awarded the best, time and again

AWARDED THE BEST,TIME AND AGAIN.

GROWTH LIVELIHOODS EQUITY

From The Desk Of Editor

(Saurabh Jain)

SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.

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n the week gone by, global markets rallied on expectation of further interest rate

Icuts by central banks worldwide. Markets also welcomed Christine Lagarde, the

head of the International Monetary Fund, to replace Mario Draghi as the president

of ECB as this has reinforced expectations of more monetary policy easing. Recently,

the Chinese commerce ministry has cleared that US tariffs against China must be

lifted for the two sides to reach a deal to end the trade war.

Back at home, domestic markets witnessed volatile movement ahead of the Union

Budget. The Indian rupee looked strong tracking firmer emerging market currencies

and lower crude oil prices. As expected, in the budget, Finance minister has allocated

Rs. 70,000 crore to PSBs inorder to boost credit. Government has set a target of Rs. 1,

05,000 crore of disinvestment receipts for the FY 2019-20. Also, the announcement of

corporate tax to 25% for the companies having turnover upto 400 crores, will certainly

bring ease of doing business in the economy. In the budget, it could be seen that the

government wants to strengthen the debt as well as the equity market, by providing

much needed relief to the market participants. It seems that the government is taking

each measure to push growth in the economy. Meanwhile, Revenue collection from

GST for June stood at Rs 99,939 crore; it slipped below Rs 1 lakh crore for the first time

since February. The eight core sector industries recorded a growth of 5.1 percent in

May on the back of healthy output in steel and electricity. Business activity growth in

India’s service sector contracted in June; the Nikkei/IHS Markit Services Purchasing

Managers’ Index fell to 49.6 last month from 50.2 in May. Going forward, market will

witness a stock specific movement as we are going into the earning season. Besides,

rupee movement, crude oil prices, inflow and outflow of foreign funds will dictate the

trend of the markets.

In the commodity market front, some correction was witnessed in CRB after a

continuous upside of three weeks. The week was full of event risk. Positive outcome

from China and US in G 20 couldn’t lift up the market as per expectation and market

took a dip on growth concern. Domestic market was conscious ahead of the Union

Budget. In the OPEC meet, which was scheduled on 1st and 2nd July, they reached on

the consensus that they will continue the production cut till March, 2020. Despite

production cut decision of crude oil, market reacted in a negative way and hit the

downside of around 5%. Gold made new high of 35100 in the Indian market owing to a

rise of 2.5% import duty. This week, bullion counter should trade in a range. Base

metal counter can trade on weaker path. Going forward some of the market triggers

are New Yuan Loans, CPI of China, Bank of Canada Rate Decision, FOMC Meeting

Minutes¸ CPI of US, etc.

Derivatives 8-9

Mutual Fund 17-18

FD Monitor 16

Contents

Commodity 10-13

Currency 14

Equity 4-7

IPO 15

SMC GLOBAL SECURITIES LTD.

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Highlights of Union Budget 2019-20

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 ".

NOTES:

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

4

Closing as on 05-07-2019*BPCL has broken the support of 370

NIFTY50 11811 UP 08.02.19 10944 10900 10600

L&T 1558 UP 08.03.19 1339 1430 1380

HINDALCO 199 DOWN 17.05.19 192 210 215

ITC 279 DOWN 31.05.19 279 290 295

Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing

ACC 1547 DOWN 14.06.19 1549 1620 1640

S&P BSE SENSEX 39513 UP 08.02.19 36546 36300 35300

MARUTI 6360 DOWN 26.04.19 6843 6800 7000

ONGC 162 UP 08.03.19 150 160 155

NIFTY IT 15550 UP 21.07.17 10712 15200 14800

RELIANCE 1263 UP 30.11.18 1168 - 1250

NIFTY BANK 31475 UP 30.11.18 26863 27700 27000

Price Trend Trend S/l

Changed Changed

TATASTEEL 478 DOWN 10.05.19 487 - 510

NTPC 137 UP 08.03.19 127 124 120

INFOSYS 718 UP 14.12.18 706 710 690

SBIN 371 UP 02.11.18 286 340 330

CIPLA 550 UP 01.03.19 552 530 520

BPCL* 370 UP 08.03.19 367 365 360

ICICI BANK 436 UP 02.11.18 355 400 390

BHARTIAIRTEL 365 UP 15.03.19 338 335 325

FORTHCOMING EVENTS

EQUITY

20/07/2019 Amara Raja Batt. Quarterly Results

12/7/2019 KotakMah. Bank 16% Dividend11/7/2019 Bajaj Finserv 50% Dividend

25/07/2019 PVR Quarterly Results

15/07/2019 Dr Reddy's Labs 400% Dividend

22/07/2019 TVS Motor Co. Quarterly Results

9/7/2019 ICICI Pru Life 15.5% Final Dividend

11/7/2019 Amara Raja Batt. 508% Final Dividend

11/7/2019 Bajaj Auto 600% Dividend

9/7/2019 South Ind.Bank 25% Dividend

15/07/2019 Zee Entertainmen 350% Final Dividend

11/7/2019 Bajaj Fin. 300% Dividend

Meeting Date Company Purpose

9/7/2019 Can Fin Homes 100% Dividend

25/07/2019 Bajaj Finserv Quarterly Results

Ex-Date Company Purpose

20/07/2019 HDFC Bank Quarterly Results

23/07/2019 NIIT Tech. Quarterly Results24/07/2019 ICICI Pru Life Quarterly Results

