2450 2550 2650
Energy, a wholly-owned subsidiary of Calcutta Electric Supply Company
(CESC) for its 600 MW thermal power project. ITC 202 UP 04.03.11 172 199 193 188
Power L&T 1370 DOWN 04.08.11 1649 1520 1570 1610
· NTPC along with Ceylon Electricity Board has incorporated 'Trincomalee
MARUTI 1105 DOWN 18.08.11 1159 1130 1170 1200
Power Company', a joint venture that would set up a 500 MW coal-based
power plant in Sri Lanka. The plant, which is estimated to see an investment NTPC 168 DOWN 18.08.11 174 175 180 182
of up to $700 million, would come up at Sampur in Trincomalee.
ONGC 269 DOWN 20.05.11 274 275 285 293
· NTPC has tied up a syndicated loan worth `2,341 crore from a consortium of
Indian banks for its 390-MW Muzaffarpur thermal power project in Bihar. RELIANCE 808 DOWN 28.04.11 972 810 840 860
· Power Grid Corporation of India (PGCIL) had commissioned the transmission SAIL 110 DOWN 29.10.10 194 116 122 130
system for two units of the Mundra Ultra Mega Power Project (UMPP) in
Gujarat. The 4,000 MW Mundra project, being developed by Tata Power, 1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name
would be the first UMPP to start power generation in the country. of "Morning Mantra ".
2) S1 & S2 indicate first support & second support respectively & R1 & R2 indicate first resistance and second
Automobile resistance respectively.
· Mahindra & Mahindra launched its global sports utility vehicle, XUV500, at an 3) 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
introductory price between `10.8 lakh and `11.95 lakh (ex-showroom, taking a long-term view and not a short-term view.
· Ashok Leyland had bagged an order worth `178 crore ($36.56 million) from FORTHCOMING EVENTS
the government of Tanzania to supply 723 trucks, buses and special
application vehicles. Ex Date SYMBOL PURPOSE
Metal 03/10/2011 BHEL FACE VALUE SPLIT FROM `10/- TO `2/-
· Jindal Steel and Power (JSPL) planned to invest about `1,00,000 crore in
Jharkhand to set up two steel plants of 11 million tonne annual capacity by 04/10/2011 PVR SPECIAL INTERIM DIVIDEND
2016, along with 6,600 MW power plants. 05/10/2011 CARBORUNIV FACE VALUE SPLIT FROM `2/- TO `1/-
· National Aluminium Company (Nalco) planned to diversify into nuclear 05/10/2011 RENUKA INTERIM DIVIDEND
power generation by investing `11,450 crore jointly with Nuclear Power
Corporation of India in a project. 07/10/2011 GTL DIVIDEND-`1/- PER SHARE
Gems & Jewellery 07/10/2011 PATELENG AGM AND DIVIDEND `1/- PER SHARE
· Gitanjali Gems plans to invest `150 crore to set up 50 stores under its new 19/10/2011 PANTALOONR DIVIDEND-`0.90 PER SHARE
multi-brand jewellery format 'Jewel Souk'. The company will retail major
jewellery brands, fashion jewellery products and watches at Jewel Souk, 20/10/2011 INFY INTERIM DIVIDEND
Rahul Vira, head of retail, Gitanjali Lifestyle. TE
MEETING DA SYMBOL PURPOSE
04/10/2011 NOIDATOLL INTERIM DIVIDEND
10/10/2011 CHEMFALKAL FINANCIAL RESULTS
· initial jobless claims fell by 37,000 to 391,000 from the previous week's
revised figure of 428,000. Economists had expected jobless claims to edge 10/10/2011 TTKPRESTIG UN-AUDITED FINANCIAL RESULTS
down to 420,000 from the 423,000 originally reported for the previous week. 12/10/2011 INFY RESULTS/DIVIDEND
· U.S. economy grew more than initially reported in the second quarter.
17/10/2011 HDFC UN-AUDITED FINANCIAL RESULTS
The 1.3 percent growth in U.S. gross domestic product, while still weak, was
0.3 percentage points stronger than the 1 percent growth previously 18/10/2011 CHAMBLFERT UN-AUDITED FINANCIAL RESULTS
reported. Most economists had predicted a somewhat smaller upward 19/10/2011 BAJFINANCE UN-AUDITED FINANCIAL RESULTS
revision to 1.2 percent.
19/10/2011 BAJAJFINSV UN-AUDITED FINANCIAL RESULTS
· consumer confidence index edged up to 45.4 in September from a revised
45.2 in August. Economists had been expecting the index to climb to 46.5 19/10/2011 HDFCBANK FINANCIAL RESULTS
from the 44.5 originally reported for the previous month. 20/10/2011 FAGBEARING UN-AUDITED FINANCIAL RESULTS
·Industrial production in Japan was up a seasonally adjusted 0.8 percent on
20/10/2011 BAJAJ-AUTO UN-AUDITED FINANCIAL RESULTS
month in August. That was well shy of forecasts for a gain of 1.5 percent
following the 0.4 percent increase in July. 20/10/2011 BAJAJHLDNG UN-AUDITED FINANCIAL RESULTS
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
4.00 3.44 3.48
-2.00 -1.41 -1.87
Nifty Sensex BSE Midcap BSE Nifty Junior S&P CNX
SMC Trend -6.00
Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500 Auto Index Bankex Cap Goods Cons FMCG Healthcare IT Index Metal Oil & Gas Power Realty
Index Durable Index Index Index Index Index Index
GLOBAL INDICES (% Change)
* closing price as on 22nd Sep.
Auto Cap Goods FMCG IT Oil & Gas
** closing price as on 28th Sep.
Bank Cons Durable Healthcare Metal Power
6.00 INSTITUTIONAL ACTIVITY (Equity) (` Crore)
4.00 3.55 400.00 251.80
2.11 200.00 37.10 88.80
1.65 1.94 8.60
Nasdaq Dow Jones S&P 500 Nikkei* Strait Times Hang Seng** Shanghai FTSE 100 CAC 40
Comp. Comp. -1000.00
SMC Trend -1189.80
Nasdaq Nikkei Hang Seng FTSE 100 -1400.00
Dow jones Strait times Shanghai CAC 40 Friday Monday Tuesday Wednesday
FII Activity MF Activity
Up Down Sideways
BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
15.00 15.00 13.27
10.22 9.57 9.08
10.00 9.19 8.97 7.18
-0.47 -5.00 -3.30
-5.00 -4.21 -7.68
DLF JP Tata Infosys TCS Larsen & Coal India Sterlite Hero Bajaj Auto DLF JP Tata Infosys TCS Reliance Sesa Goa Reliance Larsen & Sterlite
Associates Motors Toubro Inds. Motocorp Associates Motors Capital Infra. Toubro Inds.
Beat the street - Fundamental Analysis
DIVIS LABORATORIES LIMITED
Business Profile opportunities. Company continue to focus on its VALUE PARAMETERS
Divis Laboratories Limited, an Active Pharma domain of capability in line with its strategy to work
Ingredients (APIs) & Intermediates company was with innovators playing a complementary role and Current Mkt.Price (`) 744.00
incorporated in the year 1990. Divi is engaged in non-compete model with its generic customers. Face Value (`) 2.00
manufacture of generic APIs, custom synthesis of It exports about 75% of its sales to advanced
· 52 Week High/Low 842.50 / 582.05
active ingredients and other specialty chemicals, markets in Europe and North America. It is also M.Cap (` Cr.) 9872.88
such as peptides and nutraceuticals. The company's planning to acquire biotechnology research EPS (`) 34.05
main manufacturing and research and development companies in India and abroad. The move is to P/E Ratio (times) 21.85
facilities are located in the State of Andhra Pradesh, venture into the biosimilar market. It has `500 P/B Ratio (times) 5.40
India. It has two wholly owned subsidiaries viz., M/s. crore for funding acquisitions. Dividend Yield (%) 1.34
Divis Laboratories (USA) Inc., in USA and M/s. Divi's Divi's Laboratories net profit rose 18.89% to
· Stock Exchange BSE
Laboratories Europe AG in Switzerland. `102.59 crore in the quarter ended June 2011 as
against `86.29 crore during the previous quarter
Investment Rationale ended June 2010. Sales rose 36.57% to `358.55 % OF SHARE HOLDING
· company has taken up implementation of a
The crore in the quarter ended June 2011 as against Rs
new DSN SEZ project at an estimated cost of `200 262.54 crore during the previous quarter ended
crores to cater to new opportunities in generics as June 2010. The company made a tax provision of
well as custom synthesis as company visualized `27 crores for the quarter as the company's EOU
full utilisation of existing capacities. During Unit has now come under regular tax provisions
FY2011, company spent an amount of Rs.74 crores and the first SEZ Unit is eligible for 50% tax
on this Project and a further amount of Rs. 89 exemption.
