SMC Global Weekly News Letter (Wisemoney)

WISE M NEY

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72

2014: Issue 448, Week: 10th - 13th NovemberA Weekly Update from SMC

(For private circulation only)

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

Fixed Deposit 16

Mutual Fund 17-18

EDITORIAL STAFF

Editor Saurabh Jain

Executive Editor Jagannadham Thunuguntla

+Editorial Team

Dr. R.P. Singh Nitin Murarka

Vandana Bharti Sandeep Joon

Dinesh Joshi Vineet Sood

Shitij Gandhi Dhirender Singh Bisht

Subhranil Dey Parminder Chauhan

Ajay Lakra Mudit Goyal

Content Editor Kamla Devi

Graphic Designer Pramod Chhimwal

Research Executive Sonia Bamba

REGISTERED OFFICES:

11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.

Tel: 91-11-30111000, Fax: 91-11-25754365

MUMBAI OFFICE:

Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road

Malad (West), Mumbai 400064

Tel: 91-22-67341600, Fax: 91-22-28805606

KOLKATA OFFICE:

18,Rabindra Sarani, Poddar Court, Gate No-4,

5th Floor, Kolkata-700001

Tel : 91-33-39847000 Fax No : 91-33-39847004

AHMEDABAD OFFICE :

10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,

C G Road, Ahmedabad-380009, Gujarat

Tel : 91-79-26424801 - 05, 40049801 - 03

CHENNAI OFFICE:

Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,

Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111

SECUNDERABAD OFFICE:

206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,

Secunderabad - 500003

Tel: 91-40-30780298/99, 39109536

DUBAI OFFICE:

312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E.

Tel: 97143963120, Mobile : 971502612483

Fax : 9714 3963122

Email ID : [email protected]

[email protected]

Printed and Published on behalf of

Mr. Saurabh Jain @ Publication Address

11/6B, Shanti Chamber, Pusa Road, New Delhi-110005

Website: www.smcindiaonline.com

Investor Grievance : [email protected]

Printed at: S&S MARKETING

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

Ph.: +91-11- 43035012, 43035014, Email: [email protected]

lobal stock markets continue to post gains on continuation of Central banks

expansionary policies. European commission cut down the euro area growth Gforecast for this year and next year to 0.8% and 1.1% respectively from its

earlier projections of 1.2% and 1.7% for the year 2014 and 2015 respectively that it

made in the month of May. While the downward projections weighed heavily on the

metal prices but at the same time made a strong case for continuation of more

monetary expansion by the European Central bank (ECB). In fact, on the recent

monetary policy review meeting, European Central Bank (ECB) kept interest rates

unchanged and said that the policy makers are prepared to imitate further action in

case situation warrants the same. ECB also reassured that the Targeted longer-term

refinancing operations (TLTRO's) along with the covered bonds purchase under new

programme initiated on 2nd October 2014 will last for at least two years i.e. 2016.

Bank of Japan (BoJ) unexpected monetary expansion last week to defeat deflation

together with likelihood of continuation of expansionary polices by ECB for

considerable time in future are making investors to chase riskier assets even when

Federal Reserve is returning to normalcy. Japanese stock markets have clocked nearly

8% gains in less than a week time after the BOJ moves leading to fall in yen and rise in

expectations of corporate earnings. Chinese central bank quarterly monetary

statement showed that the bank has started loosening up policy through

unconventional tools by providing liquidity to the banking system rather going to cut

the interest rates.

Back at home, as per Bloomberg estimates 79% of the Bombay Sensitive index

companies that have reported results so far have matched or beaten the estimates

compared to 46% in the previous quarter. Trending down inflation together with Prime

Minister Modi led government reforms to push growth are making strong case for

Reserve Bank of India to reduce interest rates earlier than what was perceived. Some

major banks have already started moderating deposit rates on the basis of their

respective asset liability franchise. The government is learnt to have taking stock of

situation on various fronts including power, road, rail, etc. and is expected to come

out with various proposals and projects to boost growth. It is also learnt that for the

first time working on the budget that is to be presented in February 2015 has started

three months ahead of its usual schedule.

On the commodities front, downside momentum in bullion counter is expected to

continue as rise in green back and fear of interest rate hike in US may keep the prices

under pressure. Drop in SPDR holdings and rise in equity markets are also keeping the

prices downbeat. Hedge funds and other money managers have reduced bullish bets

on gold by 51 percent since early July, as U.S. Commodity Futures Trading Commission

data showed. Red metal copper may get support from strike concerns. The comments

by Peru's deputy mines minister that output in the world's No.3 copper producer would

be less than previously touted, suggesting an international supply glut may fall short

of expectations. Volatility may persist in the crude oil prices while chilly weather in US

can spur natural gas prices in the near term. This week key economic indicators, which

are to be closely watched, are China's industrial production and retail sales along with

euro zone GDP and US retail sales data and these data points may give further

direction to the commodity markets.

From The Desk Of Editor

(Saurabh Jain)

SMC Global Securities Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a further public offering of its equity shares and has filed the Draft Red Herring Prospectus with the

Securities and Exchange Board of India (“SEBI”) and the Stock Exchanges. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and on the websites of the Book Running Lead Manager i.e., ICICI

Securities Limited at www.icicisecurities.com and the Co- Book Running Lead Manager i.e., Elara Capital (India) Private Limited at www.elaracapital.com . Investors should note that investment in equity shares involves a high degree

of risk and for details relating to the same, please see the section titled “Risk Factors” of the aforementioned offer document.

NEWS

DOMESTIC NEWSEconomy•According to the Indian Power Minister Piyush Goyal, the government

hopes to attract $250 billion (`15 lakh crore) investment within 4-5 years to give a boost to the energy sector and provide electricity to all. Power Minister also said $250 billion of investment was needed over the next five years if the country was to meet an expected doubling of energy consumption and provide power for all its 1.2 billion people. The Government is targeting doubling coal production to a billion tonnes in the next five years to meet rising energy demands in the country.

•According to the Markit Economics, India's manufacturing activity rebounded in October from a nine-month low. The HSBC Purchasing Managers' Index rose to 51.6 from 51 in September. The score above 50 indicates expansion.

•The Indian Fertilizer Ministry has invited fresh proposals for setting up urea plants as well as increasing the capacity of existing ones under the recently notified New Urea Investment Policy for increasing domestic production.

•The Indian Food Ministry has decided to disband the 56-year old Development Council for Sugar Industry (DCSI) saying the statutory body is no longer relevant after decontrol and de-licencing of the sugar sector.

•According to the data published by Markit Economics, India's private sector activity expanded at the weakest pace in five months in October. The headline HSBC composite Purchasing Managers' Index fell to 51 in October from 51.8 in September. Business activity at services providers stagnated, while manufacturers reported an accelerated expansion in output.

Pharmaceutical•The US Food and Drugs Administration (US FDA) has granted final approval

for Lupin Limited's Celecoxib capsules (50 mg), a generic version of GD Searle LLC's (a subsidiary of Pfizer Inc) Celebrex capsules 50 mg. The Mumbai-based pharma major has also received tentative approvals for its Celecoxib capsules 100 mg, 200 mg and 400 mg strengths from the FDA.

•Wockhardt has launched Wockhardt Hospitals in South Mumbai. The 350-bed multi-speciality hospital at Mumbai Central combines Wockhardt Heart Institute and Wockhardt Critical Care Institute. The hospital has also entered into a collaboration with Partners Medical International (PMI), an associate of Harvard Medical School affiliated hospitals.

•Biocon has expanded the scope of its strategic partnership with the US-based CytoSorbents Corporation for CytoSorb, a critical care drug. The Bangalore based biotechnology company had partnered with CytoSorbents in 2013 to launch CytoSorb, a therapy to enable physicians to treat sepsis, the overactive immune response to a serious infection.

Information Technology•Infosys plans to hire over 2,100 people in the US over the next few months

to expand capabilities across domains, including digital, big data, analytics and cloud.

Capital Goods•BHEL has bagged an order worth ̀ 220 crore for supplying an electrostatic

precipitator package to a power project in Odisha. The contract is related to the 2x800 MW Darlipali super thermal power project.

Engineering•Larsen & Toubro (L&T) has secured projects worth `1,576 crore across

business segments in October. Its construction arm L&T Construction bagged contracts in its power transmission and distribution, water and renewable energy and heavy civil infrastructure businesses.

Automobile•Maruti Suzuki India launched the new generation of its small car Alto K10

that comes equipped with automated gear shift and is priced up to `3.82 lakh (ex-showroom Delhi).

INTERNATIONAL NEWS•US labor productivity climbed by 2.0 percent in the third quarter following

an upwardly revised 2.9 percent increase in the second quarter. Economists had expected productivity to increase by about 1.5 percent compared to the 2.3 percent growth that had been reported for the previous quarter.

•US initial jobless claims fell to 278,000, a decrease of 10,000 from the previous week's revised level of 288,000. Economists had expected jobless claims to edge down to 285,000 from the 287,000 originally reported for the previous week.

•US non-manufacturing index dropped to 57.1 in October from 58.6 in September, although a reading above 50 indicates continued growth in the service sector. Economists had expected the index to show a more modest drop to 58.0.

•US factory orders fell by 0.6 percent in September after tumbling by 10.0 percent in August. The continued decrease in orders matched the consensus estimate.