8/7/2019 Mindtree 200% Special Dividend+ 40% Final

Dividend

25/07/2019 Bajaj Fin. Quarterly Results

11/7/2019 Escorts 25% Final Dividend10/7/2019 UltraTechCem. 115% Dividend

12/7/2019 Infosys Quarterly Results

17/07/2019 Wipro Quarterly Results16/07/2019 Multi Comm. Exc. Quarterly Results13/07/2019 DewanHsg. Fin. Accounts

18/07/2019 Colgate-Palm. Quarterly Results

9/7/2019 TCS Quarterly Results,Interim Dividend

19/07/2019 RBL Bank Quarterly Results

23/07/2019 M & M Fin. Serv. Quarterly Results

19/07/2019 Dabur India Quarterly Results

• GST rate on electric vehicles proposed to be lowered to 5%. Additional

income tax deduction of Rs.1.5 lakh on interest on loans taken to

purchase electric vehicles.

• Investment by FIIs and FDIs in debt securities in infrastructure debt

funds to be allowed. Minimum public shareholding in listed companies

can be increased from 25% to 35%.

• The pension benefit will be extended to 3 crore retail traders under PM

Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and

bank accounts.

• Stress on zero-budget farming, which is a form of gardening as a self-

sustainable practice, with minimum external intervention.

• Buyback tax of 20% extended to listed companies.

• According to the survey results from IHS Markit, India's services activity

contracted in June for the first time since May 2018, driven by decline

in new business and employment. The services Purchasing Managers'

Index, or PMI, fell to 49.6 in June from 50.2 in May. Any reading below

50 indicates contraction in the sector.

Indian Economy News

• PAN and Aadhaar will become interchangeable. Now you can also use

your Aadhaar number to file I-T Returns soon.

• Rs.1 crore worth of loans proposed to MSMEs. The Government will

extend pension benefits to 3 crore retail traders and shopkeepers who

have a revenue of less than Rs.1.5 crore.

• Additional deduction of Rs.1.5 lakh on loans up to March 31 2020 for

buying affordable houses, giving Rs. 7 lakh benefit to home buyers.

• Proposal to provide Aadhaar cards for NRIs with Indian passports, after

their arrival in India, with no waiting period.

• In view of rising income levels, those in the Rs.2-5 crore and Rs.5 crore-

and-above brackets will see increase in effective tax rate by 3% and

7%, respectively.

• New national educational policy hopes to transform Indian education

into one of the best in the world, with focus on bringing in foreign

students.

• To resolve the angel tax issue, startups will not be subject to any

scrutiny in respect to valuation. Funds raised by startups will not

require any scrutiny by the I-T department.

• By 2022, the 75th year of Independence, every single rural family,

except those who are unwilling to take the connection, will have

electricity and clean cooking facility.

• TDS of 2% on cash withdrawals exceeding Rs.1 crore in a year from bank

accounts, to discourage business payments in cash.

• According to the survey results from IHS Markit, India's manufacturing

sector growth slowed in June reflecting softer increases in new works,

output and employment. The headline IHS Markit manufacturing

Purchasing Managers' Index fell to 52.1 in June from a 3-month high of

52.7 in May. A score above 50 indicates expansion in the sector.

• Rs.50 lakh crores proposed for Railway infrastructure.

• Rs.70,000 crore in recapitalisation for public sector banks and Rs.1.05

lakh crore disinvestment target for the year has been set.

• Increase in Special Additional Excise Duty and Road and Infrastructure

Cess each by Rs. 1 per litre on petrol and diesel

• Period of exemption for capital gains arising from sale of house for

investment in startups to be extended to March 31, 2021.

• According to the rating agency Icra, Indian pharmaceutical industry is

likely to grow by 11-13 per cent in the current fiscal. This along with

moderation in pricing pressure for US market, new launches and

market share gains for existing products and consolidation benefits

will drive growth in Fy2020.

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

SECTORAL INDICES (% Change)

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

FII/FPI & MF ACTIVITY (In Rs. Crores)

5

SMC Trend

FTSE 100CAC 40

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

Down SidewaysUp

EQUITY

SMC Trend

BSE Midcap BSE SmallcapSensexNifty Nifty Junior S&P CNX 500

SMC Trend

ITMetal

Oil & GasPower

Cap GoodsCons Durable

Auto BankRealty

FMCGHealthcare

FII / FPI Activity DII trading activity

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

Indiabulls Hous.