crores towards enhancing capacities and Stock Chart
upgrading utilities at the existing Units, in order 860 860
to conform to best environment practices and 840
zero discharge of effluents. 800
760 760 ` in cr
· company has also launched several new generic 740 740
products like Tamsulosin, Dexlansoprazole, 720
Particulars QE Jun’11 QE Jun’10 Var.(%) TTM
Valsartan, Capecitabine, Desloratadine, 680
Total Income 374.96 274.27 36.70 1448.80
Quetiapine and Telmisartan -which are expected to 640
620 Net Sales 358.55 262.54 36.60 1401.44
gather volumes in future. 600 600
580 580 Expenditure 230.81 166.86 38.30 877.80
· continues to work towards optimizing the 9000
8000 PBDIT 144.15 107.41 34.20 571.00
capacities created at its multi-purpose 7000
manufacturing facilities and also creating
PBDT 143.93 107.19 34.30 569.14
additional capacities to cater to growing business 1000
November December 2011 February March April May June July August September
PAT 102.59 86.29 18.90 451.87
Business Profile wind power generation. VALUE PARAMETERS
SRF Limited is engaged in the manufacture of SRF
· has obtained board approval for setting up the
Current Mkt.Price (`) 309.60
chemical based industrial intermediates. The company's second hydrofluorocarbon (HFC)-134
company operates in three business segments: plant with an annual capacity of 15,000 tonnes in its Face Value (`) 10.00
Technical Textiles Business (TTB), Chemicals and Chemical Complex in Dahej. The project is 52 Week High/Low 444.30 / 270.05
Polymers Business (CPB) And Packaging Films Business expected to be commissioned at an estimated cost M.Cap (` Cr.) 1858.53
(PFB). It is a global entity with operations in 8 of `365 crore. The new HFC plant is scheduled to
EPS (`) 83.00
locations viz India, Dubai, South Africa and Thailand. become operational by January 2013. The
Building on its in-house R&D facilities for Technical expansion in the Chemicals and the Packaging Films P/E Ratio (times) 3.73
Textiles Business and Chemicals Business, the businesses is part of its overall strategy and ongoing P/B Ratio (times) 1.17
company strives to stay ahead in business through efforts to reduce dependence on nylon tyre cord. Dividend Yield (%) 4.56
innovations in operations and product development. During the quarter ended June 2011, it reported
· Stock Exchange BSE
51% rise in its net profit to `82.81 crore on the back
Investment Rationale a robust showing by its chemicals business. The
chemical-based industrial-intermediates firm % OF SHARE HOLDING
· board of SRF Ltd has approved the proposal to
set up a plant in South Africa with an investment achieved a 35% surge in net sales at `835 crore
of `25 crore. The plant will have the capacity to during the period. The company's operating profit
produce 5,400 tonnes of biaxially-oriented increased by 27% to `163.98 crore and profit before
polypropylene film a year. The plant is set to start depreciation and tax grew by 30% to `152.76 crore.
operations from July 2013. Stock Chart
· company plans to set up biaxially-oriented
polyethylene-terephthalate or BOPET, a polyester 440 440
film made from stretched polyethylene 400 400
terephthalate with a capacity of 28,500 tonnes 380 380
` in cr
annually in Bangladesh through an 80:20 joint 360 360
venture with Nitol Niloy Group, and a metalliser 340 340
Particulars QE Jun’11 QE Jun’10 Var.(%) TTM
with a capacity of 7,050 tonnes annually in Thailand 320 320
Total Income 847.87 626.86 35.30 3326.63
at a total investment of around `290 crore. 300 300
Net Sales 835.29 616.84 35.40 3204.51
· company is planning to invest `184 crore in
The 260 260 Expenditure 674.82 490.03 37.70 2377.30
setting up a polyester yarn plant of 14,500 tonnes 1000 1000
PBDIT 173.05 136.83 26.50 949.33
per annum. Besides, it also plans to invest `40 500 500
PBDT 152.76 117.20 30.30 864.75
crore in dipping tyre cord plant and `92 crore for
November December 2011 February March April May June July August September
PAT 82.81 54.78 51.20 511.47
Above calls are recommended with a time horizon of 1 year.
HCL TECHNOLOGIES LIMITED
The stock closed at `410.15 on 29th September 2011. It made a 52-week low at
`360 on 26th August 2011 and 52-week high of `528.00 on 21th April 2011. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at `354.82.
It went up in an upward channel and rested near 525 levels after which it
reversed due to the impact of sharp fall in broader index. However, it managed
to take support on its 200 EMA on the weekly charts which indicates its strength
as it formed buying pivot with increase in the volumes. One can Buy in the range
of 404-407 levels for a target of 455-465 levels with a closing below stop loss of
KOTAK MAHINDRA BANK LIMITED
The stock closed at `476.40 on 29th September 2011. It made a 52-week low at
`333 on 09th February 2011 and 52-week high of `526.55 on 14th October 2010.
The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart
is currently at `354.93.
It formed inverted head and shoulder on the weekly charts but could not give a
breakout above its neckline but the bullish momentum is still intact as it is
trading in a range in last few weeks negating the fall in the broader index. One
can Buy only when it gives closing above 480 levels for a target of 525-540 levels
with a closing below stop loss of 460 levels.
MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED
The stock closed at `163.95 on 29th September 2011. It made a 52-week low at
`110 on 04th March 2011 and 52-week high of `185.25 on 07th October 2010. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at `141.09.
It is in the consolidation zone from last five months and in recent time it formed
an inverted head and shoulder formation which is bullish in nature. As we can
see in the last week there was a huge spurt in the volumes and price there are
chances that it will gave a breakout which will help it to reach our desired levels
in the near term. One can Buy only when it gives closing above 170 levels for a
target of 210-215 levels with a closing below stop loss of 150 levels.
Charts by Spider Software India Ltd
Above calls are recommended with a time horizon of 1-2 months
WEEKLY VIEW OF THE MARKET
Nifty has average rollover of 60% which is below last three month average rollover .Banking, Metals and Telecom sectors has seen short rollover whereas defensive
sectors like Parma and FMCG has seen long rollover indicating defensive buying interest. Nifty saw a sharp bounce-back from 4720 levels however; it was unable to
take out the crucial resistance zone of 5180-5200. On the options front, volatility has increased considerably as the VIX crossed 30%, which is well above its long-
term average, indicating volatile trades ahead with a negative bias. Currently, the highest addition of open interest is in the 4800 put (53 lakh shares) and the 5200
call (43 lakh shares). The overall market open interest dropped by 20% in the opening of October expiry compared to previous expiry. Hereafter, the market is
expected to remain in the range of 4800- 5100 levels in the short term. Technically, the Index is trading below all its moving averages, indicating bearish sentiment.
The put-call ratio of open interest closed at 1.53 indicating short-term caution. The options data imply that markets may remain volatile in the near term. The
implied volatility (IV) of call options closed at 28.90% for the week, whereas it closed at 29.09% for puts. Nifty VIX had picked up during the week. It is indication of
instability in the short term. However, in our view, currently, the Index may continue to face stiff resistance around 5070-5100 levels, and is likely to remain
sideways-to-bearish in the near term. Any sustenance below the 4,900 level will intensify selling pressure.
BEARISH STRATEGY VOLATILITY BASED STRATEGY
TCS DLF BHEL
Buy Oct. 1020 PUT 35.75 Buy Oct. 230. CALL 5.75 Buy Oct. 1650. CALL 53.50
Sell Oct. 1000 PUT 28.00 Buy Oct. 210. PUT 12.00 Buy Oct. 1600. PUT 55.10
STRATEGY Lot size: 1000 Lot size: 125
Lot size: 250 Upside BEP: 247.75 Upside BEP: 1758.60
BEP: 1012.25 Downside BEP: 192.25 Downside BEP: 1491.40
Max. Profit: `3062.50 (12.25*250) Max. Profit: Unlimited Max. Profit: Unlimited
Max. Loss: `1937.50 ( 7.75*250) Max. Loss: `17750.00 (17.75*1000) Max. Loss: `13575.00 (108.60*125)
HINDUNILVR (OCT FUTURE) RCOM (OCT FUTURE) AXISBANK (OCT FUTURE)
FUTURE Buy: Above `344 Sell: Around `71 Sell: Below `1020
STRATEGY Target: `354 Target: `67 Target: `990
Stop loss: `340 Stop loss: `73 Stop loss: `1030
NIFTY TOTAL OPEN INTEREST (in share) BASIS GAP IN NIFTY
5000000 4752200 15.00
3220150 3094600 3011600 5.00 3.35 2.95
3000000 2847800 2607300
1373750 1361100 -5.00
270950 376500 268150 -10.00
142050 -9.75 -9.25
4400 4500 4600 4700 4800 4900 5000 5100 5200 5300
Call Put 16-Sep 19-Sep 20-Sep 21-Sep 22-Sep 23-Sep 26-Sep 27-Sep 28-Sep 29-Sep
FII'S ACTIVITY IN F&O IN LAST TEN SESSIONS FII'S ACTIVITY IN F&O IN LAST WEEK
(Derivative segment) `(Cr) (Derivative segment)
1000.00 680.22 49.5%
16-Sep 19-Sep 20-Sep 21-Sep 22-Sep 23-Sep 26-Sep 27-Sep 28-Sep 29-Sep
NIFTY & IV CHART NIFTY ANALYSIS
Put Call Ratio Analysis :The Put-Call open interest ratio of Nifty has increased to
5200.00 36.00 1.53 from 1.34. At the end of the week, the maximum stocks had a positive trend
35.00 of change in put call open interest ratio.
