Sushil Finance

1

30-Mar-16

Latest Points % Chg.

NIKKEI 225 * 16890.0 11.1 0.1

HANG SENG * 20750.4 (53.0) (0.3)

DOWJONES 17716.7 83.6 0.5

NASDAQ 4869.3 22.7 0.5

SGX NIFTY FUT* 7738.5 (6.5) (0.1)

INFY 19.2 0.5 2.5

HDFC BANK 60.9 1.7 2.9

ICICI BANK 7.1 0.3 3.8

TATA MOTORS 29.0 0.4 1.3

WIPRO 12.5 0.1 1.1

DR REDDY 45.5 1.1 2.4

* At 08:20 a.m. IST on 31-Mar-16

WORLD INDICES & INDIAN ADRs (US$)

n 31 March 2016

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]

Please refer to important disclosures at the end of the report For private Circulation Only.

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 25,338.6 1.8 19.5 2.7

NIFTY 7,727.7 (0.1) 20.8 2.6

CNXMIDCAP 12,689.2 0.3 21.6 2.0

30-Mar-16

*Source: Bloomberg

COMMODITIES

Latest Points % Chg.

GOLD 1225.0 (17.3) (1.4)

CRUDE OIL 38.3 0.0 0.1

FII ACTIVITIES IN DERIVATIVES 30-Mar-16

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)

Index Futures 394.6 24534.3 14.6

Index Options (686.5) 87029.6 (0.2)

Stock Futures (565.0) 52588.2 4.4

Stock Options (48.4) 4577.3 (1.4)

NET INFLOWS (Rs. Crs.) 29-Mar-16

NET MTD YTD

FII 641.0 21327.5 1868.9

MF** (592.0) (5783.8) 7490.0

*YTD From January till date **As on 23-Mar-16

30-Mar-16

Closing % Chg.

Rs. / $ 66.4 (0.23)

Rs. / EURO 75.2 0.84

Rs. / UK Sterling 95.7 0.67

EXCHANGE RATE

G.SEC. YIELD 30-Mar-16

Yield (%)

GS CG2025 8.2% 7.49

MARKETS TODAY Share indices are seen opening flat, and trade is seen volatile during the

session due to rollover of derivative positions as the March series expires

today. Resistance is seen at 7759 levels & support is seen at 7721 levels.

Stock watch: ONGC, RIL, Tata Steel, Adani Ent, Coal India.

KEY OVERNIGHT DEVELOPMENTS Wall street ended up on Wed as US Federal Reserve Chair Janet Yellen's

comments on Tues that policymakers will be cautious in their approach while

raising interest rates, continued to soothe investor sentiment. Most Asian

indices rose on optimism that central bankers across the globe will take

adequate measures to withstand the global economic meltdown.

MUST KNOW….

Sun Pharma acquires Novartis' Japan branded drug ops for $293 mn

Govt to infuse Rs.2.2 bn in Vijaya Bank via pref allotment

Govt to infuse Rs.4.8 bn fresh capital in United Bank of India

Tata Steel advises Europe holding co to sell UK arm, recast ops

MMRDA seeks Rs.15 bn base price for Bandra-Kurla Complex plot

Govt slaps prov 6-month anti-dumping duty on vitrified Chinese tiles

Suzlon Energy gets 48.30 MW wind power order from IOC

SC adjourns telecom cos' plea vs call drop penalty till Mar 31

Shree Cement commissions concrete block project in Bulandshahr

BHEL commissions 1st 250 MW unit of Nabinagar Power Project in Bihar

Aurobindo Pharma gets US FDA OK for generic of Vancomycin injection

Adani Transmission board OKs raising up to Rs.50 bn via debt

LIC's stake in Andhra Bank rises to 14.40%

Dena Bank allots 21.68 mn shares to LIC on preferential basis

Sources say banks to finalise Adhunik Power Jharkhand plant sale May

Mallya offers Rs.40 bn settlement; SC tells banks to study offer

Vijaya Bank shareholders OK Rs.2.26 bn pref issue to LIC

Adani Enterprises' arm, 2 cos tie up for unmanned aircraft systems

2

Corporate Announcements Sun Pharma acquires Novartis' Japan branded drug ops for $293 mn

Sun Pharmaceutical Industries Ltd's arm has acquired 14 established prescription brands from Novartis AG

and Novartis Pharma AG in Japan for $293 mn, the company informed the exchanges. These brands have

combined annual revenue of approximately $160 mn. Novartis will continue to distribute these brands

until all marketing authorisations are transferred to the Sun Pharma subsidiary. The acquired brands will

then be marketed by a local partner under the Sun Pharma brand, the company said. This acquisition marks

Sun Pharma's foray into the Japanese prescription market, and provides an opportunity to build a larger

product portfolio in the future, said Sun Pharma Managing Director Dilip Shanghvi. The size of the Japanese

pharmaceutical market is estimated at $73 bn, Sun Pharma said, citing IMS Health data from Dec.