•US construction spending fell 0.4 percent to a seasonally adjusted annual rate of $950.9 billion in September from the revised August estimate of $955.2 billion. Economists had expected construction spending to increase by about 0.6 percent.

Meeting Date Symbol Purpose

10-Nov-14 ADANIPORTS Quarterly Results

10-Nov-14 ADANIPOWER Quarterly Results

10-Nov-14 IOC Quarterly Results

10-Nov-14 TATACHEM Quarterly Results

11-Nov-14 HINDPETRO Quarterly Results

11-Nov-14 POWERGRID Quarterly Results

12-Nov-14 BPCL Quarterly Results

12-Nov-14 EICHERMOT Quarterly Results

12-Nov-14 IGL Quarterly Results

12-Nov-14 JPASSOCIAT Quarterly Results

12-Nov-14 RELINFRA Quarterly Results

12-Nov-14 RPOWER Quarterly Results

12-Nov-14 TATASTEEL Quarterly Results

12-Nov-14 UNITECH Quarterly Results

13-Nov-14 HINDALCO Quarterly Results

13-Nov-14 SAIL Quarterly Results

13-Nov-14 SUNPHARMA Quarterly Results

13-Nov-14 TATAPOWER Accounts, Quarterly Results

13-Nov-14 MCDOWELL-N Quarterly Results

14-Nov-14 BHEL Quarterly Results

14-Nov-14 CESC Quarterly Results

14-Nov-14 GMRINFRA Quarterly Results

14-Nov-14 HDIL Quarterly Results

14-Nov-14 ONGC Quarterly Results

14-Nov-14 PTC Quarterly Results

14-Nov-14 SBIN Quarterly Results

14-Nov-14 TATAMOTORS Quarterly Results

14-Nov-14 TVSMOTOR Quarterly Results

FORTHCOMING EVENTS

NOTES:

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 ".

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

taking a long-term view and not a short-term view.

TREND SHEET

Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing

Price Trend Trend

Changed Changed

SENSEX 27869 UP 12.09.13 19317 26400 26050

S&P NIFTY 8337 UP 12.09.13 5728 7950 7780

CNX IT 11476 UP 07.11.14 11476 11000 10800

CNX BANK 17347 UP 08.03.14 11278 16300 16000

ACC 1509 UP 31.10.14 1499 1430 1410

BHARTIAIRTEL 391 UP 24.07.14 355 390 380

BHEL 249 UP 17.10.14 227 230 220

CIPLA 650 UP 12.06.14 416 620 600

DLF* 135 DOWN 31.07.14 198 - 145

HINDALCO 156 UP 31.10.14 164 152 145

ICICI BANK 1685 UP 08.03.14 1134 1560 1540

INFOSYS 4167 UP 19.06.14 3312 3900 3800

ITC 356 UP 10.07.14 342 350 345

L&T 1654 UP 31.10.14 1655 1570 1540

MARUTI 3288 UP 19.09.13 1480 3100 3000

NTPC 144 DOWN 17.07.14 150 145 150

ONGC 410 DOWN 17.10.14 397 420 430

RELIANCE 981 UP 31.10.14 1001 960 940

TATASTEEL 471 DOWN 27.08.14 513 485 500

S/l

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®

Closing Price as on 07.11.14*DLF has breached the resistance mark of 130 levels

BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)

SECTORAL INDICES (% Change)

SMC Trend

SMC Trend

FMCGHealthcare

FTSE 100CAC 40

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

ITMetal

Down SidewaysUp

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

5

®

SMC Trend

Nifty BSE Midcap S&P CNX 500BSE SmallcapSensex Nifty Junior

1906.73

1458.78

452.60

0.00

500.00

1000.00

1500.00

2000.00

2500.00

Friday Monday Tuesday Wednesday Thursday

FII / FPI Activity MF Activity

4.32

2.98 2.89 2.88 2.85

-6.03-5.52

-3.92-3.52 -3.41

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

Axis Bank St Bk of India Dr Reddy's Labs

ICICI Bank Sun Pharma.Inds.

GAIL (India) Coal India Hindalco Inds.

M & M Hero Motocorp

4.223.69

3.09 3.09 2.93

-6.70

-5.86 -5.79

-4.40-3.84

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

Axis Bank Tech Mahindra

Sun Pharma.Inds.

Zee Entertainmen

St Bk of India NMDC GAIL (India) Coal India Hindalco Inds. M & M

0.19 0.18

1.32

2.10

0.330.42

0.00

0.50

1.00

1.50

2.00

2.50

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

1.88

0.86

0.32

1.38

0.89

-0.84

-1.65

-3.11

-0.86 -0.85

3.21

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index Healthcare Index

IT Index Metal Index Oil & Gas Index

Power Index Realty Index

0.17

0.94

0.65

2.31

0.51

0.230.07

-1.45

-0.13

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.

FTSE 100 CAC 40

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

Investment Rationale the previous year. •Union Bank of India operates in four segments: •Return on average assets (annualised) stood at

Treasury Operation, Corporate and Wholesale 0.60% and Return on equity (annualised) stood at Banking, Retail Banking Operation, and Other 11.50% in April-September 2014.Banking Operations. Government of India holds •Outstanding standard restructured advances of the 60.47% stake in Union Bank of India (as per the bank stood at ̀ 12603 crore at end September 2014 shareholding pattern 30 September 2014). compared to ̀ 11967 crore at end June 2014.

•The Global Business of the bank grew by 7% to Valuation`544576 crore at the end September 2014. Global The Bank is poised to record a better performance advances increased 10% to `244411 crore, while going forward, with focus on efficiency, quality global deposits rose 5% to `300165 crore at end growth, profitability and building capital strengths. September 2014. Bank has targeted the advances Moreover, cooling crude price in the international growth of 10-12% and deposits growth at 9-10% for market will contribute in lowering inflation in the FY2015. country and help RBI to taken accommodative policy

•Net Interest Income (NII) of the bank increased 7% stance. Besides the improving investment cycle in the to ̀ 2084.44 crore and Net total income of the bank domestic market is also likely to have positive impact increased 13% to `2895.75 crore in the quarter on the performance of the bank. we expect the stock

to see a price target of ̀ 300 in one year time frame on ended September 2014. •Gross Non Performing Assets (NPA) stood at 4.69% as a target P/BV of 0.95x and FY16 (E) BVPS of ̀ 315.54.

on September30, 2014 as against 4.27%as on June30, 2014 and 3.64% as on September 30, 2013. Bank plans to contain the GNPA ratio below 4% at end March 2015. Net NPA ratio is at 2.71% as on September30, 2014 as against 2.46% as on June 30, 2014and 2.15% as on September 30, 2013.

•Current Account Savings Account (CASA) ratio of the bank stood at 28.7% at end September 2014. CASA ratio is proposed to be improved to 31% by end March 2015.

•Capital Adequacy ratio of the Bank under Basel III is 10.30% as on September 30, 2014. Provision Coverage at 57.97% as on September30, 2014 as against 58.92% as on June 30, 2014and 60.43% in

Face Value (`) 10.00

52 Week High/Low 259.60/100.60

M.Cap (`Cr.) 14085.68

EPS (`) 30.88

P/E Ratio (times) 7.17

P/B Ratio (times) 0.83

Stock Exchange BSE

Investment Rationale the scrap metal. Also international trade was robust across the ports and sectors.•Gateway Distriparks (GDL) operates in three

verticals viz. Container Freight Stations (CFS), •Consolidated net profit of the company rose 41.7% Inland Container Depots (ICD) with rail movement to `47.74 crore in the quarter ended September of containers to major maritime ports, and cold 2014 as against `33.68 crore during the previous chain storage and logistics. quarter ended September 2013. Sales rose 16.4%

to `291.17 crore in the quarter ended September •The company plans to expand capacities at the cold 2014 as against `250.04 crore during the previous chain logistics provider's Mumbai and Chennai quarter ended September 2013. Company's expects warehouses. It plans ̀ 40 crore capex in its subsidiary the robust performance in the second quarter Snowman Logistics during October-March. Of this, looked maintainable in the next two quarters.the company has already spent ̀ 10 crore.

Valuation•Company's Faridabad terminal got operational in October 2014 and management expects the Growth in port volumes & resulting increased volume to pick up in Jan'14 onwards. throughput at CFSs, increase in volume of rail

movement of containers and growth in the cold chain •Going forward, the company plans to utilise its logistics business are expected to have positive land banks to further extend capacities, expand impact on the Company's long term business and its presence in new locations with the backing of a profitability, we expect the stock to see a price target strong management team, and look at new of `376 in one year time frame on current P/E of avenues and verticals to become an all-20.18x and FY16 (E) earnings of ̀ 18.65.encompassing service provider in the logistics

industry in India.

•Snowman Logistics reported a healthy growth in the revenues due to capacity additions. The company has consolidated Snowman financials line-by-line for July and August, however with effect from September it is represented as income from associates.