33.00 Implied Volatility Analysis :The Implied Volatility (IV) for Nifty futures this week
32.00 has decreased to 28.90% from 33.46%. The IV of the stock futures has changed
5000.00 31.00 this week ranging from -7.39% to 13.50%.
Open Interest Analysis : The open interest for the index at the end of this week
4900.00 has decreased by 18.42% as compared to the previous week. All future stocks saw
changes in their open interest ranging from -24.23% to 50.36%. ONGC has the
maximum increase in open interest as compared to other stocks.
23-Sep 26-Sep 27-Sep 28-Sep 29-Sep
Nifty Close IV Statistical Analysis·
Open 4879.00 High 5036.25
Low 4756.10 Close 5019.40
IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS
OPEN INTEREST PCR RATIO IMPLIED VOLATILITY
SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT
WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE
BHARTI 9332000 9144000 -2.01 0.41 0.59 0.18 38.50 34.47 -4.03
DLF 19411000 20880000 7.57 0.72 1.16 0.44 48.80 41.41 -7.39
HINDALCO 15630000 19270000 23.29 0.52 0.55 0.03 50.33 50.22 -0.11
HINDUNILVR 10898000 9533000 -12.53 0.58 0.96 0.38 27.43 25.93 -1.50
ICICIBANK 8899000 8532250 -4.12 0.83 0.58 -0.25 41.07 38.05 -3.02
IDEA 12304000 12344000 0.33 0.22 0.27 0.05 43.94 37.95 -5.99
INFY 2385750 2218875 -6.99 0.71 0.20 -0.51 37.29 34.22 -3.07
ITC 17704000 13708000 -22.57 0.32 0.92 0.60 30.07 24.05 -6.02
JPASSOCIAT 35552000 26936000 -24.23 0.68 1.26 0.58 60.38 61.08 0.70
NTPC 10704000 14914000 39.33 0.46 0.41 -0.05 28.66 26.38 -2.28
ONGC 9387000 14114000 50.36 0.42 0.38 -0.04 33.29 27.76 -5.53
RANBAXY 2090000 2109500 0.93 0.31 0.50 0.19 20.98 34.48 13.50
RCOM 18390000 21290000 15.77 0.45 0.46 0.01 70.43 68.89 -1.54
RELIANCE 11685250 11238250 -3.83 1.01 0.57 -0.44 39.90 37.80 -2.10
S&P CNX NIFTY 23704200 19337500 -18.42 1.34 1.53 0.19 33.46 28.90 -4.56
SAIL 6830000 6178000 -9.55 0.47 0.42 -0.05 42.72 48.30 5.58
SBIN 4557000 4961625 8.88 0.53 0.41 -0.12 38.31 37.11 -1.20
SUZLON 52344000 65832000 25.77 0.32 0.23 -0.09 60.78 61.21 0.43
TATASTEEL 15769000 17057500 8.17 0.38 0.31 -0.07 37.79 35.66 -2.13
UNITECH 44672000 45800000 2.53 0.47 0.33 -0.14 61.33 59.93 -1.40
SPICES OIL AND OILSEEDS
Pepper futures may find some difficulties to maintain their position in the Soybean futures breaking 2100 levels, may trade downside taking bearish
green territory. The tug of war to push up with buying on dips and pull cues from spot as well as international markets. Pressure of new soybean
down for profit booking, may keep the prices range bound, maintain crop arrivals is gradually increasing on good harvesting prospect with clear
support above 34500 levels. Indian parity in the international market weather over Madhya Pradesh and Maharashtra. Investors would be eyeing
quoting cheapest @ $7,900/tonne (c&f) for Europe and $8,200/tonne to production figures to be released by the Soybean Processors Association
(c&f) US, is attracting orders. But, exporters were offering only limited of India in days to come. Analyzing the export scenario, FOB soymeal price
quantities because of the sidelined trend in price movement & high fell over 10% in September to about $360 per tonne, & those levels are
fluctuations. Chilli futures (Oct) are on the road to a very gradual recovery likely to fall further in October when the new supplies of soymeal will rise.
as the counter is eying a support at 8400 levels. Spot prices are However, this scenario is unlikely to hurt Indian exporters, taking
maintaining a steady tone in the Guntur mandi of Andhra Pradesh. The advantage of depreciating Indian rupee against the U.S. dollar &
upside may remain capped as the cash markets are expecting arrival of geographical proximity also making Indian soymeal less expensive.
new crop in the Nimaad mandis by October 15. Jeera futures moving Moreover, at present there is a good demand from Japan, Pakistan and
through a downside trajectory since past three weeks, is expected to take Bangladesh. Abroad, US soybean futures tumbling to a 10-month low
support above 14300 levels. In the international market, Indian cumin fueled by global economic uncertainty & seasonal harvest pressure is
seed quoted @ USD 3,150-3,200/ tonne (cnf) Singapore, lower than Syrian adding to the lower theme, making investment funds sell soybeans, in
and Turkey's, is attracting decent export enquiries from Bangladesh, large amount. Refined soy oil futures may fall towards 610 levels, in unison
Middle East and Southern America. Exhaustion along with profit booking with soybeans, driven lower higher availability of stock & sidelined crude
on every rise might continue to haunt cardamom futures. This season the oil prices. CPO futures may trade bearish tracking weak Malaysian prices.
crop progress has been good, and third round of harvesting is in full swing, BMD CPO prices have witnessed a downfall of more than 5.50% on
which suggests there might be some further downside for this counter. apprehensions that export demand might slump after major buyers India
Turmeric futures may trade range bound as the market undertone is weak, and China complete purchases ahead.
threatened to prolonged supplies.
Bullions can remain on volatile path as prices will try to find some support
Chana futures may continue to see some downside owing to profit booking after the drastic meltdown witnessed recently. Gold physical demand due
from higher levels & giving a negative reaction to the imposition of special to upcoming festive and marriage season will provide underlying support
Margin @ 10% on the long side on all running contracts of with effect from to the prices. Traditionally in India, retail gold demand gains pace from
beginning of day Friday, September 30, 2011. Sugar futures may once the month of August when the festival and wedding seasons start along
again witness 2700 levels as higher non-levy monthly quota seems to take a with Diwali. South African gold miner AngloGold Ashanti will invest $250
grip on bearish sentiments. In recent development, govt. has made million each year through 2016 to raise its Brazilian output of the precious
available 1.75 million tonnes of non-levy sugar for October, higher than 1.7 metal by two thirds. Gold prices can trade in wide range of 25000-26500 in
million tonnes it had released for September, in expectation of higher MCX. White metal silver may also trade in wide range of 48000-58000 in near
demand during festival season. Guar seed & Guar gum futures (October) to medium term. According to Barclays Capital “Physical demand for silver is
may remain confined within recent trading ranges as the counters have seen around the low of $30 an ounce level, and price dips under that region
gathered some support near 4500 & 14000 levels respectively. Moreover, are seen as a positive entry point”. When silver prices rose to near $50 earlier
crop is delayed by 1 month and there is an apprehension that carry-over this year, industrial users had problems with the higher prices and indications
stock of about close to 2 lakh tonnes may not be sufficient for consumption back then implied support from these users would materialize around the
as demand remains firm. So, downside of prices may be restricted. Mentha low $30s. Further, retail demand will increase in the region of $30 with
oil futures may maintain its bullish trend on enthusiastic queries from physically backed exchange-traded funds seeing an increase of 195 metric
pharmaceutical industries & rising quotes at spot markets. In Chandausi, tons last week. The SPDR gold ETF holding have not seen much change as
mentha oil (68 GLC) quoted at `1,520/ kg, in Sambhal it traded at Gold's steep correction has not yet unnerved investors.