UPL IndusInd Bank Zee Entertainmen

Bhar� Airtel Yes Bank Titan Company

B P C L HCL Technologies

Sun Pharma.Inds.

15.82

11.74

5.865.26

4.64

-11.49

-3.32 -3.17-2.24 -2.21

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

IndusInd Bank Bhar� Airtel H D F C Reliance Inds. M & M Yes Bank HCL Technologies

Sun Pharma.Inds.

Vedanta Tata Steel

5.93

4.594.06

2.48 2.44

-11.45

-2.26 -2.22-1.84 -1.79

0.89

0.81

0.54

0.61

1.39

0.87

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Ni�y Sensex BSE Midcap BSE Smallcap Ni�y Next 50 S&P CNX 500

1.10

0.32

0.94

1.34

0.05

2.64

2.99

-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

-1.48

-0.24

-1.86

-0.79

2.54

0.98

2.42

1.71

1.31

0.61

0.28

2.72

2.31

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40

Beat the street - Fundamental Analysis

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

6

EQUITY

M.Cap (Rs. in Cr.) 7551.02

Face Value (Rs.) 5.00

52 Week High/Low 139.45/100.45

Stock Exchange BSE

P/B Ratio (times) 3.07

Dividend Yield (%) 3.08

P/E Ratio (times) 19.40

EPS (Rs.) 5.86

% OF SHARE HOLDING

VALUE PARAMETERS

AHLUWALIA CONTRACTS (INDIA) LIMITED CMP: 331.00 Upside: 21%Target Price: 402

` in cr

• Consultancy revenues grew 4.4% YoY and turnkey revenues jumped 51% YoY. Absolute EBITDA increased 62.3% YoY to Rs 93.3 core. This was due to healthy EBIT margins in the turnkey segment.

Risk

Sizeable growth potential of the sector, forthcoming capex in hydrocarbon sector, asset-light business model, foray into newer segments/sectors, debt-free balance-sheet, healthy revenue and earnings growth and robust return ratios continue to augur well for the company. Going ahead, it is expected that the company will post accelerated revenue and EBITDA growth due to increasing contribution from turnkey segment, coupled with higher margins. Thus it is expected that the stock will see a price target of Rs. 141 in 8-10 months time frame on the current PE multiple of 20.87 times and FY20E EPS of Rs. 6.77.

• Its strategy of expanding into international markets is paying off and it has started getting new overseas orders. The company recently won an order worth Rs

550 crore from Mongolia. It expects more orders to come from Bangladesh and Dangote (Africa).

• Lower capex in the Oil & Gas sector

• Cash diversion towards other government sick companies.

Valuation

Investment Rationale

• EIL is an engineering consultancy, and engineering, procurement and construction (EPC) company in the hydrocarbons and petrochemicals industry.

• Order inflows for FY19 were at Rs. 5890 crore (consultancy Rs. 1585 crore, turnkey Rs. 4305 crore), taking the order backlog to Rs. 11,188 crore. The company is also upbeat about order inflows in FY20 as well. It has guided for an order intake of close to Rs 1800 crore.

• Next year the company expects finalization of orders such as Numaligarh Refinery expansion [this year it got pipeline order from Numaligarh] order; Strategic reserves project at 2 locations one each in Odisha and Karnataka. End of next year or beginning of a year next to that, the company expects awarding of Chennai Refinery order, followed by Cavery Basisn Refinery project at Nagapattinam, Bina Refinery expansion, Mangalore Refinery Expansion projects.

• EIL reported strong Q4FY19 numbers. This was due to higher-than-expected contribution from the turnkey business coupled with strong margins. Revenues grew 20.2% YoY to Rs 612.6 crore. Consultancy and turnkey segment contributed 57.5% and 42.5%, respectively.

P/E Chart

Foreign

InstitutionsNon Promoter Corp. Hold.

PromotersPublic & Others

EPS (Rs.) 21.70

M.Cap (Rs. in Cr.) 50198.91

52 Week High/Low 1264.50/690.00

Face Value (Rs.) 10.00

P/B Ratio (times) 9.38

Stock Exchange BSE

P/E Ratio (times) 50.82

% OF SHARE HOLDING

VALUE PARAMETERS

HEXAWARE TECHNOLOGIES LIMITED CMP: 382.90 Upside: 15%Target Price: 441

` in cr

The company has maintained a leadership position and expanding its distribution network to increase penetration in tier 3 and tier 4 cities. The company is continuously performing well and the management of the company intends to continue to focus on improving its operating and financial performance. Its key focus is to reduce its combined ratio, while maintaining robust reserves. It plans to reduce its net expense ratio by continuing to eliminate, standardise and automate internal processes. We expect the stock to see a price target of Rs.1302 in 8-10 month time frame on a current P/BV of 9.38x and FY20 (BVPS) Book Value Per Share of Rs.138.77.