•The Q2 FY'15 results were driven by strong performance from Rail business. Rail volume increased as there was an unprecedented demand of metallic scrap in India. While the prices of metallic scrap came down, sponge iron prices were up and this resulted in a robust demand for

Face Value (`) 10.00

52 Week High/Low 305.00/117.15

M.Cap (`Cr.) 3163.99

EPS (`) 14.42

P/E Ratio (times) 20.18

P/B Ratio (times) 3.78

Dividend Yield (%) 2.40

Stock Exchange BSE

` in cr

% OF SHARE HOLDING

P/E Chart

GATEWAY DISTRIPARKS LIMITED CMP: 291.00 Upside: 29%Target Price: 376

VALUE PARAMETERS

VALUE PARAMETERS

% OF SHARE HOLDING

UNION BANK OF INDIA CMP: 221.55 Upside: 35%Target Price: 300

P/B Chart

` in cr

Beat the street - Fundamental Analysis

Above calls are recommended with a time horizon of 1 year. Source: Company Website Reuters Capitaline

6

®

Actual Estimate

FY Mar-14 FY Mar-15 FY Mar-16

Revenue 1,008.10 1,126.50 1,301.10

EBITDA 257.20 315.20 374.00

EBIT 177.00 236.50 303.50

Pre-tax Profit 166.20 218.70 278.00

Net Profit 135.80 166.70 199.80

EPS 12.51 15.41 18.65

BVPS 77.03 90.95 102.58

ROE 16.70 16.70 18.80

Actual Estimate FY Mar-14 FY Mar-15 FY Mar-16

Net Total Income 7,926.80 11,959.00 13,947.70

EBIT 5,191.50 2,186.70 2,799.60

Pre-tax Profit 2,042.20 2,768.80 3,421.10

Net Profit 1,669.60 1,932.90 2,381.60

EPS 27.56 29.83 35.78

BVPS 297.40 285.50 315.54

ROE 9.20 10.30 11.87

11.45

14.55

5.0460.47

8.49

Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

25.32

25.284.61

36.66

8.12

Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

Charts by Spider Software India Ltd

7

The stock closed at `71.30 on 07th November 2014. It made a 52-week low at

`48.50 on 03rd March 2014 and a 52-week high at ̀ 87.90 on 09th June 2014. The

200 days Exponential Moving Average (EMA) of the stock on the weekly chart is

currently at ̀ 78.10

After finding support around 63 levels, stock has started moving higher and is

likely to form the W pattern on weekly chart. So, one can buy in the range of 69-

69.50 for the upside target of 75-76 with closing below SL of 67.

EQUITY

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

The stock closed at `271 on 07th November 2014. It made a 52-week low at

`137.20 on 04th February 2014 and a 52-week high at `282.25 on 03rd

September 2014. The 200 days Exponential Moving Average (EMA) of the stock on

the weekly chart is currently at ̀ 186.61

Stock was consolidating in the range of 240-270 levels for few months and gave

the breakout of same in last traded week, by registered gains over 9%. It also

managed to close above the same. So, one can buy in the range of 263-264 for

the upside target of 287-290 with closing below SL of 256.

The stock closed at 305.10 on 07th November 2014. It made a 52-week low at

`248.50 on 17th December 2013 and a 52-week high of `372.80 on 07th July

2014. The 200 days Exponential Moving Average (EMA) of the stock on the weekly

chart is currently at ̀ 265.26

Stock has given hefty correction from 350 levels to 280 levels. However, charts

suggest double bottom formation at 280 levels. So, one can buy in the range of

295-296 for the upside target of 320-325 with closing below SL of 287.

`

BOMBAY DYEING

GODREJIND

EROSMEDIA

®

DERIVATIVES

CHANGE IN NIFTY OPTION OI (IN QTY)

WEEKLY VIEW OF THE MARKET

NIFTY OPTION OI CONCENTRATION (IN QTY)

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

®

RCOM (NOV FUTURE)

Buy: Above `111

Target: `119

Stop loss: `108

BHEL

Buy NOV 240. PUT 6.70

Sell NOV 230. PUT 3.70

Lot size: 1000

BEP: 237.00

Max. Profit: 7000.00 (7.00*1000)

Max. Loss: 3000.00 (3.00*1000)

OPTIONSTRATEGY

FUTURE

HCLTECH

Buy NOV 1620. CALL 40.00

Sell NOV 1650. CALL 28.00

Lot size: 125

BEP: 1632.00

Max. Profit: 2250.00 (18.00*125)

Max. Loss: 1500.00 (12.00*125)

BAJAJ-AUTO

Buy NOV 2500. PUT 36.00

Sell NOV 2450. PUT 21.00

Lot size: 125

BEP: 2485.00

Max. Profit: 4375.00 (35.00*125)

Max. Loss: 1875.00 (15.00*125)

BULLISH STRATEGY

DERIVATIVE STRATEGIES

MINDTREE (NOV FUTURE)

Buy: Above `1120

Target: `1154

Stop loss: `1106

CROMPGREAV (NOV FUTURE)

Sell: Below `186

Target: `178

Stop loss: `190

BEARISH STRATEGY

In 10000 In 10000

Call Put

1.4

5

2.0

3 6.6

6

1.8

4 7.2

6

0.8

5

2.3

5

2.4

3

21

.09

3.6

4

29

.65

8.7

2

18

.45

48

.33

6.3

1

46

.22

9.5

7

8.3

1

9.3

5

30

.42

7.9

8

4.9

1

0.00

10.00

20.00

30.00

40.00

50.00

60.00

15000 15500 16000 16200 16500 16600 16700 16800 17000 17200 17500

Markets remained sideways throughout the week. Hereafter, the range of 8200-8400 will remain crucial in the near term, and the move is expected to

remain sideways with positive bias as indicated by option open interest concentration. If Nifty slips below the 8200 mark, it could slide to 8100 levels

due to increased selling pressure. On the flip side, the index may face stiff resistance at 8375-8400 levels. The put-call ratio of open interest closed at

1.29 levels. The option open interest concentration continued to be at the 8500-strike call with the highest open interest of above 40 lakh shares.

Among the put options, the 8000-strike is taking the total open interest to 56 lakh shares, with the highest open interest among put options. The Implied

Volatility (IV) of call options closed at 11.55%, while the average IV of put options closed at 11.80%. Almost all the derivative data are positive and Nifty

is expected to test 8400 levels this week.

8

Call Put

0.0

1

-0.1

9

-0.2

4

-0.1

8

-1.3

2

-0.2

3

-0.7

6

-3.0

7

-3.5

8

6.1

6 7.4

6

-0.1

7

0.4

8

-1.2

0

-0.9

5

-1.8

3

1.0

3

4.2

1

12

.34

13

.23

6.3

0

2.6

4

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

7500 7700 7800 7900 8000 8100 8200 8300 8400 8500 8600

In lakhs

Call Put

2.2

5

1.9

0

4.0

1

6.2

6

16

.49

12

.81 1

8.3

9

29

.21

39

.69

41

.46

30

.25

18

.74

21

.21

21

.79

23

.26

55

.49

35

.37

44

.95

33

.91

12

.62

12

.09

1.5

2

0.00

10.00

20.00

30.00

40.00

50.00

60.00

7500 7700 7800 7900 8000 8100 8200 8300 8400 8500 8600

Call Put

-0.0

2

-0.2

4

-2.9

1 -0.0

1

-0.8

0

-0.1

5

-0.3

6

-0.2

5

-0.0

6

-1.4

6

1.0

0

-0.3

6

0.2

8

5.5

7

2.0

5

16

.99

1.5

8

2.6

6 4.1

3

20

.65

7.6

3

3.4

4

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

15000 15500 16000 16200 16500 16600 16700 16800 17000 17200 17500

In lakhs

9

DERIVATIVES

®

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

05-Nov 03-Nov 31-Oct 30-Oct 29-Oct

Discount/Premium 41.85 36.90 30.50 29.00 44.70

PCR(OI) 1.29 1.27 1.28 1.29 1.21

PCR(VOL) 0.97 0.93 0.90 1.24 1.29

A/D RATIO(Nifty 50) 0.85 1.00 23.50 2.57 1.78

A/D RATIO(All FO Stock)* 0.77 2.14 14.22 2.73 1.38

Implied Volatality 11.55 11.54 11.43 11.83 11.65

VIX 13.76 13.74 13.30 13.27 13.27

History. Vol 17.16 17.67 18.22 15.48 15.27

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

05-Nov 03-Nov 31-Oct 30-Oct 29-Oct

Discount/Premium 119.10 91.85 101.40 69.45 122.10

PCR(OI) 2.19 1.68 1.48 1.39 1.56

PCR(VOL) 2.00 1.52 1.23 0.97 1.27

A/D RATIO(BANKNIFTY) 5.00 2.00 All Up 11.00 0.50

# #A/D RATIO 1.10 4.25 All Up 6.00 0.24

Implied Volatality 18.06 18.29 18.18 17.46 16.72

History. Vol 25.18 25.05 25.74 24.16 24.68

*All Future Stock

FII’S ACTIVITY IN NIFTY FUTURE

In Cr. In Cr.