`1,510/Kg in Rampur at `1,485/kg, in Barabanki at `1,460/kg. Wheat
futures may remain in negative zone as govt. is in determination to clamp FERROUS AND NON-FERROUS METALS
down on inflation & any pullback would be merely corrective in nature.
Base metals witnessed sharp plunge recently, can remain on volatile path
ENERGY COMPLEX on mixed fundamentals. The upcoming China holidays from Monday to
Wednesday will lead to less volatility in base metals pack. Macro economic
Crude oil prices can trade in range of 3900-4200 in MCX and $78-84 in factors along with movement of greenback are the market moving factors
NYMEX. The movement of greenback and news emanating from euro zone in base metals complex. Copper prices can trade in range of 325-370 in
will guide further movement in this counter. Crude inventories climbed for MCX. China's imports of copper rose 11.0 percent to 340,398 tonnes in
the first time in four weeks in the U.S. the world's biggest user of the August from 306,626 tonnes in the previous month. World refined copper
commodity, which accounts for about 21 percent of demand. Production consumption exceeded production by 130,000 tonnes during the first half
capacity in the Organization of Petroleum Exporting Countries will climb of this year compared with a deficit of 286,000 tonnes in the first six
almost 800,000 barrels a day in 2012, led by the resumption of Libyan months of 2010.Aluminium prices can also trade in range of 104-112 on
fields. Fighting in Libya since February has reduced the availability of domestic bourses. The Japan Aluminium Association data showed
Brent crude. The country's output fell to 45,000 barrels a day last month. In shipments of Japanese aluminium products fell 1.5 percent in August from
his first public remarks since the Fed launched a fresh measure aimed at a year earlier to 154,684 tonnes. Shipments of flat-rolled aluminium used
keeping down long-term borrowing costs, Bernanke indicated a willingness in beverage cans, fell 4.6 percent from a year earlier due to the weak
to push deeper into the realm of unconventional policy if economic growth demand. Zinc and Lead can both find support at 90 in MCX. Nickel prices
remains anemic. Natural gas prices can trade on highly volatile path in can also trade in range of 850-970 on domestic bourses. China is expected to
range of 185-210 in MCX. Natural Gas prices are expected to remain weak produce 440,000 tonnes of nickel this year, while consumption may rise 13
in the last quarter of this year due to lower demand as compared relative percent to 650,000 tonnes from last year. Nickel is a major raw material in
to the production strength. The vast expansion of liquid production from making stainless steel, with about 60 percent of nickel output worldwide
shale, producing associated gas, has shifted the gas supply curve down and consumed by the sector. Global nickel stockpiles are now rising slightly after
to the right, cutting off the need for high-end gas resources. declining for over a year-and-a-half, putting pressure on prices.
EXCHANGE CONTRACT CLOSING DATE TREND TREND RATE TREND S1 R1 S2 R2 CLOSING
PRICE* CHANGED CHANGED STOP/LOSS
NCDEX GUAR SEED (OCT) 4614.00 25.03.11 UP 2978.00 4250.00 - 4150.00 - 4050.00
NCDEX SOYABEAN (OCT) 2124.00 17.06.11 DOWN 2281.00 - 2450.00 - 2470.00 2580.00
NCDEX JEERA (OCT) 15083.00 18.08.11 DOWN 15517.00 - 16000.00 - 16500.00 17000.00
NCDEX PEPPER (OCT) 35290.00 25.08.11 UP 32900.00 35000.00 - 34000.00 - 33000.00
NCDEX RED CHILLI (OCT) 8560.00 27.05.11 DOWN 8342.00 - 8600.00 - 9000.00 9500.00
NCDEX RM SEEDS (OCT) 2863.00 17.06.11 DOWN 2861.00 - 3000.00 - 3040.00 3170.00
MCX MENTHA OIL (OCT) 1426.00 21.07.11 UP 1140.00 1260.00 - 1180.00 - 1130.00
MCX CARDAMOM (OCT) 700.00 08.02.11 DOWN 1361.50 - 820.00 - 870.00 900.00
MCX SILVER (DEC) 51245.00 SIDEWAYS
MCX GOLD (DEC) 26011.00 SIDEWAYS
MCX COPPER (NOV) 355.65 06.05.11 DOWN 398.60 - 400.00 - 420.00 440.00
MCX LEAD (OCT) 99.75 06.05.11 DOWN 103.25 - 122.00 - 127.00 135.00
MCX ZINC (OCT) 94.55 06.05.11 DOWN 95.90 - 112.00 - 114.00 118.00
MCX NICKEL(OCT) 916.90 20.05.11 DOWN 1067.30 - 1050.00 - 1100.00 1250.00
MCX CRUDE OIL (OCT) 4076.00 22.09.11 DOWN 4018.00 - 4250.00 - 4350.00 4500.00
MCX NATURAL GAS (OCT) 187.50 04.08.11 DOWN 177.30 - 200.00 - 220.00 235.00
Closing as of 29/09/2011
NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.
2) S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance.
3) 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 commodity. At the moment, the stop loss will be far as we are seeing the graphs on weekly
basis and taking a long-term view and not a short-term view.
4) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of Daily report- commodities.
MENTHA OIL MCX (OCTOBER)
MENTHA OIL MCX (OCTOBER) contract closed at `1426.20 on 29th September '11. The contract made
its high of `1436.40 on 29th September '11 and a low of `1132.00 on 26th August '11.The 18-day
Exponential Moving Average of the commodity is currently at `1329.50.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 70.49.One can buy in
the range 1400-1415 with the stop loss of `1368 for a target of `1500.
ZINC MCX (OCTOBER)
ZINC MCX (OCTOBER) contract closed at `94.55 on 29th September '11.The contract made its high of
`106.60 on 31st August'11 and a low of `90.20 on 26th September '11.The 18-day Exponential Moving
Average of the Commodity is currently at `98.30.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 37.21. One can buy in
the range 94.50-93.50 with the stop loss of `91.50 for a target of `100.
NATURAL GAS MCX (OCTOBER)
NATURAL GAS MCX (OCTOBER) contract closed at `187.50 on 29th September '11.The contract made
its high of `199.60 on 14th September '11 and a low of `181.50 on 30th August '11.The 18-day
Exponential Moving Average of the Commodity is currently at `188.88.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 44.10. One can buy in
the range 185-183 with the stop loss of `178 for a target of `200.
Closing as of 29/09/2011
NEWS DIGEST WEEKLY COMMENTARY
China has installed the country's first gold vending
· In the week gone by macro factors created panic across the bourses causing some commodities
machine in Beijing. Each withdrawal is capped at 2.5 to bleed. We witnessed selling in base metals and crude oil not only in last week but also in last
kilograms (5.5 pounds) or one million yuan (about quarter on ongoing debt crisis in Euro zone amid some growth concern in US as well. The nature
US$156,500) worth of gold. of selling everywhere advocates that investors are in fear and they prefer to seat on cash for the
time being. Gold, which is considered as safe haven buying also moved down from past three
Rajasthan government has increased the stock limit on
· week for the same reason. Marginal appreciation in rupee also sent prices at lower side. While
pulses. The release stated that any trader can stock up the silver story was not similar; in international market prices moved down but here in
to 2,500 quintal of chana or chana dal or both. domestic market prices recovered quickly. Traders opted for aggressive buying in silver in both
· Government has decided to make available 19.97
The physical and future market as recent downfall of around Rs 20000 stimulated fresh buying in
lac tonne of sugar (levy sugar –2.47 lakh tonne and non- metal. Bad durable goods order further hammered industrial metals prices further. But it was
levy sugar – 17.5 lakh tonne) for the month of October only lead which traded against the weak trend of entire base metal complex and improved on
fresh buying. Reverse trend in dollar index, which couldn't breach its strong resistance of 80
proved beneficial for crude oil which slowly scrawled towards north. Expectation of positive US
Govt. has extended a ban on exports of vegetable oils
· GDP number also encouraged buyers to bet on long, which is the world largest consumer of
by a year to Sept. 30, 2012. crude oil.