Govt to infuse Rs.2.2 bn in Vijaya Bank via pref allotment

The government plans to infuse Rs.2.20 bn in Vijaya Bank by subscribing to the bank's preferential

allotment of shares, the lender said in an exchange filing. As of Dec 31, the government held 74.06% stake

in the bank. On Tues, the board of directors of the bank also approved preferential allotment of equity

shares in favour of government of India.

Govt to infuse Rs.4.8 bn fresh capital in United Bank of India

The government has approved infusion of Rs.4.80 bn fresh capital in United Bank of India through

preferential allotment of equity shares, the lender said in a notification to the exchanges. As on Dec 31, the

government held 82% stake in the bank.

Tata Steel advises Europe holding co to sell UK arm, recast ops

Tata Steel Ltd has decided to explore the sale of Tata Steel UK, in whole or in parts, and restructuring of its

European business, as a bleak outlook for the global steel market has made the business unviable.

Following a review of its European business Tues, Tata Steel said, "Given the severity of the funding

requirement in the foreseeable future, the Tata Steel Europe Board will be advised to evaluate and

implement the most feasible option in a time bound manner." According to the company, UK operations

could not be revived despite "substantial" financial support and a 2 bn pound sterling (about Rs.191 bn)

impairment over the past five years. Tata Steel said global steel demand, especially in Europe, has

remained muted for long now due to structural factors including global oversupply of steel, significant

increase in third country exports into Europe, high manufacturing costs, thereby hitting the financial

performance of its UK subsidiary. "These factors are likely to continue into the future and have significantly

impacted the long term competitive position of the UK operations in spite of several initiatives undertaken

by the management and the workers of the business in recent years." In Oct-Dec, company's European

business reported an operating loss of Rs.6.75 bn compared with Rs.13.1 bn operating profit a year ago, led

by a sharp deterioration in market spreads. Tata Steel said it has been in "deep engagement" with the UK

government to work out solutions for its UK business. The company said it would continue discussions with

investment firm Greybull Capital for the sale of its UK Long Products business. The Tata group company had

also been working on the restructuring and transformation of its Strip products UK business but has now

decided instead to abort the "unaffordable" and "inherently very risky" plan.

3

MMRDA seeks Rs.15 bn base price for Bandra-Kurla Complex plot

The Mumbai Metropolitan Region Development Authority has invited bids for an 80-year lease of a 12,486-

sq-mtr plot for commercial buildings in the G-Block of Mumbai's business district of Bandra-Kurla Complex

at a minimum base price of Rs.14.79 bn. The plot will have a maximum permissible built-up area of 50,000

sq mtr and the reserve price for lease premium is Rs.295,800 per sq mtr of built-up area, according to the

tender documents. The last date to submit the bid is May 30. MMRDA has said that companies engaged in

financial services or "front-ranking" Indian and foreign companies or those involved in information

technology, data processing, computers and telecommunications sectors, as well as trade and business

promotion agencies, regulatory authorities and business support service companies can bid for the plot.

MMRDA had plans to auction properties, of which this plot is one, in the business district measuring

100,000 sq ft with permission to build saleable area of 500,000 sq ft to 700,000 sq ft, Sanjay Sethi,

additional metropolitan commissioner, MMRDA, had said earlier. The MMRDA will use funds from the land

auction to finance infrastructure projects in the Mumbai Metropolitan Region. The agency has about 32 ha

land in Bandra-Kurla Complex, of which the usable area is 19 ha, the official said.

Govt slaps prov 6-month anti-dumping duty on vitrified Chinese tiles

The government slapped a provisional anti-dumping duty of $1.37 per sq mtr on vitrified tiles and glazed

and unglazed porcelain imported into India from China. The measure, directed at protecting interests of

Indian tile and porcelain manufacturers, will be in place for six months, a government release said. The

duty will be applicable on glazed and unglazed porcelain and tiles having polished or unpolished finish with

less than 3% water absorption. The announcement of the anti-dumping duty imposition led to a rise in

shares of tile manufacturers.