Valuation

• Changes in regulations and polices

• Risk of reinsurance inward

Risk

• It has posted 7% increase in the net profit to Rs 227.73 crore in the quarter ended March 2019 (Q4FY2019). PBT increased 20% to Rs 345.49 crore in Q4FY2019. PBT for Q4 FY2019 includes upfront

expensing of acquisition cost related to the growth of 29.4% in GDPI (excluding crop segment) whereas the full benefit of earned premium will be realized over the policy period.

• Solvency ratio was 2.24x end March 2019 as against 2.02x end March 2018 and higher than the minimum regulatory requirement of 1.50x.

• Investment assets increased 22% to Rs 22231 crore end March 2019, as compared to Rs 18193 crore end March 2018. Investment leverage (net of borrowings) was 4.09x end March 2019 as compared to 3.9x end September 2018. Investment income increased to Rs 423.64 crore in Q4FY2019 as compared to Rs 323.42 crore in Q4FY2018.

• The net premium income of the company has increased 21% to Rs 2197.47 crore in Q4FY2019. The combined ratio improved to 98% in Q4FY2019 from 99.5% in Q4 FY2018. However, the company has consistently improved combined ratio to below 100% mark to 98.5% in FY2019 from 100.2% in FY2018 and 103.9% in FY2017.

Investment Rationale

• ICICI Lombard GIC is one of the leading private sector general insurance companies in India with a gross written premium (GWP) of Rs 14789 crore for the year ended 31 March 2019.

• The Gross Direct Premium (GDPI) of the Company increased 19% to Rs 3485 crore in Q4FY2019 compared to Rs 2926 crore in Q4FY2018, as against industry growth rate of 12.6%. Excluding crop segment, GDPI growth for Q4 FY2019 was 29.4% over Q4FY2018. The GDPI increased 17% to Rs 14488 crore in FY2019 from Rs 12357 crore in FY2018 against the industry growth of 12.9%.

P/E Chart

Foreign



Beat the street - Fundamental Analysis

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

6

EQUITY

% OF SHARE HOLDING

VALUE PARAMETERS

ENGINEERS INDIA LIMITED CMP: 113.70 Upside: 24%Target Price: 141

` in cr

P/E Chart

Foreign



% OF SHARE HOLDING

VALUE PARAMETERS

ICICI Lombard GIC Limited CMP: 1103 Upside: 18%Target Price: 1302

` in cr

P/B Chart

Foreign



FY Mar-18 FY Mar-19 FY Mar-20

Ebit 923.71 1231.42 1687.10

ACTUAL ESTIMATE

Net Premium 6912.00 8375.35 9968.08

Pre-tax Profit 1196.23 1598.42 1935.66

RoE 20.39% 20.72% 22.51%

EPS 18.99 23.06 28.74

BVPS 100.04 124.56 138.77

Net Income 861.78 1049.27 1302.94

Revenue 1824.31 2475.80 2863.36

ACTUAL ESTIMATE

FY Mar-18 FY Mar-19 FY Mar-20

Ebitda 427.49 375.64 438.47

Net Income 383.31 369.55 436.13

Ebit 403.50 353.14 488.29

EPS 5.92 5.85 6.77

RoE 14.78% 15.76% 17.86%

BVPS 37.05 37.15 37.78

6.96

25.53

2.88

52

12.63

25.00

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175.00

225.00

275.00

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7.00 8.00 9.00 10.00 Close Price

Charts by Spider Software India Ltd

EQUITY

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

The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.

Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.

SOURCE: CAPITAL LINE

The Stock has been consistently maintaining its uptrend and seen traded in a

rising channel with formation of higher high and higher bottom pattern on

weekly charts. At current juncture, once again stock has taken support at its

rising trend line of channel and given a break above falling wedge pattern on

daily charts. The positive divergence on secondary oscillators suggest that stock

may continue its upside momentum in coming sessions as well. Therefore, one

can buy in the range of 1170-1175 levels for the upside target of 1245-1250 levels

with SL below 1120.

The stock closed at Rs 1178.20 on 05th July, 2019. It made a 52-week low of Rs

1018.30 on 09th October 2018 and a 52-week high of Rs. 1354.80 on 31st

December 2018. The 200 days Exponential Moving Average (DEMA) of the stock on

the daily chart is currently at Rs 1189.60

In recent past, the stock took V shape recovery from its 52 week low and once

again it managed to surpass its 200 days exponential moving average on weekly

charts. This week fresh breakout was witnessed into the prices above the falling

trend line of long term channel. Additionally, stock is also maintaining its bullish

trend on daily charts as well as prices are trading above its short and long term

moving averages. Therefore, one can buy in the range of 395-400 levels for the

upside target of 435-440 levels with SL below 370.

The stock closed at Rs 398.45 on 05th July, 2019. It made a 52-week low at Rs

277.35 on 04th February 2019 and a 52-week high of Rs. 428 on 07th August 2018.