Special Margin of 10% imposed on the long side on all
· After trading in upward channel for many weeks on strong fundamental and technical, chana
running contracts of Chana with effect from Friday, finally saw a halt in its rally on impose of 10% additional margin with effect from 30th of
September 30, 2011. September. With the new crop arrival from Madhya Pradesh and Maharashtra in the middle of
bearish international market, all edible oil and oil seeds traded in negative zone. They
· per the Circular No: MCX/T&S/333/2011, Potato
completely ignored the festival demand as market has sufficient supply to fulfill any additional
(Tarkeshwar) March 2012 contract is available for
demand. In spice complex too, festival demand is giving no major impact on the prices. Pepper
futures trading with effect from Thursday, September prices corrected as rally overstretched and nobody was interested to create huge long positions
29, 2011. at such a higher level rather they preferred profit booking. Some of the spices viz; chilli,
· recently formed Warehousing Development &
The turmeric and cardamom were trying to consolidate at current levels on some lower level
Regulatory Authority (WDRA) wishes to launch the buying. Despite demand from Bangladesh, Middle East and southern America, jeera witnessed
trading of negotiable warehouse receipts (WR) on selling pressure. Sugar prices took support near 2720 level and moved up marginally on
online spot exchanges. improved spot demand. Nevertheless, government has announced better sales quota for this
month which may cap the upside. High demand for potato during Navratri sent prices higher in
USDA to release its next crop progress report on
future market also. Castor continued to move southward for continuous 10th week.
October 3, 2011.
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
1.47 4.12 4.00
-5.29 -5.22 -5.22
-8.00 MENTHA LEAD THERMAL GUAR SEED ALMOND PLATINUM SOYABEAN CPO CARDAMOM TIN
TURMERIC CRUDE POTATO ALMOND NICKEL (N) CHANA ZINC (N) SILVER SOYABEAN CPO OIL COAL
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 21.09.11 28.09.11 DIFFERENCE COMMODITY UNIT 22.09.11 29.09.11 DIFFERENCE
QTY. QTY. QTY. QTY.
CHANA MT 162392.00 160482.00 -1910.00 CARDAMOM MT 34.10 34.10 0.00
CHILLI MT 7044.00 5537.00 -1507.00
GOLD KGS 98.00 98.00 0.00
GUAR SEED MT 63577.00 62783.00 -794.00
GOLD MINI KGS 54.30 53.20 -1.10
GUAR GUM MT 23089.00 22741.00 -348.00
JEERA MT 11255.00 11528.00 273.00 MENTHA OIL KGS 1096715.58 1191371.93 94656.35
PEPPER MT 4781.00 4774.00 -7.00 POTATO MT 2680.20 1765.10 -915.10
RAPE MUSTARD SEED MT 174823.00 164321.00 -10502.00 SILVER KGS 55924.02 15781.33 -40142.69
SOYA BEAN SEEDS MT 152.00 152.00 0.00
SUGAR MT 3115.92 1848.14 -1267.78
STEEL LONG MT 19471.00 19051.00 -420.00
SUGAR S KOL MT 648.00 1147.00 499.00
TURMERIC MT 8664.00 8488.00 -176.00
SPOT PRICES (% change) FUNDAMENTAL OF REFINED SOY
Refined Soy oil is one of the most important edible oils used in India. Crude and Refined
soy oils are the two traded forms of the commodity in the spot as well as futures markets.
TURMERIC (NIZAMABAD) 0.41 Soybean oil in its crude form is the second most traded oil in international market after
palm oil. Soybean oil accounts for 24% share of the vegetable oil traded in international
SOYABEAN (INDORE) -5.99 market.
SILVER (DELHI) -17.46
· Refined soybean oil production accounts for 27.4% of the total global vegetable oil
RUBBER (KOCHI) -3.70 production whereas Soybean oil consumption accounts to 27.7% of the total
vegetable oil consumption.
REFINED SOYA OIL (INDORE) -2.08 · According to the latest report of USDA released on Sept. 12, global soybean oil production in
2011/12 is forecast at 43.244 million tons as against 41.59 million tons in 2010-11.
RAW JUTE (KOLKATA) -4.86 · Currently, China is the major producer of soybean oil in the World with the production
of 9.8 million ton followed by US (8.6 MT), Argentina (7.2MT) and Brazil (6.9MT).
POTATO (DELHI) -5.99
· According to USDA, China's soybean oil production in 2011/12 is forecast at 10.84
PEPPER MALABAR GAR (KOCHI) -1.26 million tonnes followed by US (8.46 MT), Argentina (7.6 MT) and Brazil (7.0 MT)
· China is the major consumer and importer of soybean oil in the World. It accounts for
MUSTARD (JAIPUR) -1.69 approximately 24% of World soybean oil consumption followed by India (12%), US (8%)
and Indonesia (4%)
MILD STEEL INGOTS (GHAZIABAD) 0.31
· Argentina is the major exporter (55%) of soybean oil in the World, followed by United
MASOOR (INDORE) -7.03 States, Brazil and EU-27 nations.
JEERA (UNJHA) -0.52 India
· ranks 6th in soy oil production with a share of 4%.
· Total edible oil production in marketing year 2011/12 is forecast at 7.4 million tonnes,
GUR (MUZAFFARNGR.) -2.95
up 3 percent over current marketing year 2010-11 due to an anticipated increase in
GUARSEED (JODHPUR) 0.11
total oilseed production and larger oilseed crush. Of which soy oil production is
forecast at around 1.69 million tonnes.
GUARGUM (JODHPUR) -0.46 · According to the latest report of USDA, assuming a normal monsoon and favourable
growing conditions, total oilseed production in 2011/12 is forecast at 35.6 million tonnes,
GOLD KG (MUMBAI) -7.76 up three per cent over 2010/11.
· Growing population, good supply conditions and rising income levels of Indian
CRUDE PALM OIL (KANDLA)
consumers are likely to raise edible oil consumption levels to 17.1 million tonnes.
CORIANDER (KOTA) -2.67 · Soyoils is the second largest edible oil consumption segments in India estimated at 2.9
CHANA (DELHI) -2.38 · vegetable oil deficit in marketing year 2011/12 is expected to be around 10.8
million tonnes; of which 87 percent or close to 9.4 million tonnes is likely to be met
CHILLI LCA 334 (GUNTUR) -1.14
BARLEY (JAIPUR) -1.69
· The edible oil import for current
marketing year 2010-11 is estimated at
9 million tonnes, which includes 7
WEEKLY STOCK POSITIONS IN LME (IN TONNES) million tonnes of palm oil, 1.4 million
tonnes of soy oil.
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE · According to USDA, India's soybean
ON 22.09.11 ON 29.09.11 oil imports are expected to be 0.8
COPPER 466075 470700 4625 million tonnes as growing domestic
ALUMINIUM 4592625 4569075 -23550 supplies will limit the need for soybean
NICKEL 97818 97164 -654
· future prices of refined soy oil are
ZINC 831250 824125 -7125 largely influenced by the international
LEAD 374450 373425 -1025 edible price movements especially BMD palm oil and soyoil in CBOT.
TIN 21165 21165 0 OUTLOOK
Although the new crop of soyabean arrivals start and peak up in October, Crushing will also
start in the same month and peak up during the subsequent two-three months leading to
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $) subdued prices. But the key festive demand for Refine soy oil supports to prices until
November end. Earlier USDA report was also not Supportive to the edible oil prices.
COMMODITY EXCHANGE CONTRACT 23.09.11 29.09.11 CHANGE% International edible oil market sentiments are down on lower export demand from the importing
ALUMINIUM LME 3 MTH 2205.00 2222.00 0.77 nations. Due to concern about US economy and euro zone debt crisis the crude oil prices are
COPPER LME 3 MTH 7260.00 6995.00 -3.65 showing weakness. It is also impacting the demand of refined soyoil for Biofuel output.
LEAD LME 3 MTH 2022.00 1995.00 -1.34
NICKEL LME 3 MTH 18000.00 18450.00 2.50 INTERNATIONAL COMMODITY PRICES
TIN LME 3 MTH 19000.00 20600.00 8.42 COMMODITY EXCHANGE CONTRACT UNIT 23.09.11 29.09.11 CHANGE (%)
ZINC LME 3 MTH 1955.00 1897.00 -2.97
Soya CBOT NOV Cent per Bushel 1258.00 1209.25 -3.88
GOLD COMEX DEC 1639.80 1617.30 -1.37
Maize CBOT DEC Cent per Bushel 638.50 632.50 -0.94
SILVER COMEX DEC 3010.10 3052.20 1.40
LIGHT CRUDE OIL NYMEX NOV 79.85 82.14 2.87 CPO BMD DEC MYR per MT 2992.00 2898.00 -3.14
NATURAL GAS NYMEX NOV 3.77 3.75 -0.50 Sugar LIFFE DEC 10 cents per MT 631.50 674.70 6.84
Currency Table News Flows of last week
Currency Pair Open High Low Close 27th Sept: US new home sales slipped 2.3 percent last month to a 295k
annual rate from 302k, a six-month low
USD/INR 49.6400 49.8850 48.6500 48.9700
27th Sept: US Senate approved a deal on Monday to avert a government
EUR/INR 66.7160 6704890 66.0310 66.5600 shutdown, ending a standoff that highlighted a dysfunctional
GBP/INR 76.0550 77.0830 75.7990 76.5010 Congress' trouble in passing even the most basic legislation.