Suzlon Energy gets 48.30 MW wind power order from IOC

Suzlon Energy Ltd bagged a turnkey order for a 48.30 MW wind power project from Indian Oil Corp Ltd, the

former informed the exchanges. The company did not disclose the financial details of the project. The

project consists of 11 units of S97 120 mtr steel hybrid towers and 12 units of S97 90 mtr tubular towers

with rated capacities of 2.1 MW each, in Jaisalmer and Jodhpur districts of Rajasthan. The project is

scheduled for completion by Mar 2017, Suzlon Energy said. Suzlon had installed around 1,569 MW wind

power projects in Rajasthan as of Mar 2015. The company will use products from its S9X series, specially

designed for the Indian terrain and which deliver higher energy yield, for this project.

SC adjourns telecom cos' plea vs call drop penalty till Mar 31

The Supreme Court adjourned hearing on the call drop compensation matter, and will now hear telecom

operators' plea challenging the Telecom Regulatory Authority of India's order on Thurs. The apex court

agreed to adjourn today's hearing on the request of the counsel for the telecom companies. Telecom

service providers are challenging the Delhi High Court's decision to uphold a notification by TRAI mandating

mobile companies pay their customers for call drops on their network. On Oct 16, TRAI had issued a

notification stating customers would be compensated 1 rupee for every dropped call by their service

provider. The number calls to be compensated was capped at three per day. Cellular Operators Association

of India and Association of Unified Telecom Service Providers of India first challenged it in the Delhi High

Court, which turned down their plea on Feb 29. Subsequently, the companies moved the Supreme Court

against the high court decision.

4

Shree Cement commissions concrete block project in Bulandshahr

Shree Cement Ltd has commissioned its autoclaved aerated concrete blocks project at Sikandrabad,

Bulandshahr, in Uttar Pradesh, the company said in a release. The project has a capacity of 300,000 cu mtr

per annum, and would be used for construction work in the domestic market, the company said.

BHEL commissions 1st 250 MW unit of Nabinagar Power Project in Bihar

Bharat Heavy Electricals Ltd has commissioned its first 250 MW coal-based thermal power unit at

Nabinagar Power Project in Bihar for Bhartiya Rail Bijlee Company Ltd, a joint venture between NTPC Ltd

and Indian Railways. The commissioned unit is part of the greenfield 1,000 MW (4x250 MW) Nabinagar

power project in Aurangabad district of Bihar, where work on other three units is in progress, the company

said in a release. BHEL has supplied over 80% or 30,000 MW of NTPC's total thermal power installed

capacity.

Aurobindo Pharma gets US FDA OK for generic of Vancomycin injection

Aurobindo Pharma Ltd has secured the US Food and Drug Administration's approval for its generic version

of Fresenius Kabi's Vancomycin injection, the company said in a release. The company plans to launch the

product in the US in the later part of 2016-17 (Apr-Mar). The approval is for generic vancomycin

hydrochloride injections in 5 gm/vial and 10 gm/vial. Vancomycin hydrochloride injection is an antibiotic

used in the treatment of severe infections caused by susceptible strains of methicillin-resistant

staphylococci and others. The product recorded sales of $160 mn in the US in the year ended Jan,

according to IMS Health data. The generic version will be manufactured at unit 4 of Aurobindo Pharma's

Hyderabad facility. With this, the company now has approvals for a total of 28 abbreviated new drug

applications filed with the US FDA from unit 4.

Adani Transmission board OKs raising up to Rs.50 bn via debt

Adani Transmission Ltd got in-principle approval to raise up to Rs.50 bn either through non-convertible

debentures or through debt securities in domestic or international market. The securities would then be

listed on an offshore exchange, the company said in a release. The funds raised would be used to refinance

existing debt and meet working capital requirements, the company said. The details on coupon and tenure

of the securities were not disclosed.

LIC's stake in Andhra Bank rises to 14.40%

Life Insurance Corp of India's stake in Andhra Bank has risen to 14.40% after the state-run lender issued

preferential shares to the insurance company. On Mar 22, the bank had informed the exchanges that it had

received shareholder approval to raise Rs.1.36 bn through preferential issue of 28.85 mn shares to LIC at

Rs.47.30 per share. Prior to the preferential issue, LIC's stake in Andhra Bank was 10.16%.