Top 10 long build up

LTP % price change Open Interest % OI chng

SKSMICRO 351.6 7.11% 6499000 48.82%

IBREALEST 72.6 1.47% 43988000 29.44%

ASIANPAINT 661.2 0.14% 5320000 19.85%

HEXAWARE 215.25 8.99% 10572000 16.84%

SRTRANSFIN 953.15 0.14% 1549500 16.26%

BANKINDIA 288.3 1.18% 8661000 15.43%

MOTHERSUMI 428.85 1.35% 3740000 14.83%

RECLTD 304.95 0.56% 6228000 14.07%

TATACHEM 417.05 1.77% 4318000 13.72%

AXISBANK 460.4 4.67% 26306250 12.53%

Top 10 short build up

LTP % price change Open interest % OI chng

NMDC 156.95 -7.57% 12774000 42.28%

DIVISLAB 1732.35 -8.02% 941750 36.07%

COALINDIA 350.75 -5.29% 12136000 23.52%

WIPRO 562.35 -0.90% 8593000 21.63%

BHARTIARTL 387.15 -3.48% 14128500 17.72%

UPL 340.6 -2.56% 7949000 14.60%

SSLT 252.35 -1.37% 18062000 11.76%

MINDTREE 1087 -1.28% 375250 11.19%

AMBUJACEM 224.25 -1.84% 5902000 10.88%

MCLEODRUSS 258.25 -1.07% 2881000 10.43%

**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

13

64

.64

15

57

.91

14

3.4

5 10

71

.20

- 66

1.7

9

39

53

.28

57

70

.35

36

25

.37

13

4.3

7 92

5.0

4

-1000.00

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

14

55

.01

75

1.0

9

0.0

8

68

0.0

1

59

2.1

5

21

66

.73

12

86

.49

14

85

.22

16

3.5

7

72

1.7

3

0.00

500.00

1000.00

1500.00

2000.00

2500.00

21-Oct 22-Oct 23-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 03-Nov 05-Nov 21-Oct 22-Oct 23-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 03-Nov 05-Nov

## All BANKING Stock

The upside in Turmeric futures (Dec) may get stronger to test 6540 levels, surpassing the resistance at 6430 levels. The hybrid variety of the yellow spice has increased at the spot markets as the upcountry exporters have received few fresh orders from North India. Jeera futures (Dec) is likely to rise towards 12100 levels. Market participants are closely watching the weather patterns as sowing has commenced in cumin growing areas. The sustained export demand from Indian pockets amid supply crunch in the global market will possibly keep the upside momentum intact. The demand-supply situation suggests that the inventories are very high to meet the domestic consumption till the fresh crop arrivals in March. Cardamom futures (Dec) is expected to Trade in the range of 830-880 levels. At the spot markets, supplies continued to increase as harvest is in full swing. On the supply side, it is estimated that the domestic the crop will be normal at around 20,000 tonnes during the current season. The Guatemala current crop is reportedly lower and it may arrive in the market by January only. Total arrivals during the season stood at 5,464 tonnes (6,646 tonnes). The sales were at 5,373 tonnes and 6,404 tonnes respectively. The individual auction average as of November 2 was at around `756 per kg. Coriander futures (Dec) may witness another round of consolidation in the range of 12000-12600 levels & trade with an upside bias supported by lower stocks in the spot markets. All India stocks reported is around 35 - 38 lakh bags current year as compared to the last year same period 55 lakh bags.

SPICES

Gold can continue its plunge due to increase in green back and fear of interest rate hike in US coupled with end of quantitative easing by the Federal Reserve. Gold can move in the range of 24700-26000 while silver can move in the range of 31000-37000. Recently holdings in the SPDR Gold Trust contracted by 3 metric tons to 732.83 tonnes, shrinking for a third day to the lowest level since September 2008. The cheapest gold in four years is proving irresistible for shoppers in China and India, where rebounding demand may signal an end to the longest price slump in more than a decade. China surpassed India as the world's largest buyer last year, when the metal plunged 28 percent. Jewelry and bullion are viewed in both countries as a store of value and are popular as gifts. China's gold imports from Hong Kong in September were the highest in five months. Indian jewelers are forecasting a surge in fourth-quarter sales. Silver has been a true underperformer in the bullion pack as indicated by the gold, silver ratio which is hovering above 73 levels. Recently silver fell at a faster pace than gold. China overtook India last year as the world's largest gold consumer and together they represent more than half of global demand. Chinese demand shrank 52 percent to 192.5 metric tonnes in the second quarter from a year earlier, partly because of a clampdown on corruption, according to the World Gold Council. Demand from India fell 34 percent in the first six months as the government curbed imports to protect the rupee.

BULLIONS

10

The base metal counter is expected to move on a volatile path in the near term. Global manufacturing activity increased last month at the same modest pace as in September, but it was one of the lowest readings this year, suggesting the need for continued economic policy stimulus, especially in Europe. US Initial Jobless claims data was much better than the expected and also Mario Draghi mentioned dovish comments on the increase in the stimulus program for Euro zone by around 1 trillion euro added support to base metals. Copper may move in the range of 398-425. Data from the International Copper Study Group showed that the global world refined copper market had a deficit of 589,000 tonnes for the first seven months of the year. While Zinc moved in the range of 132-146. China imported 28,773 tonnes of refined zinc in September, down 52.4% from the same time last year. Stockpiles for zinc tracked by the London Metal Exchange have fallen 25 percent this year. Nickel prices may move in the range of 910-1020 in MCX. Aluminum may move in the range of 123-132. Meanwhile, lead can move in the range of 121-130 in MCX. Lead is under pressure from falling demand for battery-powered e-bikes in China amid a long-running reluctance to invest in the highly polluting metal. Global demand for refined lead metal is forecast to increase by 1.4 percent to 11.33 million tonnes this year and by 2.1 percent to 11.56 million tonnes in 2015.

®

BASE METALS

Crude oil may witness some lower level buying as prices have dropped sharply lower in past weeks. Geopolitical tensions and improving US economy can give some support while increased shale gas production can keep the prices under pressure. OPEC lowered forecast for its crude demand through 2035 except next year. Oil also dropped as Libya said it will resume pumping crude “soon” at its biggest field. The euro weakened against the dollar as European Central Bank President Mario Draghi deepened his commitment to stimulus. Crude stockpiles in the U.S., the world's biggest oil consumer, increased by 460,000 barrels to 380.2 million in the week ended Oct. 31, according to Energy Information Administration estimates. Recently Draghi told reporters that policy makers are unanimous in their commitment to expand stimulus if needed as he signaled officials may cut growth forecasts next month. In the U.S., crude production expanded to 8.97 million barrels a day through Oct. 31, the Energy Information Administration reported on Nov. 5. Colder weather conditions may keep the natural gas prices in the range of 240-290 in MCX. Cold weather boosts consumption of natural gas, which heats about half the homes in the country. This winter's first bout of cold weather is raising expectations for a repeat of last year, when frigid temperatures spurred record gas demand. MDA Weather Services stated that a polar outbreak, in which frigid air moves away from pole, will bring Arctic air to two-thirds of the U.S. next week. Temperatures are forecasted to dip 13.5 degrees below normal in New York and 17 degrees below normal in Chicago, two of the biggest home-heating markets.

ENERGY COMPLEXSoybean futures (Dec) is expected to consolidate in the range of 3300-3450 levels. The domestic harvesting is in full swing with lower or considerable moisture level and buyers are seen covering their stocks. Investors are advised to closely watch the USDA's world agricultural supply and demand estimates report scheduled for November 10th. Mustard futures (Nov) is likely to trade with a positive bias & test 3850 levels. The upside may remain supported by the seasonal shift in demand. The demand for mustard oil mostly improves from palm oil during winter, as palm solidifies in cold weather. However, the market participants may remain cautious by keeping an eye on the progress of Rabi sowing in the major growing states of Rajasthan, Madhya Pradesh & Uttar Pradesh. CPO futures (Nov) is expected to consolidate in the range of 440-465 levels. The demand for palm oil in the domestic market is weak at present as stockiest have sufficient stocks to meet their requirements in days to come. The market participants on the Malaysian Bourse may remain cautious as the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-October palm oil stocks, exports and production on 10th November. Refined soy oil futures (Dec) may trade sideways in the range of 580-610 levels. In days to come, the crushing of beans is expected to pick up momentum, which might result to higher soy oil availability in the domestic market & pressurize the counter. India is considering raising import taxes on crude and refined vegetable oils to protect the local farmers and the refining industries. The low tax allows heavy importation at very cheap rates & on the contrary the high taxes will give a relief to domestic players.

OIL AND OILSEEDS

OTHER COMMODITIES

Kapas futures (Apr) is likely to witness a consolidation in the range of 785-815 levels. The downside may remain capped supported by the procurement operation by various government agencies. Maharashtra Cotton State Federation will start procurement operation from December 1 to December 15. The Cotton Corporation of India (CCI) has started the procurement of cotton in Andhra Pradesh and Telangana at MSP. The downside in sugar futures (Dec) is likely to get extended towards 2700 levels on persistent selling by stockiest amid lower demand and adequate supply position. As per the data released by the govt., India is expected to produce around 25.04 million tons of sugar for 2014-15, which is 2% higher than the figure achieved last year. On the international front, the export opportunity is gloomy as the Indian indicative raw sugar CIF prices from Brazil quoted at $510.63 per ton (including 25% import duty) and Indian domestic refined sugar FOB prices quoted at $477.89 per ton Kolhapur based. Wheat futures (Nov) is likely to trade in the range of 1585-1615 levels, with a downside bias. The fundamental suggests there is plenty of stock in the market to fulfill the demand side. Recently, the government raised the Minimum Support price by 3.57% to ̀ 1, 450/quintal. The farmers have started planting in October and will harvest the crop next March and April. There are also reports of that Indian flour millers have imported 12000 tonnes of AWB Premium White Wheat (APW), which is blended with an indigenous variety to make some specialty breads. On the export front, Indian prices need to fall to $220 a tonne, free on board, from $290 a tonne FOB because rival supplies from Russia and Ukraine cost $230 a tonne FOB.