28th Sept: Greek property tax hike vote passed
JPY/INR 0.6495 0.6536 0.6350 0.6374
28th Sept: Finnish parliament approved stronger EFSF
(Source: Thompson Reuters, Open: Friday (Prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)
29th Sept: Germany's parliament approved new powers for the euro zone's
crisis fund on Thursday with a large majority.
Market Stance 29th Sept: US Final Q2 GDP (annualized) +1.3% vs. 1.0%, better than
expected of +1.2%
The Indian rupee snapped its three week fall and strengthened this week on signs
that the region's policymakers are on course to resolve euro zone's woes. The euro
Economic gauge for the next week
rose from 1.3459 to 1.3591 versus the dollar, and pulled the rupee from its 28-month
low of 49.885 vs. dollar, after the German parliament backed giving more powers to Date Currency Event CONSENSUS
the European Financial Stability Facility (EFSF) by a large majority. The partially 3-Oct USD USD ISM Manufacturing 50.60
convertible rupee closed at 48.97/98 per dollar on Thursday, 1.2 percent stronger 4-Oct EUR EUR Euro-Zone Producer Price Index (YoY) 6.10%
than its previous week's close of 49.57/58. On a quarterly basis, Rupee has lost 8.8 4-Oct USD USD Factory Orders 2.40%
percent against the dollar during the September-quarter, its largest quarterly fall 5-Oct GBP GBP Gross Domestic Product (YoY) 0.70%
since the same period in 2008. The rupee has also been hurt by weak local shares that 5-Oct EUR EUR Euro-Zone Retail Sales (YoY) -0.20%
have lost about 11.4 percent so far in this quarter on global worries as well as 6-Oct GBP GBP BOE Asset Purchase Target 200B
domestic growth concerns after a series of interest rate increases by the central 6-Oct GBP GBP Bank of England Rate Decision 0.50%
bank. NSE Nifty closed at 5015.45 points on Thursday, around 92 points above the last 6-Oct EUR EUR European Central Bank Rate Decision 1.50%
week's close of 4923.65. In the coming week, the focus will be on the EU finance
7-Oct JPY JPY Bank of Japan Rate Decision 0.10%
ministers meeting on 3rd of October which can give some clear picture of where the
7-Oct USD USD Change in Non-farm Payrolls 0K
Greece default scenario is heading. We expect INR to trade with a positive bias in the
region of 48.20 to 49.00 in the subsequent week. 7-Oct USD USD Unemployment Rate 9.10%
Technical Commendation USD/INR EUR/INR
USD/INR (OCTOBER) contract closed at `49.15 on 29th September '11. The contract EUR/INR (OCTOBER) contract closed at `66.88 on 29th September '11. The contract
made its high of `50.22 on 23rd September'11 and a low of `44.46 on 08th August made its high of `67.83 on 23rd Sep' 11 and a low of `62.98 on 15th July '11.The 18-day
Exponential Moving Average of the EUR/INR is currently at `66.21.
'11.The 18-day Exponential Moving Average of the USD/INR is currently at `48.26.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 66.08. One
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 65.45.One can Buy in the range of 66.50-66.60 for a target of `67.70 with the stop loss of `66.00.
can Buy in the range of 49.00-49.10 for a target of `50.10 with the stop loss of `48.50.
GBP/INR (OCTOBER) contract closed at `76.87 on 29th September '11. The contract JPY/INR (OCTOBER) contract closed at `64.14 on 29TH September '11. The contract
made its high of `78.00 on 23rd September'11 and a low of `72.00 on 15th July '11. The made its high of `66.27 on 23rd September '11 and a low of `56.25 on 04th Aug '11 .The
18-day Exponential Moving Average of the GBP/INR is currently at `75.50. 18-day Exponential Moving Average of the JPY/INR is currently at `62.93.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 71.19. One On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 63.72.
can Buy in the range 76.70-76.80 for a target of `77.90 with the stop loss of `76.10. One can Buy in the range of 64.05-65.10 for a target of `66.05 with the stop loss of `63.45.
Flexituff International Ltd SMC Ranking
The company manufactures FIBC, Geo-Textile Fabric and Ground Cover, Reverse Printed BOPP
Industry Packaging Woven Bags, Special PP Bags including Leno Bags at its 3 manufacturing units located in Pithampur
Total Issue Size 6,750,000 (M.P.) and Kashipur (Uttrakhand). It also has a recycling and reprocessing plant at Kandla which is
Issue Size (`Cr.) 104.63 used for recovering polypropylene and making various compounds of plastics.
Price (`) 145 - 155
Offer Date 29-Sep-11
Close Date 5-Oct-11 Diversified Product Mix: The company is a one-stop shop to its customers for all packaging woven
Face Value 10 products. It has been expanding and broad-basing its product portfolio and currently produces FIBCs
Lot Size 40 (500 kg and above), Special PP Bags and Reverse Printed BOPP Woven Bags (5 to 50 kg), Leno Bags for
ICRA IPO Grade 3/5 Indicating Agri-products packing, Woven Geo-Textile Bags and Fabric for prevention of land-slides, control for
average fundamentals soil erosion, river bank protection, underlay of roads etc.
Multi-Market Company: The company is not dependent on a single market and is present both in
Issue Composition In shares
overseas as well as domestic markets.
Total Issue 6,750,000 End to End Solutions: The company offers solutions for various technical issues which its customers
Fresh Issue 4,500,000 face in using FIBCs. It designs customized FIBCs, by offering complete range of FIBC for packaging all
Offer For Sale 2,250,000 possible products including fine powdered products, food products, chemicals, liquids, hazardous
QIB 3,375,000 goods etc.
Focus on FIBC: Manufacturing of FIBC is the core competence of the company and it enjoys
Book Running Lead Manager leadership in this field. Its product quality is appreciated worldwide. Uptill now, FIBC is used mostly
Collins Stewart Inga in developed countries but with the change and shift in the world economic scenario, India and
other developing countries have also started using FIBC. The growing industrial and agricultural
Shareholding Pattern (%) production in India will create a larger market for FIBC in times to come. With its capacity, scale of
operation and skilled manpower the company is rightly placed to leverage its strengths to cater to
Particulars Pre-issue Post issue
such rise in demand.
Promoters 32.75 25.97
QIB 26.07 25.85 Adding New Products : The company has added products like woven Geo-textiles, BOPP woven bags
NIB 41.18 37.31 and special application fabric which have a large growth potential in India. These products are being
Retail 0 10.88 used in high growth sector of infrastructure such as roads and coastal development programmes.
Total 100 100 These products are used for prevention of soil erosion, soil separation, strengthening of underlay of
roads and for prevention of land slides etc. Since, these products can be manufactured by the
Objects of the Issue company using its existing infrastructure without incurring substantial additional costs, it provides
it with a high growth potential.
Particulars `Cr Diversified Applications for Recycled Polymer: The company has been able to get specific
Expansion of manufacturing facilities technology to recycle in-house waste into plastic granules in a single step process. This has helped in
at Pithampur. 18.93 bringing down the percentage of wastage at at Pithampur unit from around 8.5% to 7% over a period
of 4 years. Taking this development further, it started a full-fledged plastic waste recycling plant at
Setting up of Dripper Project at Kashipur 8.10
Kandla. As a strategy to add value and incentivise the customers, it is offering waste disposal service
Working Capital Requirements 25.00 to its FIBC customers. Most of the FIBC's are used once and are then needed to be disposed off. This
General Corporate Purpose* [•] provides the company with access to cheap source of raw material for its products made out of
recycled material. This also contributes towards a greener environment.
* will be incorporated after the finalization of Issue Price
Reduction or Termination of Tax Incentives to units in SEZ
Major Revenue from Exports to US And Europe
The company has growing operations,
established track record in export markets Absence of long term contracts with Customers
high capacity utilization levels of its Timely and Adequate Raw Material Supply
integrated manufacturing facilities going in its Yet
to Place Orders for Equipment
f a v o u r. H o w e v e r, t h e p r o d u c t s a r e
commoditized in nature and the company has Valuation
no pricing power. The volatile raw material Considering the P/E valuation on the upper end of the price band of `155, the stock is priced at pre
prices and dependence on few suppliers for issue P/E of 7.91x on its FY11 EPS of `19.60. Post issue, the stock discounts its FY11 EPS of `15.54 by
raw material are the other major concerns for 9.98x. Looking on to P/B ratio at `155, the stock is priced at P/B ratio of 1.64x on the pre issue book
the company. The MAT incidence on the SEZ
value of `94.67 and on the post issue book value of `123.24, the P/B comes to 1.26x.
operations is going to hit the margins further.