The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart

is currently at Rs 356.48

ICICI Prudential Life Insurance Company Limited (ICICIPRULI)

7

Colgate Palmolive (India) Limited (COLPAL)

DERIVATIVES

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

WEEKLY VIEW OF THE MARKET

NIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY)

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

Nifty dragged down due to liquidation of long positions. Recent data has turned cautious and is indicating probability of further profit booking. Call writing and

put unwinding were seen on the day of budget. Call writers were active in 12000, 11900, 11800 strike calls indicating limited upside. This clearly indicates lack of

buying interest and discomfort in the market. The levels of 11700 will remain crucial for this week as indicated by option open interest concentration. If Nifty

falls below the 11700 mark, it could correct to 11500 levels on the back of further selling. On bounce, the index will face strong resistance at 11900-11950 levels.

The options open interest concentration is at the 12000-strike calls with the highest open interest of above 30 lakh shares; among put options, the 11700-strike

taking the total open interest to 12 lakh shares, with the highest open interest among put options. The Implied Volatility (IV) of calls closed at 12.91% while that

for put options closed at 12.22%. The Nifty VIX for the week closed at 13.53% and is expected to remain down trending. The PCR OI for the week closed at 1.16

which indicates put writing. Next support is placed around 11750-11700 levels.

Max. Profit: 7937.50 (31.75*250)

BEP: 2731.75Lot size: 250

SELL JUL 2700 PUT 31.00BUY JUL 2750 PUT 49.25

BAJAJ-AUTO

Max. Loss: 4562.50 (18.25*250)

OPTIONSTRATEGY

FUTURE

Max. Loss: 5120.00 (1.60*3200)Max. Profit: 10880.00 (3.40*3200)

BEP: 268.40

WIPRO

Lot size: 3200

SELL JUL 265 PUT 2.40BUY JUL 270 PUT 4.00

DERIVATIVE STRATEGIES

Max. Loss: 6760.00 (2.60*2600)Max. Profit: 19240.00 (7.40*2600)

BEP: 382.60

MARICO

BUY JUL 380 CALL 6.70SELL JUL 390 CALL 4.10

Lot size: 2600

8

Call Put

Call Put

In lakhs

Call Put

In 10,000

BULLISH STRATEGY

Target: `305

Stop loss: `291

Buy: Above `296

CANBK(JUL FUTURE)

Stop loss: `361

Target: `383

Buy: Above `369

BHARTIARTL (JUL FUTURE)

Stop loss: `215

Target: `198

Sell: Below `209

AMBUJACEM(JUL FUTURE)

BEARISH STRATEGY

In 10,000

Call Put

In lakhs

9.03

4.38

0.22

2.92

2.12

5.21

8.46

16.6

5

12.9

9

16.0

8

8.329.

26

11.6

5

13.4

2

16.6

1

11.6

6

12.3

7

12.0

0

8.31

0.21

5.48

8.07

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

10000 11000 11300 11500 11700 11800 11900 12000 12400 12500 13000

-0.0

5

-0.1

6

-0.1

6

-0.2

2

-0.2

2

1.71

1.71 2.

23

2.23

3.29

3.29

-0.1

1

1.14

1.14

3.59

3.59

7.65

7.65

0.85

0.85

0.00

0.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10000 11000 11300 11500 11700 11800 11900 12000 12400 12500 13000

4.52

41.3

0

5.71

0.00

3.38

3.56

7.44

9.92

14.6

7

9.82 11

.72

4.75

12.4

3

10.0

5

5.20

16.7

2

15.0

3

19.4

4

6.72

4.69

0.22 1.

29

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

28000 29000 29500 29800 30000 30500 31000 31500 32000 32500 33000

-0.1

2

-0.7

9

0.58

0.00

0.08

-0.6

3

-0.8

6 -0.0

2

3.65

2.82

5.63

-0.4

0

-0.1

7

0.70

0.06

1.97 2.

35

9.99

3.30

0.27

0.07

-0.0

1

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

28000 29000 29500 29800 30000 30500 31000 31500 32000 32500 33000

DERIVATIVES

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

HISTORICAL VOLATILITY 14.12 14.51 14.97 15.33 15.50

IMPLIED VOLATILITY 12.91 12.94 13.53 13.94 13.97

A/D RATIO(ALL FO STOCK)* 1.05 1.95 1.49 2.35 0.41

A/D RATIO(NIFTY 50) 2.00 1.04 1.55 2.64 0.42

PCR(VOL) 0.93 1.14 0.94 0.92 0.87

PCR(OI) 1.16 1.18 1.17 1.19 1.19

COST OF CARRY% 0.71 0.70 0.69 0.69 0.67

DISCOUNT/PREMIUM 32.90 32.45 32.05 38.05 52.65

04-Jul 03-Jul 02-Jul 01-Jul 28-Jun

VIX 13.53 13.70 14.25 14.60 14.60

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

FII’S ACTIVITY IN INDEX FUTURE

**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

#All Future Stock

HISTORICAL VOLATILITY 17.77 18.27 18.78 19.33 19.50

VIX 13.53 13.70 14.25 14.60 14.60

IMPLIED VOLATILITY 15.31 14.79 15.77 15.69 15.53

A/D RATIO(ALL FO STOCK)# 2.20 4.33 0.45 7.00 0.78

A/D RATIO(BANKNIFTY) 2.00 3.00 0.50 5.00 0.50

PCR(VOL) 1.04 1.26 0.85 1.17 1.21

PCR(OI) 0.87 0.85 0.85 0.85 0.80

COST OF CARRY% 0.71 0.70 0.69 0.69 0.67

DISCOUNT/PREMIUM 76.35 113.60 120.60 124.10 162.25

04-Jul 03-Jul 02-Jul 01-Jul 28-Jun

9

In Cr. In Cr.