Dena Bank allots 21.68 mn shares to LIC on preferential basis

Dena Bank has raised Rs.648.7 mn through preferential allotment of 21.68 mn shares to Life Insurance

Corp of India at Rs.29.92 a piece, the lender said in a notice to the exchanges. Post the allotment, LIC's

stake in the bank has increased to 14.50% from 11.63% and government's shareholding has decreased to

62.89% from 65.00%, as per the release.

5

Sources say banks to finalise Adhunik Power Jharkhand plant sale May

Banks are likely to finalise the sale of at least 51% stake in Adhunik Power and Natural Resources' 540 MW

thermal power plant in Jharkhand by early May, sources told media. The company is part of the Kolkata-

based Adhunik Group. "Bids received from interested parties are being evaluated. I think that process may

be stretched over a month. So, some outcome may be possible by Apr-end or early May," said a source

close to the development. In Dec, banks had invoked change of management at the company under the

Reserve Bank of India's strategic debt restructuring route, sources said. Last week, SBI Capital Markets had,

on behalf on a consortium led by State Bank of India, concluded the bidding process to sell at least 51%

equity stake in the power plant. The Economic Times reported that a power producer and a private equity

firm are keen to buy the project. The 540 MW coal-based sub-critical thermal project recorded commercial

operation in June 2013. The total cost of the two-phase project was Rs.33.77 bn and it was financed with a

debt-equity ratio of 73:27. While a consortium of 24 banks had financed the project, two private equity

players had also infused equity into it. In Sept 2014, a coal block awarded to the company was de-

allocated, following a Supreme Court order in this regard. Currently, the company is sourcing coal through

a memorandum of understanding with Central Coalfields Ltd for 50% of the linkage quantity.

Mallya offers Rs.40 bn settlement; SC tells banks to study offer

Beleaguered businessman Vijay Mallya and his two companies—the defunct Kingfisher Airlines Ltd and

United Breweries (Holdings) Ltd—have submitted an offer to settle Rs.40 bn in due, according to

submission made by their lenders, including the State Bank of India, to the Supreme Court. Banks claim

Mallya and three of his companies, including Kingfisher Finvest (India) Ltd, owed them Rs.90 bn. Copies of

the settlement offer were also given to the court in sealed cover. "In respect of dues of Kingfisher Airlines

to the consortium of banks, State Bank of India has received an offer for settlement of dues which is being

examined," SBI said in a release. The court gave the banks a week to study the proposal before setting Apr

7 as the next date of hearing in the matter. The apex court was hearing a plea by a State Bank of India-led

consortium of 17 banks to restrain Mallya from leaving India. It is another matter that he is currently in

London. Besides SBI, the other banks in the consortium are Axis Bank, Bank of Baroda, Federal Bank,

Corporation Bank, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank,

Punjab National Bank and State Bank of Mysore.

Vijaya Bank shareholders OK Rs.2.26 bn pref issue to LIC

State-owned Vijaya Bank has got shareholders' approval to issue 73.44 mn equity shares to Life Insurance

Corp of India on preferential basis at Rs.30.75 per share, aggregating to Rs.2.26 bn, the bank said in an

exchange filing. As of Dec 31, LIC held 5.80% stake in the bank.

Adani Enterprises' arm, 2 cos tie up for unmanned aircraft systems

Adani Enterprises Ltd's subsidiary Adani Aero Defence Systems & Technologies Ltd plans to collaborate

with Alpha Design Technologies Pvt Ltd and Israel-based Elbit Systems Ltd to work in the field of unmanned

aircraft systems. The three companies have signed a statement of intent to create a tiered vendor base and

to set up a final assembly and integration line, including maintenance, repair and operational facilities for

aircraft systems across India, Adani Enterprises said in an exchange filing. Unmanned aircraft systems

enable multi-functional capability to provide information advantage to war fighters and net security

providers. Elbit Systems is a defence electronics company engaged in a wide range of defence, homeland

security, and commercial programs throughout the world. Bengaluru-based Alpha Design Technologies

6

designs, develops and manufactures defence electronics and avionics equipments and systems, airframes,

and thermal imager based fire control systems.