11

TECHNICAL RECOMMENDATIONS

COMMODITY

CRUDE OIL MCX (NOVEMBER) contract closed at ̀ 4814.00 on 6th November '14. The contract made its

high of `5857.00 on 30th September '14 and a low of `4691.00 on 4th November '14. The 18-day

Exponential Moving Average of the commodity is currently at ̀ 4996. On the daily chart, the commodity has Relative Strength Index (14-day) value of 30. One can sell in the

range 4810-4830 with the stop loss of ̀ 4885 for a target of ̀ 4720.

NATURAL GAS MCX (NOVEMBER) contract closed at 263.90 on 6th November '14. The contract made its

high of ̀ 274.30 on 7th November '14 and a low of ̀ 223.20 on 28th October '14. The 18-day Exponential

Moving Average of the Commodity is currently at ̀ 247.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 74. One can buy in the

range 268-265 with the stop loss of ̀ 262 for a target of ̀ 280.

`

RMSEED NCDEX (DECEMBER) contract closed at 3749.00 on 5th November '14. The contract made its

high of ̀ 3797.00 on 30th October '14 and a low of ̀ 3645.00 on 13th October '14. The 18-day Exponential

Moving Average of the Commodity is currently at ̀ 3734.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 60.94. One can buy in

the range 3760-3740 with the stop loss of ̀ 3720 for a target of ̀ 3840.

`

®

CRUDE OIL MCX (NOVEMBER)

NATURAL GAS MCX (NOVEMBER)

RMSEED NCDEX (DECEMBER)

NOTES : 1) 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 (Morning Mantra).

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 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.

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING

PRICE CHANGED CHANGED STOP/LOSS

NCDEX SOYABEAN NOV 3241.00 05.06.14 DOWN 4401.00 - 3300.00 3450.00

NCDEX JEERA NOV 11215.00 25.09.14 DOWN 10505.00 - 11600.00 11800.00

NCDEX CHANA NOV 3184.00 30.10.14 UP 3131.00 2900.00 2800.00

NCDEX RM SEEDS NOV 3725.00 06.03.14 UP 3564.00 3500.00 3450.00

MCX MENTHA OIL NOV 702.40 29.05.14 SIDEWAYS

MCX CARDAMOM NOV 832.20 25.09.14 DOWN 849.70 - 900.00 940.00

MCX SILVER DEC 34271.00 11.09.14 DOWN 41270.00 - 36000.00 38000.00

MCX GOLD DEC 25461.00 11.09.14 DOWN 26986.00 - 25500.00 26500.00

MCX COPPER NOV 410.75 16.10.14 DOWN 409.00 - 420.00 430.00

MCX LEAD NOV 124.10 11.09.14 DOWN 128.95 - 129.00 133.00

MCX ZINC NOV 136.75 30.10.14 UP 141.30 134.00 130.00

MCX NICKEL NOV 952.50 30.09.14 DOWN 1011.60 - 1030.00 1050.00

MCX ALUMINUM NOV 128.30 30.10.14 UP 126.05 121.00 117.00

MCX CRUDE OIL NOV 4814.00 21.08.14 DOWN 5745.00 - 5200.00 5350.00

MCX NATURAL GAS NOV 263.90 06.11.14 UP 263.90 240.00 220.00

TREND SHEET

Closing as on 06.11.14

COMMODITY

NEWS DIGEST

Downside momentum in the bullion counter continued as rise in the greenback and fear of rise in interest rates pressurized the prices lower. Gold broke the key support of 25500 while silver went down below 34000 on the domestic bourses. Gold demand in China will rise 20 percent in three years, the World Gold Council forecasted in September. The country's net imports from Hong Kong totaled 61.7 metric tonnes, the most since April. Gold held near the lowest level since April 2010 as a gauge of the dollar headed for the biggest weekly advance in more than a year, curbing demand. Gold has declined for a second consecutive year for the first time since 2000 as the U.S. Federal Reserve prepares to raise interest rates, while central banks in Europe and Japan ease monetary policy to boost growth. Crude oil counter remain on weaker path on global oversupply concerns. Demand for crude from the Organization of Petroleum Exporting Countries may fall to a 14-year low of 28.2 million barrels a day in 2017, according to the group's annual World Oil Outlook. A cut of 600,000 a day from last year's report and 800,000 below the amount required this year. Oil will rebound by the second half of next year as supply and demand don't justify the market's collapse and prices are low enough to threaten investment in production, according to OPEC Secretary-General Abdalla El-Badri. While natural gas ended the week in green on chilly weather concerns. Natural gas went above the key level of 270 in MCX. Base metals complex remained sideways with positive path as lower level buying supported the prices.

The domestic edible oil counters on the national bourse closed in the negative territory taking negative cues from palm oil prices on the Malaysian bourse. The market participants remain cautious as it is estimated that India's import of vegetable oil is likely to increase to new record at 12.3 million tonnes in the 2014-15. On the international market front, investors kept a word of caution ahead of the data on Malaysian palm oil stocks due next week. Soybean prices on the domestic market remained steady supported by the demand from the domestic crushers. On CBOT, U.S soybean futures rebounded supported by bargain buying and big gains in soymeal amid strong export demand. China's monthly soybean imports are expected to jump around 38% in November as buyers there, spurred by improving crush margins, race to secure cheap supplies from the U.S. Guar complex fell the most among agri-commodities pressurized by increased arrivals especially from Ganganagar and Hanumangarh region. Chana futures posted gain for the third consecutive week due to anticipation of weak Rabi production in the current year along with receding quality of chana stocks in local mandies. In spices complex, jeera prices ended higher pushed up by sustained export demand from Indian pockets. Cardamom futures couldn't hold up the gains due to profit booking from higher levels.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 06.11.14 DIFFERENCEQTY. QTY.

BARLEY MT 1614 0 -1614CASTOR SEED MT 121604 119858 -1746CHANA MT 34097 16978 -17119CORIANDER MT 1229 1559 330COTTONSEED OILCAKE MT 0 0 0GUARGUM MT 3088 4300 1212GUARSEED MT 1091 3343 2252JEERA MT 573 624 51MAIZE MT 17921 17698 -223RAPE MUSTARD SEED MT 1600 1136 -464SOYABEAN MT 274 1242 968SUGAR M (OLD) MT 969 969 0TURMERIC MT 1981 2011 30WHEAT MT 6316 6316 0

30.10.14 COMMODITY UNIT 30.10.14 06.11.14 DIFFERENCE

QTY. QTY.

CARDAMOM MT 28.70 29.10 0.40

GOLD KGS 478.00 528.00 50.00

GOLD MINI KGS 8.60 382.30 373.70

GOLD GUINEA KGS 35.95 35.86 -0.10

MENTHA OIL KGS 4983935.85 4939340.75 -44595.10

SILVER (30 KG Bar) KGS 12452.84 7371.52 -5081.32

•U.S. Mint has sold 30,500 ounces of gold coins this month, about half the average monthly total since August, after October sales reached 67,500 ounces, the most since January.

•The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Shares , saw an outflow of over $1 billion of metal last month.

•JPMorgan's Global Manufacturing Purchasing Managers' Index, produced with Markit, held steady at 52.2 in October.

•OPEC's oil supply in October has fallen by 120,000 barrels per day (bpd) due to lower production in Angola and Nigeria.

•The open interest on the National Commodity and Derivatives Exchange (NCDEX) for October 2014 stood at `6,813.73 crore, seeing an 18.04 per cent increase over the same period last year.

•India's overall soybean output is estimated at 10.44 million tonnes, as compared to 9.48 million tonnes the previous year. - Soybean Processors' Association

•Consumption of sugar in India is likely to reach 29.35 million tonnes by 2019-20 from the current level of about 26 million tonnes. – Assocham

•The State Government of Tamil Nadu has levied a 5% VAT on sugar & has done away with the purchase tax of `60/tonne on sugarcane.

•Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-October palm oil stocks, exports and production on Nov. 10.

•Important reports to be released by the U.S Department of Agriculture: weekly export sales (Nov 6); World agricultural supply and demand estimates report (Nov 10); Oilseeds, grains & cotton World Markets and Trade (Nov 10); Weekly weather and crop bulletin (Nov 11).