On a post-issue P/E multiple of 10x, the issue On the lower end of the price band of `145, the stock is priced at pre issue P/E of 7.40x on its FY11
seems to be slightly overpriced compared to its EPS of `19.60. Post issue, the stock discounts its FY11 EPS of `15.54 by 9.33x. Looking on to P/B ratio
listed peers and investors with a long term at `145, the stock is priced at P/B ratio of 1.53x on the pre issue book value of `94.67 and on the post
horizon may only consider the issue. issue book value of `123.24, the P/B comes to 1.18x.
Taksheel Solutions Ltd
Issue Highlights Business Overview
Taksheel Solutions Limited is an IT Solutions company incorporated in the year 1999 in Hyderabad
Industry IT Services and is focused on providing products and services for the companies engaged in financial services
Total Issue Size 5,500,000 industry & Telecom. It is a 100% EOU and ISO 9001: 2008 certified company. The company also has an
Issue Size (`Cr.) 82.50 office in North America. The company is a specialized solutions provider offering Wealth
Price Band (`) 130 - 150 Management Solutions (WMS), Telecom Solutions, Business Intelligence, Data Warehousing,
Offer Date 29-Sep-11
Application Development and Application Maintenance services.
Close Date 4-Oct-11
Face Value 10
Lot Size 45 Strengths
CARE IPO Grade 2/5 Indicating below Wide Range of Wealth Management Solutions: The company has rolled out a broad range of Wealth
average fundamentals Management solutions to global financial institutions. Its integrated Wealth Management Solutions
approach spans across the business processes. These offerings cover the entire gamut of wealth
Issue Composition In shares Early Entrant: The company is one of the few players that entered the WMS market in its early
stages and remain focused on providing cutting edge technology solutions to the global clients in the
Net Public Issue 5,500,000
market.The early mover advantage has been of immense help to add new clients and generate
additional sales from the existing clients.
Unique, Versatile and State of the Art Telecom Products: The company has specialized and
developed wide range of Telecom product. The product portfolio covers enterprise IP Telephony,
Unified Communication System, Carrier Grade solutions, Wireless VOIP solutions, IVRS, Voice
Loggers, Video Conferencing, NMS and other IT Solutions.
Book Running Lead Manager
PNB Investment Services
Focus on Wealth Management Solutions: The company will continue to strongly focus on its main
strength - WMS, as it is one of the growing and evolving segments. The company is adopting
Shareholding Pattern (%)
proactive target marketing for gaining market share in the WMS market.
Particulars Pre-issue Post issue Focus on Telecom products & Solutions: The company's other focus area is providing customized
Promoters 63.31 47.37 solution in the area of Enterprise IP Telephony, Unified Messaging System, Carrier Grade solutions
QIB 0 12.58 for clients over VOIP, VOIP Integrated Wireless solutions, IVRS, Voice Loggers, Video Conferencing,
NIB 29.13 25.58 Network Monitoring & Management, Data Security Solutions.
Retail 7.56 14.47
Total 100 100
Dependant on Wealth Management Industry
Dependant on Few Customers
Objects of the Issue Foreign Exchange Risk
Highly Employee Intensive Industry
Increasing Wage Costs
Setting up a new SEZ development Availability of Visas
center at Hyderabad 9.15
Setting up new SEZ development Valuation
center at Warangal 8.66 Considering the P/E valuation on the upper end of the price band of `150, the stock is priced at pre-
Acquisitions and Other Strategic Initiatives22.00
issue P/E of 8.95x on its FY11 EPS of `16.77. Post issue, the stock discounts its FY11 EPS of `12.55 by
11.96x. Looking at the P/B ratio at `150, the stock is priced at P/B ratio of 2.71x on the pre-issue
Financing Incremental Working Capital 12.80
book value of `55.41 and on the post issue book value of `79.22, the P/B comes out to 1.89x.
General Corporate Purpose* [•] On the lower end of the price band of Rs. 130, the stock is priced at pre-issue P/E of 7.75x on its FY11
Issue Expenses* [•] EPS of `16.77. Post issue, the stock discounts its FY11 EPS of `12.55 by 10.36x. Looking on to P/B
Total [•] ratio at `130, the stock is priced at P/B ratio of 2.35x on the pre-issue book value of `55.41 and on
* will be incorporated after the finalization of Issue Price
the post-issue book value of `79.22, the P/B comes out to 1.64x.
The company is present in a fast growing IT Services exports industry. However, the company's major
clients are concentrated in the BFSI domain in the US and most of them are not in good financial
condition. The expected downturn in the US economy and the increasingly protectionist
environment leading up to the elections in 2012 are the main concerns for the company. Also the
operating margins of the company are very weak compared to similar sized players. On a post-issue
P/E multiple of 11.96x, the issue seems to be fairly priced and captures the growth potential of the
company in the immediate future.
MUTUAL FUND Market Watch
Birla Sun Life MF introduces Fixed Term Plan - Series DO
Birla Sun Life Mutual Fund has launched the NFO for Birla Sun Life Fixed Term Plan - Series DO, a close ended income scheme. The NFO opens for
subscription on September 26, 2011 and closes on October 4, 2011. Entry and exit load charge will be Nil for the scheme. The duration of the
scheme will be 370 days from the date of allotment. The scheme offers dividend payout and growth option. The scheme will be benchmarked
against CRISIL Short Term Bond Fund Index. The minimum application amount is ` 5000 and in multiple of `10 thereafter. The investment objective
of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.
ICICI Prudential MF introduces Capital Protection Oriented Fund - Series IV
ICICI Prudential Mutual Fund has launched the ICICI Prudential Capital Protection Oriented Fund - Series IV- 36 Months Plan, a close ended Capital
Protection Oriented Fund. The NFO opens for subscription on September 22, 2011 and closes on October 5, 2011. Entry and exit load charge will be
NIL for the scheme. The duration of the scheme will be 36 months from the date of allotment. The scheme offers dividend payout and cumulative
option. The scheme will be benchmarked against CRISIL MIP Blended Index. The minimum application amount is Rs 5000 and in multiple of ` 10
thereafter. The investment objective of the scheme is to seek to protect capital by investing a portion of the portfolio in good quality debt
securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities.
SBI MF declares dividend under Debt Fund Series-90 Days-46
SBI Mutual Fund has declared dividend under dividend option of SBI Debt Fund Series-90 Days-46 on the face value of ` 10 per unit. The quantum of
dividend will be entire distributable surplus as on the record date. The record date for the dividend payout has been fixed as October 5, 2011. The
scheme recorded NAV of ` 10.1967 per unit as on September 28, 2011. The scheme would mature on October 5, 2011 and accordingly, units shall be
suspended from trading on the BSE.
Reliance MF declares dividend under Fixed Horizon Fund-XVI-Series 1
Reliance Mutual Fund has declared dividend under the dividend payout option of Reliance Fixed Horizon Fund-XVI-Series 1. The quantum of
dividend will be entire distributable surplus available in the scheme as on the record date. The record date for the dividend payout has been fixed
as October 5, 2011. The scheme recorded NAV of `10.3344 per unit as on September 28, 2011.
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager Minimum
Opens on Closes on Amount
ICICI Prudential 20-Sep-2011 4-Oct-2011 Fund of funds scheme with the primary Close- Fund of Chaitanya `5,000/-
Regular Gold Savings objective to generate returns by investing in Ended Funds - Pande
Fund units of ICICI Prudential Gold Exchange Domestic
SBI DEBT FUND 29-Sep-2011 7-Oct-2011 To provide regular income, liquidity and returns Close- Income Rajeev `5,000/-
SERIES - 18 Months to the investors through investments in a Ended Radhakrishnan
–7 portfolio comprising of debt instruments such
as Government Securities, AAA/AA+ Bonds and
Money Market Instruments maturing on or
before the maturity of the scheme.
HDFC FMP 24M 30-Sep-2011 10-Oct-2011 To generate income through investments in Close- Income Bharat Pareek, `5,000/-
September 2011 (1) Debt / Money Market Instruments and Ended Miten Lathia
Government Securities maturing on or
before the maturity date of the respective
DSP BlackRock World 30-Sep-2011 14-Oct-2011 To seek capital appreciation by investing Open Fund of Mehul Jani `5,000/-
Agriculture Fund predominantly in units of BlackRock Global Ended Funds –
Funds World Agriculture Fund (BGF - WAF). Overseas
The Scheme may, at the discretion of the
Investment Manager, also invest in the units
of other similar overseas mutual fund
schemes, which may constitute a significant
part of its corpus.