7

Information of Bulk Deals – 30th Mar 2016 on BSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Anjani Parth International Private Limited S 200,000 19.75

Anjani Ravi Jain Huf B 55,432 21.2

Anjani S C Khaneja & Son (Huf) S 55,432 21.2

Anjani Subhkaran Tilokchand Huf B 200,000 19.75

Ankin Arshdeep Singh Sethi S 20,000 6.59

Ankin Digvijay Singh Rawat B 45,000 6.59

Ankin Paramjit Kaur Sethi S 34,159 6.59

Cllimited Mandar Vijay Khavilkar B 23,100 299.89

Curatech Merlin Holdings Pvt. Ltd. S 83,230 4.3

Cybersc Sweta Trading & Investment Pvt.Ltd. S 160,000 2.76

Cybersc Vsb Investments Pvt Ltd B 160,000 2.76

Excast Payal Madiyar B 295,000 4.06

Excast Vallabhji Surji Thacker S 297,000 4.01

Fcel Anamudi Real Estates Llp B 17,290,698 20.3

Fcel Godrej Agrovet Ltd S 17,290,698 20.3

Fortunef Bomin Finance Limited S 500,000 135

Fortunef Hypnos Fund Limited B 500,000 135

Fraser Jinesh Ashokkumar Shah S 35,000 28.9

Fraser Mamta Yogesh Bisht S 50,000 28.8

Fraser Ravindra Nath Mishra B 35,033 28.9

Fraser Ruben Chetty S 50,000 28.7

Fraser Shriti Jinesh Bhatt S 50,000 28.75

Garnetint Nishu Finlease Pvt. Ltd. S 99,250 188

Garnetint Vsb Investments Pvt Ltd B 99,250 188

Goodricke Santosh Industries Limited S 131,593 170.29

Hindsyntex Adonis Niryat Private Limited S 162,554 13.31

Hindsyntex Anupriya Nopany B 70,000 13.25

Lkpfin Bhavnaholdingspvtltd B 700,000 72.05

Lkpfin Mahendra Vasantrai Doshi S 700,000 72.05

Looks Ashwin P Kavedi B 62,300 12

Looks Hitesh Kumar Jain B 315,000 11.95

Looks Maruti Capital Services Private Limited S 254,800 11.9

Looks New Delhi Media Private Limited S 144,200 11.96

Pincon Youthvision Commodities Private Limited B 144,665 122.28

Purohitcon Harsha Rajeshbhai Jhaveri S 200,000 5.11

Purohitcon Narendra Maganlal Purohit B 200,000 5.11

Shricon Inder Prakash Jain S 13,000 19.6

Shricon Pramod Maheshwari B 30,500 19.6

Shricon Super Compusoft Private Limited S 17,500 19.6

Siel Hal Offshore Limited B 100,000 10.08

8

Siel Rakesh Relan S 85,106 10.08

Sivi Sumit Khetan B 54,000 25.15

Sujala Fantastic Hirise Private Limited B 40,000 55

Sujala Sandeep Kumar Shah S 40,000 55

Suprdom Amitkumar Rameshchandra Rana S 85,225 5.49

Suprdom Dhiren Dharamdas Agrawal (Huf) S 81,300 5.47

Suprdom Heta Kalpeshkumar Golwala S 55,024 5.45

Suprdom Satya Prakash B 64,000 5.47

Suprdom Virendrakumar Jayantilal Patel S 31,120 5.46

Systmtxc Dhananjaya Money Management Services Pvt Ltd S 669,378 19

Systmtxc Excel Money Management Services Private Limitd B 499,378 19

Systmtxc Superstar Exports Private Limited B 170,000 19

Totex Paresh Nagjibhai Gandhi B 50,100 20.45

Uniabexal Dhiren Shevantilal Shah B 15,000 362.5

Uniabexal Rupesh Bhaidas Mehta S 15,000 362.5

Vcu Hirani Sagar Pravinbhai B 390,000 10.3

Vcu Saroj Agencies Pvt Ltd S 315,000 10.3

Veerhealth Anilbhai Vejanadbhai Dangar S 687,875 1.32

Veerhealth Sumtinath Shares And Services Private Limited B 684,780 1.33

Waterbase Karam Chand Thapar & Bros Coal Sales Limited B 296,500 100.7

Wintac Bangalore Pharmaceutical & Research Laboratry Li B 70,000 199.92

Wintac S Jayaprakash Mady S 69,202 200

Information Of Bulk Deals – 30th Mar 2016 On NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Abg Shipyard Limited Arum Investments Private Limited S 845143 47.24