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

12

®

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

10.00

2.18

1.14 1.14

0.16

-4.30-4.00

-3.79 -3.66 -3.49

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

NATURAL GAS MENTHA OIL ALUMINIUM COTTON LEAD SILVER MICRO BR. CRUDE OIL GOLD PETAL (DEL)

ZINC CPO

2.46 2.41 2.31

0.68 0.66

-5.14

-4.70 -4.63

-3.22-3.01

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

MAIZE KHARIF CHANA BARLEY CHILLI TEJA COTTON SD O.C (AKL)

SILVER HEDGE GUAR SEED 10 MT

GUAR GUM RUBBER NEW GUR NEW

COMMODITY

COMMODITY EXCHANGE CONTRACT 31.10.14 06.11.14 CHANGE%

ALUMINIUM LME 3 MONTHS 2039.00 2076.00 1.81

COPPER LME 3 MONTHS 6695.00 6660.00 -0.52

LEAD LME 3 MONTHS 2010.00 2010.00 0.00

NICKEL LME 3 MONTHS 15780.00 15500.00 -1.77

ZINC LME 3 MONTHS 2307.00 2227.00 -3.47

GOLD COMEX DEC 1171.60 1142.60 -2.48

SILVER COMEX DEC 16.11 15.41 -4.30

LIGHT CRUDE OIL NYMEX DEC 80.54 77.71 -3.51

NATURAL GAS NYMEX DEC 3.87 4.40 13.71

PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

30.10.14

ALUMINIUM 4427975 4421150 -6825

COPPER 162675 162100 -575

NICKEL 380946 385860 4914

LEAD 224475 226550 2075

ZINC 705525 694600 -10925

06.11.14

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 31.10.14 06.11.14 CHANGE(%)

Soya CBOT JAN Cent per Bushel 1049.25 1028.00 -2.03

Maize CBOT DEC Cent per Bushel 376.75 371.25 -1.46

CPO BMD JAN MYR per MT 2306.00 2222.00 -3.64

Sugar LIFFE DEC 10 cents per MT 422.40 415.40 -1.66

13

®

SPOT PRICES (% change) Gold…Looking into Q4 2014 (Source: World Gold Council)

So, what does the current environment mean for gold? In the view of World Gold Council, there are four main reasons investors should view gold as a valuable portfolio component today:

• Positive economic growth is supportive of gold's long-term demand

• Rising interest rates do not necessarily push gold prices down

• Gold's cost effectiveness makes it an attractive portfolio hedge compared to other strategies

• Constraints in mine production and decreasing gold recycling have kept the market in balance.

Interest rates & gold's appeal to investors

If rates rise, gold could sensibly replace bonds as a balance for equity risk. With US real interest rates at historic lows, they cannot fall much further and, consequently, bond prices have limited upside. As such, bonds are unlikely to give investors the risk buffer they provided over the past 20 years when rates had further to fall. As per a study of World Gold Council, if investors expect real returns for 10 year bonds to be approximately 4%, gold should comprise 5% of the portfolio. However, if investors expect bond real returns to remain around 0% – close to where they are now – the optimal gold holding rises from 5% to roughly 6.5%. Historically, only when real interest rates are much higher (more than 4%), have gold prices historically tended to fall, while gold's volatility and correlations increased relative to their long term average.

US interest rates are no longer gold's key driver

The argument that higher US rates push gold prices down can be summed up as follows: When interest rates rise, the opportunity cost of holding gold increases and investors are likely to move away from gold. While this is generally true, with some limitations inherent in this view.

A large portion of gold demand (58% to be precise) is linked to consumption and not negatively affected by higher interest rates. This part of demand is in fact pro-cyclical: it increases when GDP increases, a situation that generally coincides with rising interest rates. Even if the Fed were to lift interest rates – which is not expected to happen anytime soon – other countries with a strong affinity to gold may maintain or even lower interest rates.

The supply side keeps the market in balance

Estimated average all-in costs of production by GFMS-Thomson Reuters currently stand at US$1,350/oz. As it currently stands, it is expected that mine production could start contracting over the next few years. While gold prices can fall below (all-in) production costs for various reasons, prices below this level are not sustainable for an extended period of time, unless mine production experiences a structural shift (such as a substantial and widespread reduction in costs of production or finding readily available new deposits, both of which we view as unlikely). In addition, total recycled gold has been decreasing since 2009, further constraining supply.

Looking ahead, gold continues to play an important role in investors' portfolios

The main rationale for investing in gold is supported by these facts:

• The gold price, as we see it, already incorporates expectations of economic growth and policy normalization in the US. In fact, the WGC expects that the Fed will delay increasing rates if the global economy were to decelerate.

• Following large investment outflows in 2013, this year has proven more stable for gold investment, and our WGC research indicates that many current gold-backed ETF holders own gold as a strategic component rather than solely as a short-term tactical play.

• Extended valuations in equity markets as investors search for higher returns coupled with historically low volatility levels (despite the recent spike) make a compelling case for buying portfolio protection and diversifying equity risk, a role that gold can effectively play.

• Consumer demand has kept up a healthy pace this year – even if it were to fall below the extraordinary high levels seen during 2013 – and gold supply is likely to contract in the not-too-distant future, providing a balance to the market.

-9.66

-9.09

-8.20

-8.17

-4.02

-2.76

-2.05

-1.47

-1.29

-1.20

-0.93

-0.48

-0.32

-0.02

0.00

0.00

0.27

0.68

1.14

1.18

2.01

3.94

-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00

GUAR GUM (JODHPUR)

GUAR SEED (JODHPUR)

SILVER 5 KG (DELHI)

GUR (MUZAFFARNGR.)

COTTON SEED OIL CAKE (AKOLA)

REFINED SOYA OIL (INDORE)

COTTON (KADI)

CRUDE PALM OIL (KANDLA)

SOYABEAN (INDORE)

CHANA (DELHI )

SUGAR (KOLKATA)

MUSTARD (JAIPUR)

CORIANDER (KOTA)

JEERA (UNJHA)

MENTHA OIL (BARANBAKI)

WHEAT (DELHI)

TURMERIC (NIZAMABAD)

BARLEY (JAIPUR)

RAW JUTE (KOLKATA)

PEPPER MALABAR GAR (KOCHI)

MASOOR (INDORE)

CHILLI (GUNTUR)

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 61.70 61.75 61.55 61.61

EUR/INR 77.26 77.26 76.93 76.95

GBP/INR 98.55 98.70 97.86 97.90

JPY/INR 54.79 54.82 53.81 53.86

(Source: FX Central, Open: Monday 9.00 AM IST, Close: Wednesday (5.00 PM IST)

News Flows of last week

05th Nov U.S. services industry activity slowed for a second straight month in October.

05th Nov German industrial orders rose just 0.8 percent in September, falling well short of a consensus forecast

05th Nov British industrial output rose more than expected in September,06th Nov The Bank of England kept interest rates at 0.5 percent06th Nov Productivity at U.S. nonfarm businesses increased more than

expected in the third quarter06th Nov Euro Zone approved next bailout tranche for Cyprus06th Nov The number of Americans filing new claims for unemployment

benefits fell more than expected last week

EUR/INR (NOV) contract closed at 76.95 on 05th November'14. The contract made its high of `77.26 on 03rd November'14 and a low of `76.93 on 05thNovember'14 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 77.63.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 30.98. One can sell around 76.90 for a target of 75.75 with the stop loss of 77.60.

`

JPY/INR (NOV) contract closed at 53.86 on 05th November'14. The contract made its high of 54.82 on 03rd November'14 and a low of `53.81 on 05th November'14 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 59.03.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 17.30. One can sell around 54.25 for a target of 53.00 with the stop loss of 54.85

Market Stance

Indian rupee remained sideline in the week gone by and ended with marginal

losses as strong dollar overseas kept the local currency under pressure. The

dollar held near a four-year high against a basket of major currencies and has

been flying high, buoyed by the view that the U.S. Federal Reserve is on course

to raise rates next year on the back of a steadily recovering U.S. economy. The

index, which has been held at historically low levels in recent years, has

gained almost 12 per cent from a low hit in May as the Fed wound up its policy

of flooding the market with cash last month. The greenback stood tall versus

the euro, which languished near two-year lows after European Central Bank

President Mario Draghi on Thursday renewed his pledge to take necessary

steps to stimulate a sluggish euro zone economy.

EUR/INR

USD/INR (NOV) contract closed at `61.61 on 05th November '14. The contract made its high of `61.75 on 03rd November'14 and a low of `61.55 on 05th November'14 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 61.51.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 57.89. One can sell below 61.50 for a target of 60.50 with the stop loss of 62.05

GBP/INR (NOV) contract closed at 97.90 on 05th November'14. The contract made its high of 98.70 on 03rd November'14 and a low of `97.86 on 05th November'14 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at ̀ 98.61

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 35.53. One can sell around 98.20 for a target of 97.00 with the stop loss of 98.85

`

USD/INRTechnical Recommendation

GBP/INR JPY/INR

Economic gauge for the next week

Date Currency Event PREVIOUS

12th Nov GBP Jobless Claims Change -18.6K

12th Nov GBP Employment Change (3M/3M) 46K

12th Nov EUR Euro-Zone Industrial Production w.d.a. (YoY) -1.90%

12th Nov USD Wholesale Inventories 0.70%

13th Nov EUR German Consumer Price Index - EU Harmonised (YoY) 0.70%

14th Nov EUR French Gross Domestic Product (YoY) 0.10%

14th Nov EUR German Gross Domestic Product s.a. (QoQ) -0.20%

14th Nov EUR German Gross Domestic Product w.d.a. (YoY) 1.20%

14th Nov EUR German Gross Domestic Product n.s.a. (YoY) 0.80%

14th Nov EUR Euro-Zone Consumer Price Index - Core (YoY) 0.70%

14th Nov EUR Euro-Zone Gross Domestic Product s.a. (QoQ) 0.00%

14th Nov EUR Euro-Zone Gross Domestic Product s.a. (YoY) 0.70%

14th Nov USD Advance Retail Sales -0.30%

14th Nov USD U. of Michigan Confidence 86.9

14

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IPO

IPO NEWSIPO NEWS

Aster Health lines up 3 banks for ̀ 1.2k cr IPO

India's third-largest healthcare service provider Aster DM Healthcare has finalized three lead banks — Bank of America Merrill Lynch, Goldman Sachs and

Kotak — to manage its ̀ 1,200-crore initial public offering (IPO) scheduled for early next year. The IPO is expected to value Aster at around ̀ 12,000 crore, or

$2 billion, possibly catapulting founder and Chairman Dr Azad Moopen onto the list of Indian billionaires and among the richest healthcare entrepreneurs.