-23

7

31

7

-11

03 -8

39

26

71

-43

6

44

7

-95

1

7

-4

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

21-Jun 24-Jun 25-Jun 26-Jun 27-Jun 28-Jun 01-Jul 02-Jul 03-Jul 04-Jul

24

80

46

-38

4

-21

5

56

86

10

3

94

2

-26

6

23

9

10

58

-1000

0

1000

2000

3000

4000

5000

6000

21-Jun 24-Jun 25-Jun 26-Jun 27-Jun 28-Jun 01-Jul 02-Jul 03-Jul 04-Jul

TOP 10 SHORT BUILD UPTOP 10 LONG BUILD UP

INDUSINDBK 1488.70 5.51% 11636000 13.00%

RBLBANK 653.05 2.95% 5206800 6.06%

TORNTPOWER 304.95 8.52% 3858000 6.11%

CENTURYTEX 968.05 2.41% 4126200 10.07%

PETRONET 253.25 2.78% 11724000 5.76%

SUNTV 513.45 1.06% 5668000 7.84%

NBCC 61.50 2.67% 28730000 7.20%

LTP % Price Change Open interest %OI Chng

JUBLFOOD 1250.20 1.70% 3009000 14.28%

M&MFIN 390.65 1.75% 11538750 7.51%

KOTAKBANK 1503.50 1.07% 8565200 6.61%

LTP % Price Change Open interest %OI Chng

VOLTAS 634.30 -1.08% 4160000 11.11%

UPL 699.00 -25.85% 14625000 57.96%

MGL 833.20 -1.38% 958200 9.99%

YESBANK 96.90 -11.26% 118485400 10.59%

SRTRANSFIN 1069.35 -1.67% 4928400 14.98%

IGL 304.45 -3.93% 5832750 52.81%

ENGINERSIN 120.75 -1.15% 7875200 10.52%

HCLTECH 1047.05 -2.15% 10780000 7.86%

RELCAPITAL 54.45 -3.63% 14064000 23.01%

BPCL 382.35 -3.10% 10470600 12.08%

10

Turmeric futures (Aug) may continue to remain trapped in the bearish zone of 6600-6800 levels as the sentiments are mixed amid ongoing sowing season. Good rains have been reported in Telangana & Maharashtra, due to which the pace of sowing has been seen well there. The demand side is muted due to lack of quality arrivals in the spot markets. Traders were buying limited stock for their turmeric Grinding units. They are waiting for upcountry demand. At the Erode Turmeric Merchants Association Sales yard the finger turmeric sold at Rs.5,655-7,016 a quintal, Root variety sold at Rs.5,199-6,489 a quintal, finger turmeric sold at Rs.5,888-7,089 a quintal, root variety at Rs.8,769-6,510 a quintal. A bullish trend can be seen in jeera futures (Aug), hence lower level buying is recommended eyeing 17600 levels, taking support near 17190-17070 levels. Steady domestic as well as overseas demand amid lower arrivals, are keeping the spot prices steady. Lower arrivals in the spot market are further expected to push up the prices. Arrivals in Unjha are being pegged at 6,000-7,000 bags (1 bag = 55 kg). The rally in cardamom futures (Aug) may get stalled & we might see profit booking from higher levels towards 2500-2400. Forecast of well-distributed monsoon rainfall in key growing areas of Kerala further is likely to dampen the bullish sentiment as it would support fruit formation. The average price of small cardamom was 3,259.72 rupees per kg at the auction held at Puttady in Kerala, according to the Spices Board India data. Dhaniya futures (Aug) is likely to gain towards 7300-7350 levels taking positive cues from higher export demand and low crop in the key growing areas of Rajasthan and Gujarat.

SPICES

Bullion counter may continue to remain on sideways path as on the one side uncertainty regarding the US China trade war; Middle East tensions and expectation of interest rate cut by Fed in upcoming meeting can support the prices but bounce back in the greenback can cap the upside. Gold can witness profit booking at higher levels as it can test 34200 by facing resistance near 35200 while silver can test 37500 while taking resistance near 39400. Last week Indian gold made lifetime high of 35100 after the increase of import duty in gold by 2.5% whereas Comex gold couldn’t give much reaction on this news. Silver was also few points shy away from 39000 marks. The U.S. Federal Reserve holds its two-day policy meeting on July 30-31 and futures are fully pricing in a 25-basis-point cut. Meanwhile the yields on U.S. benchmark 10-year Treasury notes hitting their lowest in over 2-1/2 years as euro zone yields tumbled on record lows on bets the European Central Bank’s next chief would stay a dovish course to help the euro zone economy. India's gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs. The gold market saw its best price performance in three years last month, but there Interest in physical gold bullion has been lackluster for the last two months, according to the latest sales data from the U.S. Mint In June. In June, the mint sold 5,000 ounces of gold in various denominations of America Eagle gold coins; in May the mint sold only 4,000 ounces of gold.