Burnpur Cement Limited Neeta Sethia B 511677 9.39

Burnpur Cement Limited Preeti Jain S 935962 9.6

Care Limited Lgt Select Equity Asia/Pacific Ex Japan B 160000 935

Cura Technologies Ltd Maryada Barter Pvt Ltd B 70000 4.75

Cura Technologies Ltd Pragya Mercantile Pvt Ltd S 60000 4.75

Diamond Power Infra Ltd Kotak Mahindra (International) Limited B 3868606 23.65

Diamond Power Infra Ltd Macquarie Bank Limited S 3868606 23.65

Gulf Oil Corp. Ltd. Afrin Dia S 927367 137

Gulf Oil Corp. Ltd. Dilipkumar Vishindas Lakhi B 927367 137

Healthcare Glob. Ent. Ltd Goldman Sachs Singapore Pte S 699714 183.39

Healthcare Glob. Ent. Ltd Morgan Stanley Mauritius Company Ltd S 443060 182.52

Hec Infra Projects Ltd. Manish Dhirajlal Kansara B 10800 101.67

Hec Infra Projects Ltd. Shah Ashish Navnitlal B 18000 99.09

Hec Infra Projects Ltd. Wealth First Portfolio Managers Private Limited B 51600 98.73

Hinduja Foundries Limited Afrin Dia S 1125720 35.5

Hinduja Foundries Limited Manish G. Lakhi B 1125720 35.5

9

Lambodhara Textiles Ltd. Jigneshbhai Hiralal Shah B 48000 139.3

Opal Luxury Time Prod Lt Idbi Capital Market Services Ltd. B 17000 95.18

Opal Luxury Time Prod Lt State Bank Of India S 17000 95.18

Sanco Industries Ltd. Chp Finance Pvt. Ltd. B 96000 24.6

Sanco Industries Ltd. Ifl Promoters Limited B 56000 24.6

Sanco Industries Ltd. Minshi Creation Private Limited S 152000 24.6

The India Cements Limitd Derive Investments S 1950000 85.92

Wealth Frst Port. Mg. Ltd Shah Gaurang Parmanand B 42000 51.15

10

Disclosures under SEBI (Prohibition of Insider Trading) Regulations, 2015

Company Name Name of Acquirer / Seller Securities Held pre Transaction

Securities Acquired / Disposed Number Value Transaction Type

Securities held post Transaction

Period

HDFC Ltd. Mobedji Astad N 10809 (-) 1,758 2015055 Disposal 9051 (-) 28/03/2016

HDFC Ltd. Miradwal Sanjay A 4029 (-) 1,691 1928941 Disposal 2338 (-) 28/03/2016

HDFC Ltd. Bose Udayan 52390 (-) 250 287500 Disposal 52140 (-) 28/03/2016

HDFC Ltd. Gupta Ankur 33100 (-) 5,000 5700000 Disposal 28100 (-) 29/03/2016

HDFC Ltd. Omprakash Ghanshyamdas Jajoo 800 (-) 1,016 1163909 Disposal 1284 (-) 28/03/2016

HDFC Ltd. Bhumika Arvind Parekh 12354 (-) 1,762 2019305 Disposal 10592 (-) 28/03/2016

HDFC Ltd. Amitkumar Wamanrao Palkar (-) 1,200 1370412 Disposal (-) 28/03/2016

HDFC Ltd. Kaur Gurpreet 25448 (-) 1,761 2017226 Disposal 23687 (-) 29/03/2016

HDFC Ltd. Bharadwaj K 31135 (-) 1,000 1144140 Disposal 30135 (-) 28/03/2016

HDFC Ltd. Deb Debjit Kajalkumar 3999 (-) 1,763 2020398 Disposal 2236 (-) 28/03/2016

HDFC Ltd. Elangovan S 54400 (-) 500 580530 Disposal 53300 (-) 08/02/2016



HDFC Ltd. Subha Rajan 5187 (-) 1,757 2012696 Disposal 3430 (-) 28/03/2016

HDFC Ltd. Narvekar S C 7281 (-) 500 564975 Disposal 6781 (-) 29/03/2016

HDFC Ltd. Nimkar Vinay Madhukar 2641 (-) 1,950 2193750 Disposal 691 (-) 29/03/2016

Atul Ltd. Anusandhan Investments Ltd 231000 (0.77) 2,000 2979372 Acquisition 233000 (0.78) 29/03/2016

Atul Ltd. Aagam Holdings Pvt Ltd 6797361 (22.91) 3,135 4655233 Acquisition 6800496 (22.92) 28/03/2016

Atul Ltd. Adhigam Investments (P) Ltd 429757 (1.44) 2,900 4320999 Acquisition 432657 (1.45) 29/03/2016

Atul Ltd. Adhigam Investments (P) Ltd 432657 (1.45) 100 149000 Acquisition 432757 (1.45) 29/03/2016

Chambal Fertilisers & Chemicals Ltd.