The company plans to sell 10% shares on the bourses though details of the same are not finalized yet. This would be more than double the valuation of Fortis

Healthcare, controlled by brothers Malvinder and Shivinder Singh, with `5,581 crore ($907 million) in current market value. The Pratap Reddy family-

controlled Apollo Health Enterprises, which is the industry leader, has `16,000-crore ($2.7-billion) market value. The Reddys own 34% stake in Apollo,

valued at just under ̀ 5,500 crore, or $900 million. Aster is probably the largest public issue on the Indian bourses in the past three years.

IT infrastructure startup Nutanix plans IPO in 9-12 months

Nutanix, which builds server and storage systems, expects to file for an initial public offering in the United States within nine to 12 months, provided the

wider economy is in good health. The San Jose, California-based company counts the U.S. Army, Starbucks Corp and eBay Inc among the thousand-plus

customers for the data infrastructure it builds. Using technologies similar to those used by Google Inc and Amazon Inc, its datacenter platforms eliminate

the need for external storage, speed up data transfer and cut costs for its customers. Nutanix raised $140 million in the August funding round. Backing came

from Fidelity Investments and Wellington Management. Other investors in Nutanix include Riverwood, Khosla Ventures, Battery Ventures, Blumberg

Capital, SAP Ventures and Lightspeed Venture Partners. Nutanix, which has a tie-up with Dell to distribute its products, competes with companies such as

Hewlett-Packard Co , IBM Corp and EMC Corp.

Sadbhav's infra arm likely to file IPO papers by December

Sadbhav Infrastructure Project, a subsidiary of Mumbai-listed Sadbhav Engineering, is looking to list shares on the bourses in an initial public offering (IPO),

which will see its parent offer 15 percent stake. According to sources, Sadbhav Infra Project has appointed Kotak Mahindra Bank, Citi and ICICI Securities as

managers to the issue and it file its draft red-herring prospectus with the securities regulator by December this year. It is further learned that venture-

capital firm Norwest and infra-focused investment firm Xander Group, which together hold about 22 percent in the firm, may look at a partial exit. Sadbhav

Infra has 11 build-operate-transfer projects with total cost of Rs 7,850. Three out of the 11 projects are operational.

Matrix Partners & Avigo Capital planning to sell MIPS stakes via ̀ 300 crore IPO

Private equity funds Matrix Partners and Avigo Capital plan to sell a part of their stake in education services providerMaharana Infrastructure and

Professional Services or MIPS through a ̀ 300 crore public offer that values the company at ̀ 1,300 crore. The PE funds are seeking a return of more than 2.5

times on their investments made between 2011 and 2012, according to people familiar with the matter. "The company is looking at rising around ̀ 300 crore.

PE investors will partly exit stake in the IPO," an investment banker said on condition of anonymity. MIPS has appointed Axis Capital, SBI Caps and Anand

Rathi to manage the issue. Matrix Partners first invested Rs 50 crore in MIPS in 2011 to purchase a stake and a year later Avigo Capital, a mid-market focused

PE fund invested ̀ 80 crore along with ̀ 20 crore by Matrix. This year, both PE funds invested in the company, in which Avigo owns 22% and Matrix 16% while

the rest is held by promoter and Chairman Shailendra Bhadauria and his family

*Closing prices as on 05-11-2014

IPO TRACKER

Shemaroo Entertainment Entertainment 436.27 120 1-Oct-14 170.00 180.00 161.2 -5.18

Sharda Cropchem Agro Chemical 2352.05 351.86 23-Sep-14 156.00 254.10 260.70 67.12

Snowman Logistic Miscellaneous 1635.37 197.40 12-Sep-14 47.00 78.75 98.25 109.04

Wonderla Holidays Entertainment 1845.88 181.25 9-May-14 125.00 164.75 326.70 161.36

Just Dial service provider 10609.81 950.11 5-Jun-13 530.00 590.00 1512.00 185.28

Repco Home Fin Finance 3051.12 270.39 1-Apr-13 172.00 165.00 490.85 185.38

V-Mart Retail Trading 956.16 123.00 20-Feb-13 210.00 216.00 531.20 152.95

Bharti Infra. Telecom 54917.27 4533.60 28-Dec-12 220.00 200.00 290.50 32.05

PC Jeweller Jewellary 4254.52 609.30 27-Dec-12 135.00 135.50 237.55 75.96

CARE Rating Agency 3889.05 540.00 26-Dec-12 750.00 949.00 1341.05 78.81

Tara Jewels Jewellary 228.23 179.50 6-Dec-12 230.00 242.00 92.70 -59.70

VKS Projects Engineering 17.64 55.00 18-Jul-12 55.00 55.80 0.28 -99.49

Speciality Rest. Restaurants 806.07 181.96 30-May-12 150.00 153.00 171.65 14.43

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

*

15

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16

®

MUTUAL FUND

NEWS

ICICI Prudential MF introduces Capital ProtectionICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Capital Protection Oriented Fund - Series VII - 1285 Days Plan B, a close ended income scheme. The NFO opens for subscription on Nov 05, 2014 and closes on Nov 19, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is `5000.The scheme's performance will be benchmarked against CRISIL MIP Blended Index and its fund manager is Vinay Sharma, Rahul Goswami, Rahul Goswami and Shalya Shah. The investment objective of the scheme is to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities

Sundaram MF introduces Select Small Cap Series II (1400days)Sundaram Mutual Fund has launched the New Fund Offer (NFO) of Sundaram Select Small Cap Series II (1400 days), a close ended income scheme. The NFO opens for subscription on Nov 03, 2014 and closes on Nov 17, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is `5000. The scheme's performance will be benchmarked against S&P BSE Small Cap Index and its fund managers are Krishna Kumar S and Dwijendra Srivastava. The investment objective of the scheme is to seek capital appreciation by investing predominantly in equity/equity-related instruments of companies that can be termed as small-caps.

UTI MF launches Capital Protection Oriented SchemeUTI Mutual Fund has launched the New Fund Offer (NFO) of UTI Capital Protection Oriented Scheme - Series IV - III (1105 Days), a close ended income scheme. The investment objective of the scheme is to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The debt securities would mature on or before the maturity of the Scheme.

Franklin Templeton MF launches India Multi – Asset Solution fundFranklin Templeton Mutual Fund has launched the New Fund Offer (NFO) of Franklin Templeton India Multi - Asset Solution Fund , a close ended income scheme. The NFO opens for subscription on Nov 07, 2014 and closes on Nov 21, 2014. The investment objective of the scheme is to achieve capital appreciation and diversification through a mix of strategic and tactical allocation to various asset classes such as equity, debt, gold and cash by investing in funds investing in these asset classes.

DSP BlackRock MF introduces 3 Years Close Ended Equity Fund.DSP BlackRock Mutual Fund has launched the New Fund Offer (NFO) of DSP BlackRock 3 Years Close Ended Equity Fund, a close ended income scheme. The investment objective of the scheme is to generate capital appreciation by investing predominantly in portfolio of equity and equity-related securities

Deutsche MF introduces Fixed Maturity Plan – Series 81 (1100 days)Deutsche Mutual Fund has launched the New Fund Offer (NFO) of DWS Fixed Maturity Plan - Series 81 (1100 days), a close ended income scheme. The NFO opens for subscription on Nov 07, 2014 and closes on Nov 14, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is `5,000. The scheme's performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Rakesh Suri. SThe investment objective of the scheme is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the Scheme.

Birla Sun Life MF launches Capital Protection Oriented Fund -Series 25Birla Sun Life Mutual Fund has launched the New Fund Offer (NFO) of Birla Sun Life Capital Protection Oriented Fund - Series 25, a close ended income scheme. The NFO opens for subscription on November 07, 2014 and closes on November 21, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is ̀ 5,000 and in multiples of ̀ 10 thereafter. The investment objective of the scheme is to provide capital appreciation linked to equity market with downside protection at the end of tenure. Fund expects to achieve down side protection by investing in debt securities maturing on or before the duration of the scheme, subject to the credit risk. Fund expects to achieve the market linked appreciation (upside) by investing in premium of exchange traded options. The Fund proposes to restrict its derivative exposure only to the extent of buying of call options.

LIC NOMURA MF introduces Fixed Maturity Plan SeriesLIC NOMURA Mutual Fund has launched the New Fund Offer (NFO) of LIC NOMURA Fixed Maturity Plan Series 90(1100 Days), a close ended income scheme. The NFO opens for subscription on Nov 03, 2014 and closes on Nov 12, 2014. No entry load or exit load will be applicable for the scheme. The investment objective of the scheme is to minimize interest rate risk by investing in a portfolio of fixed income securities which mature on or before the maturity of the scheme.