BULLIONS

Soybean futures is giving a lower closing since past three months on account of various factors ranging from lower meal exports amid a stronger rupee rising from 70.64 to 68.46 against U.S Dollar. This bearish trend is likely to continue & the August contract may face resistance near 3690, while the downside may get extended towards 3550-3500 levels. In days to come, the area under sowing may catch a rapid pace as the monsoon is progressing well in the major growing regions & also the farmers may get interested to grow more of this oilseed after the announcement of raising the minimum support price by Rs.311 per 100 kg to Rs.3,710 per quintal. U.S soybean futures (Aug) is expected to take support near $8.70 per bushel & trade on a steadier path as compared to previous weeks. After the Presidents Donald Trump and Xi Jinping struck a truce at the Group of 20 summit in Osaka, China is considering buying some U.S. agricultural products as a gesture of goodwill amid the resumption of trade talks. Mustard futures (Aug) is not being able to breach the resistance near 4000 & going ahead, we may see weakness towards 3890-3875. This softness is attributed to the slowdown of the demand for the oilseed by the millers, which is getting reflecting in the fact that mills in India crushed 13% lower in June from a month ago. The downtrend may again emerge in CPO futures (July) towards 500-495 levels, while soy oil futures (Aug) may come down to test 730-727, facing resistance near 744 levels. In the Union Budget, the Finance Minister mentioned that the country is aiming oilseed self sufficiency, to help cut import bill.

OIL AND OILSEEDS

Crude oil prices may continue to witness further selling pressure pressured by concerns over the outlook for global economic growth despite the extension of production cut by OPEC and non OPEC members and Middle East tensions. Crude oil may dip further towards 3700 levels while taking resistance near 4150 levels in near term. Weakness in the oil market came despite ongoing tensions in the Middle East, threatening supply routes. British Royal Marines seized a giant Iranian oil tanker in Gibraltar last week for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West. The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices. Natural gas may witness lower level buying as it can test 170 while taking support near 152. Elsewhere, recovery in oil exports from Venezuela in June and growth in Argentinian output in May kept a lid on prices. Forecasts for higher demand this week and record liquefied natural gas (LNG) exports over the next two weeks can support the prices. Natural gas consumption increased in 2018, reaching a new record consumption level of 82.1 billion cubic feet per day, according to the EIA. Natural gas consumption has increased in 8 of the past 10 years. Growth in natural gas consumption has largely been driven by increased consumption in the electric power sector.

ENERGY COMPLEX

Cotton futures (July) may trade sideways in the range of 21000-21700 levels. The market participants are cautious & closely watching the sowing progress at home as well as in U.S. The USDA estimates that in India’s marketing year (MY) 2019/20 cotton production at 29.3 million 480 lb. bales with a planted area of 12.5 million hectares. The rapid pace of advance of the monsoon towards the rest of the country is expected to lead to favorable rains. The nationwide average yields for MY 2019/20 around 510 kilograms per hectare, above average historical yield levels. Castor seed futures (Aug) is expected to maintain its upside course & may head to test 5800, taking support near 5600 levels. Prices of castor seed in the key markets of Gujarat are trading higher on account of elevated demand from domestic stockists amid a decline in arrivals. The market participants are closely watching the fall in the acreage of the oilseed. The latest statistics show that acreage of Kharif castor crop was at 2,039 ha, down 72% on year, according to the latest data from farm ministry. Mentha futures (July) is expected to witness a U-turn recovery from lower levels towards 1275-1295, taking support near 1220 levels. The arrivals on the spot markets will probably slow down as farmers have stopped harvesting the new crop due to heavy rainfall in the key growing areas of the state. Additionally, lower inventory and good export demand for the newly-harvested oil will also act as a catalyst to fuel the upcoming uptrend. There are talks in the market that farmers are holding back stocks right now as they feel prices will rise to 1,800 rupees a kg by Aug-Sep..