The Hindustan Times Ltd 51155209 (12.29) 3,000 1.62 Lacs Acquisition 51158209 (12.29) 29/03/2016

Kotak Mahindra Bank Ltd. Uday Sareen 272100 (0.01) 5,000 3377000 Disposal 267100 (0.01) 29/03/2016

Kotak Mahindra Bank Ltd. Sonalee Panda 149006 (-) 35,000 23520000 Disposal 114006 (-) 28/03/2016

Kotak Mahindra Bank Ltd. Mahesh Dhankani 12050 (-) 1,000 680000 Disposal 11050 (-) 29/03/2016

Kotak Mahindra Bank Ltd. Paul Parambi 206664 (0.01) 4,000 2720760 Disposal 202664 (0.01) 29/03/2016

Kotak Mahindra Bank Ltd. Uday Sareen 284600 (0.01) 12,500 8351250 Disposal 272100 (0.01) 28/03/2016

Kotak Mahindra Bank Ltd. Abhishek Kumar Mishra 150154 (-) 8,000 5240000 Disposal 142154 (-) 09/03/2016

11

Mahindra & Mahindra Ltd. Nadir B Godrej 475732 (0.07) 1,000 1242078 Acquisition 476732 (0.07) 29/03/2016

Mahindra & Mahindra Ltd. Milind J Ranadive 13859 (-) 600 749985 Disposal 13259 (-) 28/03/2016

Bhagwati Autocast Ltd. Bhagwati Spherocast Pvt Ltd 611246 (21.21) 36,500 1754190 Disposal 574746 (19.95) 28/03/2016

Bhagwati Autocast Ltd. Reena P Bhagwati 605309 (21.01) 31,870 1537090.1 Acquisition 637179 (22.11) 28/03/2016

Kaira Can Co.Ltd. Harshadray Pvt Ltd 108413 (11.76) 20,950 15000200.00 Disposal 87463 (9.48) 23/03/2016

Kaira Can Co.Ltd. Utsav R Kapadia 29890 (3.24) 11,000 7876000.00 Acquisition 40890 (4.43) 23/03/2016

Kaira Can Co.Ltd. Radha Utsav Kapadia (-) 2,750 1969000.00 Acquisition 2750 (0.30) 23/03/2016

Avonmore Capital & Management Services Limited

Navjeet Singh Sobti 136188 (0.56) 97,670 833372.46 Acquisition 233858 (0.96) 28/03/2016

Avonmore Capital & Management Services Limited

Navjeet Singh Sobti 233858 (0.96) 1,19,895 1023008.14 Acquisition 353753 (1.45) 29/03/2016

Zodiac Clothing Co.Ltd. Mohamed Anees Noorani 24065 (0.12) 5,41,182 119060040 Acquisition 565247 (2.90) 28/03/2016

Zodiac Clothing Co.Ltd. Mohamed Yusuf Noorani 2660103 (13.63) 12,35,370 271781400 Acquisition 3895473 (19.96) 28/03/2016

Zodiac Clothing Co.Ltd. Salman Yusuf Noorani 13334 (0.07) 5,41,182 119060040 Acquisition 554516 (2.84) 28/03/2016

Zodiac Clothing Co.Ltd. Miraj Marketing Company Llp 2317734 (11.87) 23,17,734 509901480 Disposal (-) 28/03/2016

Shrenuj & Co.Ltd. Shrenuj Investments & Finance Pvt Ltd 26546805 (13.76) 1,01,523 764904 Disposal 26445282 (13.71) 29/03/2016

Swarnsarita Gems Ltd Swarnsarita Jewellers Pvt Ltd 7938761 (38.03) 1,40,000 3235322.61 Acquisition 8078761 (38.70) 29/03/2016

Manappuram Finance Ltd. V P Nandakumar 228957328.00 (-) 9,82,589.00 34213235.59 Acquisition 229939917.00

(27.33) 28/03/2016

Bharti Airtel Ltd. Raghunath Mandava 22800 (-) 22,800 73.53 Lacs Disposal (-) 08/03/2016

Yes Bank Ltd. Aseem Gandhi 40050 (-) 500 411460.18 Disposal 39550 (-) 21/03/2016

Yes Bank Ltd. Aseem Gandhi 39550 (-) 3,000 2514417.95 Disposal 36550 (-) 23/03/2016