MUTUAL FUND Performance Charts
EQUITY (Diversified) Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns
Scheme Name Launch
NAV AUM NAV AUM Returns (%) Risk Market Cap (%)
Date(`) (Rs. inDate (Rs.) in cr.)
cr.) (`. 3M 6M 1Y 3Y Since Beta Jensen Std. Small Mid Large Other Debt
Launch Dev. Cap Cap Cap & Cash
SBI Magnum Sector Umbrella-Emerg Buss F-G 43.23 17-Sep-04 N.A. 0.79 11.48 -0.53 24.91 23.13 0.94 0.49 3.33 41.21 37.23 11.00 0.00
UTI Wealth Builder Fund - Series II - Growth 19.56 17-Dec-08 N.A. -1.11 1.61 -1.61 N.A. 27.26 0.67 0.22 1.91 0.53 17.19 57.24 0.00
Edelweiss Absolute Return Fund - Growth 11.22 20-Aug-09 N.A. -2.09 0.90 -2.18 N.A. 5.61 0.17 -0.10 0.68 3.38 20.37 43.82 0.00
Mirae Asset Emerging Bluechip Fund-Growth 10.75 9-Jul-10 97.2089 -6.26 2.25 -4.22 N.A. 6.09 0.76 0.22 2.33 8.36 63.22 25.43 0.00
Canara Robeco Large Cap+ Fund - Growth 9.89 20-Aug-10 N.A. -5.99 -4.44 -6.26 N.A. -0.99 0.64 0.06 1.75 0.00 0.00 92.61 0.00
AIG India Equity Fund - Reg - Growth 12.00 22-Jun-07 155.41 -3.32 1.21 -6.37 16.34 4.35 0.66 0.11 1.85 0.69 24.37 68.10 0.00
UTI India Lifestyle Fund - Growth 11.63 24-Aug-07 N.A. -4.36 2.11 -6.59 16.79 3.75 0.79 0.15 2.23 0.00 23.72 66.00 0.00
Scheme Name LaunchNAV AUM NAV AUM Returns (%) Risk Market Cap (%)
Date (`)(Rs. inDate (Rs.) in cr.)
cr.) (`. 3M 6M 1Y 3Y Since Jensen Std. Small Mid Large Other Debt
Launch Dev. Cap Cap Cap & Cash
HDFC Balanced Fund - Growth 55.07 11-Sep-00 N.A. -4.07 1.67 -0.86 20.51 16.69 -0.17 1.51 3.39 21.97 27.32 13.27 34.05
ICICI Prudential Balanced - Growth 45.62 3-Nov-99 N.A. -3.67 -0.55 -1.55 14.15 13.59 -0.19 1.59 0.00 26.65 42.44 0.00 30.91
Escorts Opportunities Fund - Growth 26.95 9-Mar-01 118.9384 -4.51 -1.93 -4.81 4.95 9.84 -0.22 1.17 N.A. N.A. N.A. N.A. N.A.
Tata Balanced Fund - Growth 79.89 8-Oct-95 319.3381 -4.80 -1.87 -6.67 17.38 13.88 -0.31 1.84 4.66 14.31 56.17 0.00 24.86
Canara Robeco Balance - Growth 59.31 1-Feb-93 N.A. -3.70 -0.72 -6.79 17.35 10.22 -0.30 1.41 7.95 16.76 44.98 0.02 30.29
FT India Balanced Fund - Growth 47.12 10-Dec-99 226.4372 -4.44 -3.47 -6.89 12.22 14.02 -0.33 1.49 1.34 9.28 59.38 0.00 29.99
HDFC Prudence Fund - Growth 204.31 1-Feb-94 N.A. -5.62 -3.06 -6.97 22.15 18.62 -0.30 1.73 2.80 20.20 36.71 14.86 25.43
Scheme Name Average Yield Returns(%) Risk
NAV Launch AUM
(`) Date (`. in cr.) Maturity Till Annualised Since Sharpe Std. Dev.
(Days) Maturity 1W 2W 1M 6M 1Y 3Y launch
Canara Robeco InDiGo Fund - Growth 11.62 9-Jul-10 N.A. 402 9.47 -100.89 -45.21 -11.06 20.84 14.35 N.A. 13.01 0.28 0.66
Escorts Income Plan- Growth 33.03 22-May-98 4.11 1418 N.A. -7.74 41.88 40.53 14.26 9.44 9.05 9.35 0.17 0.33
Templeton India Low Duration Fund - Growth 11.02 26-Jul-10 1696.36 77 9.79 9.53 9.04 8.93 10.23 9.08 N.A. 8.60 0.54 0.10
Sahara Income Fund - Growth 19.67 22-Feb-02 2.5 10 N.A. 8.87 8.78 8.63 9.45 8.91 9.18 7.33 0.67 0.08
Religare Active Income Fund - Plan A - Growth 12.18 2-Aug-07 N.A. 205 8.96 3.00 5.82 5.98 10.89 8.85 6.09 4.84 0.31 0.17
UTI Bond Fund - Growth 29.81 4-May-98 N.A. 1361 N.A. 1.78 4.99 6.29 12.50 8.84 8.16 8.48 0.20 0.26
ICICI Pru. Bank & PSU Debt Fund-Prem Plus-G 11.32 1-Jan-10 N.A. 19 8.76 11.91 10.85 9.73 9.07 8.77 N.A. 7.38 0.86 0.05
SHORT TERM FUND Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns
Scheme Name Average Yield Returns(%) Risk
NAV Launch AUM
(`) Date (`. in cr.) Maturity Till Annualised Since Sharpe Std. Dev.
(Days) Maturity 1W 2W 1M 6M 1Y 3Y launch
Sahara Short Term Bond Fund - Growth 12.36 13-Apr-09 247.74 24 N.A. 8.79 8.93 8.74 18.40 13.32 N.A. 8.98 0.20 0.70
Sundaram Select Debt-STAP-Appreciation 17.27 4-Sep-02 4.78 259 9.18 6.83 7.47 6.55 12.84 11.79 5.72 6.20 0.26 0.42
UTI Short Term Income Fund-Ret-Growth 17.57 23-Jun-03 N.A. 938 N.A. 5.82 5.59 7.26 11.48 8.73 8.20 7.05 0.25 0.19
Escorts Short Term Debt Fund - Growth 15.22 29-Dec-05 3.74 151 N.A. 11.88 12.17 10.26 11.02 10.18 8.06 7.57 0.62 0.12
Pramerica Short Term Income Fund-Growth 1070.05 4-Feb-11 N.A. 240 9.54 9.99 9.67 9.20 10.66 N.A. N.A. 10.79 0.82 0.11
Peerless Short Term Fund - Growth 11.31 18-Aug-10 N.A. 41 9.37 9.75 9.63 9.50 9.95 12.16 N.A. 11.63 0.26 0.45
AIG Short Term Fund-Ret-Growth 1275.07 6-Mar-08 93.82 170 N.A. 10.32 9.12 8.17 9.93 8.54 7.19 7.05 0.37 0.12
ULTRA SHORT TERM
Scheme Name Average Yield Returns(%) Risk
NAV Launch AUM
(`) Date (`. in cr.) Maturity Till Annualised Since Sharpe Std. Dev.
(Days) Maturity 1W 2W 1M 6M 1Y 3Y launch
JM Money Manager Fund - Reg - Growth 14.12 27-Sep-06 N.A. 28 9.70 9.58 9.51 9.37 9.75 9.20 6.71 7.13 0.89 0.06
IDFC Ultra Short Term Fund - Growth 14.14 17-Jan-06 N.A. 110 N.A. 8.46 8.34 8.80 9.49 9.02 6.17 6.26 0.78 0.07
Reliance Medium Term Fund - Growth 21.27 14-Sep-00 N.A. 203 9.21 9.48 9.13 8.85 9.43 8.52 6.89 7.07 0.40 0.11
Peerless Ultra Short Term Fund-Ret-Growth 11.17 19-Feb-10 N.A. 37 9.44 7.29 7.35 7.50 9.38 8.48 N.A. 7.11 0.40 0.11
Pramerica Ultra Short Term Bond Fund-Growth 1090.40 24-Sep-10 N.A. 28 8.40 9.45 9.32 9.16 9.34 8.92 N.A. 8.91 0.81 0.06
Kotak Floater - LT - Growth 16.30 13-Aug-04 4138.57 117 9.75 9.00 9.04 9.03 9.22 8.68 7.08 7.09 0.76 0.06
DWS Cash Opportunities Fund-Reg-Growth 13.60 22-Jun-07 168.4 44 10.27 9.29 9.19 9.02 9.16 7.97 6.67 7.47 0.45 0.07
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 29/09/2011
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%
SMC participated in “India 2020: Economy Outlook” organised by D&B at Mumbai
SMC participated in “3rd Global CSR Summit” organised by ASSOCHAM at Delhi