17

®

NFOs WATCH

Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount

27-Oct-2014 10-Nov-2014 Close-Ended Growth `5000Reliance Dual Advantage Fixed Tenure Fund VI - Plan F (G)

Krishan Daga /

Anju Chajjer

To generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital appreciation through equity exposure.

12-Nov-2014 26-Nov-2014 Close-Ended Growth `5000Reliance Fixed Horizon Fund - XXVII - Series 12 (1113 D) (G)

Amit TripathiTo seek to generate returns and growth of capital by investing in a diversified portfolio of the following securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility Central and State Government securities and Other fixed income/ debt securities

07-Nov-2014 21-Nov-2014 Close-Ended Growth `5000Birla Sun Life Capital Protection Oriented Fund - Series 25 - Regular (G)

Prasad Dhonde

/ Ajay Garg

To seek capital protection by investing in fixed income securities maturing on or before the tenure of the scheme and seeking capital appreciation by investing in equity and equity related instruments.

18

MUTUAL FUND Performance Charts

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

Reliance Small Cap Fund - Growth 23.14 16-Sep-2010 931.64 20.57 65.16 119.28 36.49 22.47 2.55 0.74 0.46 6.00 49.72 22.54 21.73

DSP BlackRock Micro Cap Fund - Reg - G 33.96 14-Jun-2007 1196.06 18.82 59.55 108.59 30.70 17.97 2.50 0.82 0.37 1.36 67.49 20.72 10.43

Sundaram SMILE Fund - Reg - Growth 61.64 15-Feb-2005 500.71 22.09 63.24 107.97 28.62 20.56 3.17 1.10 0.28 2.00 58.06 35.97 3.96

UTI Mid Cap Fund - Growth 71.91 09-Apr-2004 1361.20 20.23 56.95 102.51 32.42 21.55 2.42 0.83 0.43 22.23 60.59 5.64 11.53

HSBC Midcap Equity Fund - Growth 34.56 19-May-2005 215.96 12.37 47.41 99.79 24.85 13.99 2.98 0.93 0.24 11.16 76.27 6.01 6.56

Birla Sun Life Pure Value Fund - G 35.53 27-Mar-2008 261.40 7.92 45.70 99.73 29.66 21.13 3.13 1.04 0.37 30.02 51.54 13.09 5.35

Canara Robeco Emerging Equities - G 51.35 11-Mar-2005 101.90 16.39 60.97 99.19 33.38 18.53 2.61 0.90 0.36 11.83 74.14 8.74 5.29

EQUITY (Diversified)

BALANCED

INCOME FUND

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 05/11/2014Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

ULTRA SHORT TERM

SHORT TERM FUND

Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns

Due to their inherent short term nature, Short term funds and Ultra short term funds have been sorted on the basis of 6month and 3month returns respectively

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

HDFC Prudence Fund - Growth 369.74 01-Feb-1994 6744.94 9.98 34.67 57.67 21.02 20.49 2.21 0.15 37.85 26.90 8.28 26.96

HDFC Balanced Fund - Growth 100.52 11-Sep-2000 2018.36 9.65 30.14 52.27 21.15 17.70 1.57 0.20 29.50 37.77 2.32 30.42

Reliance RSF - Balanced - Growth 37.69 08-Jun-2005 654.33 10.03 32.29 49.98 21.17 15.13 1.78 0.14 58.50 13.84 1.79 25.87

Tata Balanced Fund - Plan A - Growth 150.53 08-Oct-1995 907.07 10.33 32.55 47.20 22.28 17.15 1.73 0.16 43.70 28.71 1.64 25.95

ICICI Prudential Balanced - Growth 86.90 03-Nov-1999 996.94 10.36 29.35 45.90 22.81 15.49 1.48 0.22 41.33 23.16 1.32 34.19

Birla Sun Life 95 - Growth 516.53 10-Feb-1995 886.89 9.93 29.93 44.27 19.57 22.11 1.73 0.14 41.99 28.56 0.93 28.52

SBI Magnum Balanced Fund - Growth 86.13 09-Oct-1995 825.14 9.49 27.11 44.11 22.61 16.91 1.48 0.20 29.97 33.75 8.25 28.03

Returns (%) RiskAverage Yield till

Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

ICICI Prudential LTP - Reg - Cumulative 29.92 28-Mar-2002 84.67 70.26 51.28 37.94 19.04 16.89 11.54 9.08 16.39 0.28 4220.01 8.77

Sundaram Flex. Fund - Flex. Income - Reg - G 18.47 30-Dec-2004 319.26 63.95 47.92 34.08 16.45 13.98 8.17 6.42 36.28 -0.02 3058.70 9.23

ICICI Prudential Income Oppor. Fund - G 18.48 18-Aug-2008 1657.18 60.39 44.87 32.61 15.61 13.48 10.11 10.38 35.44 0.04 2518.50 9.14

ICICI Prudential Income Fund -Growth 41.45 09-Jul-1998 2583.80 79.80 56.27 37.32 18.36 13.32 9.07 9.09 46.52 0.01 5391.05 8.84

HDFC HIF - Dynamic - Growth 45.44 27-Apr-1997 831.84 76.05 53.86 37.90 17.01 12.95 10.42 9.02 33.29 0.07 4923.86 8.76

HDFC Income Fund - Growth 30.29 11-Sep-2000 2186.47 76.97 54.61 38.10 16.91 12.82 9.45 8.14 38.68 0.02 4685.08 8.96

UTI Dynamic Bond Fund - Growth 15.00 23-Jun-2010 389.54 46.52 35.99 24.64 13.75 12.74 10.85 9.71 15.68 0.17 978.97 N.A

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

Birla Sun Life Dynamic Bond Fund - Ret - G 23.05 24-Sep-2004 8666.55 59.78 44.15 32.84 14.31 12.40 10.13 8.60 21.15 0.10 8.72 N.A

Birla Sun Life Tre. Optimizer Plan - Ret - G 249.96 19-Apr-2002 1394.84 34.24 26.20 21.96 12.81 11.94 10.23 7.57 6.24 0.46 9.16 N.A

Birla Sun Life Treasury Optimizer Plan - DAP 154.31 22-Jun-2009 1394.84 34.24 26.20 21.96 12.80 11.79 10.01 8.40 6.28 0.42 9.16 N.A

ICICI Prudential STP - Growth 27.58 25-Oct-2001 2797.41 29.68 22.18 19.26 12.21 10.78 9.41 8.09 16.28 0.11 9.29 1062.15

Franklin India STIP - Growth 2756.05 31-Jan-2002 9540.66 27.52 21.55 18.77 12.03 11.20 10.12 8.26 12.19 0.21 10.76 908.85

Birla Sun Life Medium Term Plan - Reg - G 16.31 25-Mar-2009 3307.08 20.76 18.46 16.18 11.67 11.38 10.95 9.10 12.55 0.26 10.47 N.A

Birla Sun Life Short Term Oppor. Fund - Reg - G 21.97 24-Apr-2003 3584.27 24.99 19.81 17.89 11.54 11.09 10.78 7.06 11.62 0.26 9.77 N.A

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 3M 1Y 3Y(`) Date (`Cr.) Launch Dev.

ICICI Prud. Ultra Short Term Plan - Ret - G 14.78 12-Jun-2009 1784.00 15.32 12.55 12.78 10.30 9.43 8.82 7.50 6.28 0.23 320.47 9.13

DWS Cash Opportunities Fund - Growth 18.05 22-Jun-2007 425.73 12.42 11.30 12.04 10.19 9.47 9.55 8.33 4.56 0.41 248.20 10.25

Franklin India Low Duration Fund - G 14.78 26-Jul-2010 2318.86 10.50 10.45 10.44 10.05 10.12 9.93 9.56 4.01 0.58 248.20 10.07

LIC Nomura MF Savings Plus Fund - G 20.77 29-May-2003 377.48 15.33 13.23 12.43 9.81 8.55 8.51 6.59 3.20 0.32 482.00 8.39

Kotak Floater - LT - Growth 21.53 13-Aug-2004 2360.30 11.07 10.59 10.42 9.69 9.62 9.38 7.78 4.79 0.39 200.75 9.25

Birla Sun Life Floating Rate Fund - LTP - Ret - G 233.91 05-Jun-2003 1330.56 11.37 10.53 10.49 9.54 9.53 9.61 7.72 3.83 0.52 N.A 8.94

Birla Sun Life Savings Fund - Ret - DAP 148.65 23-Jun-2009 7547.25 10.82 10.47 10.04 9.44 9.54 9.13 7.66 4.01 0.44 N.A 9.19

Annualised

®

SMC Global Securities Limited has been selected as the winner for its exemplary performance in the category:

'Best Equity Broking House – Derivatives Segment (2014)' during BSE - D&B Equity Broking Awards

held on Friday 31st October 2014 at ITC Grand Central, The Ballroom, Parel, Mumbai.

(L-R: Mr Kaushal Sampat (President-D&B), Mr Anurag Bansal (Director, SMC), Mr Jayant Sinha (Member of Parliament),

Mr Ajay Garg (Director, SMC) & Mr Ashish Kumar Chouhan, MD & CEO, BSE)