Yes Bank Ltd. Aseem Gandhi 36550 (-) 2,000 1697081.04 Disposal 34550 (-) 28/03/2016

Yes Bank Ltd. Rajesh Sureka 2750 (-) 1,750 1463586 Disposal 1000 (-) 23/03/2016

Yes Bank Ltd. K V N Yesu 1750 (-) 1,750 1487154 Disposal (-) 29/03/2016

Yes Bank Ltd. Anil Sakhrani 3750 (-) 1,750 1451450 Disposal 2000 (-) 21/03/2016

Yes Bank Ltd. Anil Sakhrani 6250 (-) 2,500 1962500 Disposal 3750 (-) 09/03/2016

Yes Bank Ltd. Ganesh Narayanan 12500 (-) 2,700 2135700 Disposal 9800 (-) 11/03/2016

Yes Bank Ltd. Ajit Chandgude 2000 (-) 2,000 1672147 Disposal (-) 28/03/2016

Yes Bank Ltd. Amit Dhawan 150000 (-) 3,000 25.5 Lakh Disposal 147000 (-) 29/03/2016

Yes Bank Ltd. Punit Malik 124700 (-) 1,400 1186000 Disposal 123300 (-) 23/03/2016

Yes Bank Ltd. Dhanraj N Uchil 2000 (-) 1,000 750500 Disposal 1000 (-) 04/03/2016

Yes Bank Ltd. Dhanraj N Uchil 1000 (-) 300 227178 Disposal 700 (-) 08/03/2016

Yes Bank Ltd. Dhanraj N Uchil 700 (-) 700 588959 Disposal (-) 28/03/2016

12

Yes Bank Ltd. Tushar Pandey 21307 (-) 1,000 749836.01 Disposal 20307 (-) 03/02/2016

Yes Bank Ltd. Amit Kumar 260000 (-) 2,000 1701704.25 Disposal 258000 (-) 29/03/2016

Mcleod Russel India Ltd. Woodside Parks Ltd 3806801 (3.47) 7,00,000 131723862.30 Acquisition 4506801 (4.11) 29/03/2016

Sasken Communication Technologies Ltd.

Malti M Jhaveri (-) 5,000 2100007.46 Acquisition 5000 (-)

Sasken Communication Technologies Ltd.

Dhruv M Jhaveri (-) 5,000 2079963.09 Acquisition 5000 (-)

Tech Mahindra Ltd. Dhanashree Ajit Bhat 6880 (-) 2,000 971693.35 Disposal 4880 (-) 17/03/2016

Eclerx Services Ltd. Kristina Quiroz 3168 (-) 1,000 1230000 Disposal 2168 (-) 29/03/2016

Ppap Automotive Limited Kalindi Farms Pvt Ltd 1807552 (12.91) 39 5382 Acquisition 1807591 (12.91) 29/03/2016

Archidply Industries Ltd. Shamdaga 931160 (4.22) 1,12,500 5012500 Disposal 818660 (3.71) 29/03/2016

Man Infraconstruction Ltd. Manan P Shah 10425000 (4.21) 50,000 1743750 Acquisition 10475000 (4.23) 29/03/2016

Summit Securities Ltd. Swallow Associates Llp 7334015 (67.27) 24,070 7183581 Acquisition 7358085 (67.49) 29/03/2016

Covidh Technologies Limited Rahul Deshmukh 110884 (1.05) 60,000 Disposal (-) 28/03/2016

Alkem Laboratories Ltd Basudeo N Singh 8332950 (6.97) 29,000 39978504.14 Acquisition 8361950 (6.99) 28/03/2016

Alkem Laboratories Ltd Basudeo N Singh 8361950 (6.99) 44,000 61373786.07 Acquisition 8405950 (7.03) 29/03/2016

Alkem Laboratories Ltd Mritunjay Kumar Singh 5776760 (4.83) 2,000 2752416.00 Acquisition 5778760 (4.83) 29/03/2016

Alkem Laboratories Ltd Meghna Singh 1197650 (1.00) 1,100 1513395.18 Acquisition 1198750 (1.00) 29/03/2016

Alkem Laboratories Ltd Madhurima Singh 2939240 (2.46) 35,000 48879476.75 Acquisition 2974240 (2.49) 29/03/2016

13

Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).

** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Nishita Shah ([email protected])

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Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

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14

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