OTHER COMMODITIES

Base metal counter can trade on weaker path. Top U.S. and Chinese

representatives are arranging to talk again this week, U.S. administration

officials stated, in a move to try to resolve a year-long trade war that has been

weighing on global growth and metals demand. Copper may further dip

towards 430 levels while taking resistance near 450 levels. Red metal

witnessed first weekly fall in four, due to tepid demand outlook and rising

supplies. Inventories in warehouses tracked by ShFE have been falling in

recent months but were still up 23% so far this year. Meanwhile, Lead may

trade sideways as it can face resistance near 159 while taking support near 146

levels. Zinc may trade with weak bias as it can test 188 levels while taking

resistance near 202 levels. Zinc prices fell recently as rising Chinese

production and a collapse in the premium for cash metal on the LME pointed to

a better supplied market. Rising Chinese output, rumours that zinc is moving

from Chinese bonded storehouses into the LME warehouse system and a big

fall in the premium for LME cash zinc were pushing prices lower. Higher output

by Chinese smelters is expected to end a deficit that according to the

International Lead and Zinc Study Group (ILZSG) amounted to 97,000 tonnes

during the first four months of this year. Nickel can also witness profit booking

towards 850 levels. Aluminium can test 135 levels while taking resistance near

147 levels.

BASE METALS

11

TREND SHEET

Closing as on 04.07.19

NCDEX JEERA AUG 17270.00 20.06.19 Sideways 16970.00 16650.00 18050.00 -

MCX ZINC JUL 194.75 27.06.19 DOWN 199.90 - 200.00 204.00

NCDEX RMSEED AUG 3958.00 11.03.19 Down 3969.00 - 4020.00 4050.00

MCX GOLD AUG 34217.00 05.06.19 UP 33350.00 32600.00 - 33300.00

MCX ALUMINIUM JUL 142.35 01.05.19 Sideways 144.80 138.00 145.00 -

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

MCX CRUDE OIL JUL 3897.00 18.06.19 UP 3778.00 3700.00 - 3650.00

PRICE CHANGED CHANGED STOP/LOSS

NCDEX CASTOR AUG 5668.00 25.04.19 Down 5900.00 - 5670.00 5700.00

NCDEX SOYABEAN AUG 3653.00 27.03.19 Sideways 3650.00 3520.00 3820.00 -

MCX NATURAL GAS JUL 156.00 21.01.19 Down 217.90 - 162.00 166.00

NCDEX CHANA AUG 4215.00 17.06.19 Down 4425.00 - 4470.00 4500.00

NCDEX GUARSEED AUG 4390.50 27.05.19 Down 4350.00 - 4450.00 4480.00

MCX NICKEL JUL 880.10 02.07.19 DOWN 880.00 - 895.00 905.00

MCX COPPER JUL 439.65 27.06.19 UP 444.75 438.00 - 435.00

MCX LEAD JUL 151.70 24.05.19 UP 149.00 147.00 - 145.00

MCX SILVER SEP 37777.00 05.06.19 UP 37000.00 36700.00 - 36500.00

MCX CPO JUL 513.00 07.03.18 Down 547.00 - 520.00 522.00

NCDEX REF.SOY OIL AUG 737.95 26.04.19 Sideways 746.00 728.00 760.00 -

NCDEX COCUD AUG 2770.50 01.01.19 UP 1940.50 2770.00 - 2750.00

MCX MENTHA OIL JUL 1232.00 21.01.19 Down 1551.90 - 1240.00 1255.00

TECHNICAL RECOMMENDATIONS

One can buy above Rs. 1235 for a target of Rs. 1290 with the stop loss of Rs. 1211.

MENTHA OIL MCX (JUL) contract closed at Rs. 1232.00 on 04th Jul’19. The contract

made its high of Rs. 1372.50 on 18th Jun’19 and a low of Rs. 1170.00 on 04th Feb’19. The

18-day Exponential Moving Average of the commodity is currently at Rs. 1342.80. On the

daily chart, the commodity has Relative Strength Index (14-day) value of 37.393.

NATURAL GAS MCX (JUL) contract closed at Rs. 156.00 on 04th Jul’19. The contract

made its high of Rs. 193.90 on 26th Apr’19 and a low of Rs. 150.40 on 20th Jun’19. The

18-day Exponential Moving Average of the commodity is currently at Rs. 169.40. On the

daily chart, the commodity has Relative Strength Index (14-day) value of 41.900.

One can buy above Rs. 152 for a target of Rs. 165 with the stop loss of Rs. 146.

One can buy near Rs. 17100 for a target of Rs. 17700 with the stop loss of Rs 16800.

JEERA NCDEX (AUG) contract was closed at Rs. 17,270.00 on 04th Jul’19. The contract

made its high of Rs. 18,100.00 on 4th Jun’19 and a low of Rs. 17,070.00 on 2nd Jul’19.

The 18-day Exponential Moving Average of the commodity is currently at Rs. 17375. On

the daily chart, the commodity has Relative Strength Index (14-day) value of 45.939.

NEWS DIGEST

In the week gone by, some correction was witnessed in CRB after a continuous upside of three

weeks. The week was full of event risk. Domestic market was conscious ahead of the Union

Budget, which was scheduled on Friday; participants were waiting for further cues in terms of

policy measures. Appreciation in INR locked the price movement though rising crude oil prices

and foreign fund outflows weighed on the domestic currency and restricted its rise. Positive

outcome from China and US in G 20 couldn’t lift up the market as per expectation and market

took a dip on growth concern. OPEC meet was scheduled on 1st and 2nd July and they came on

consensus that they will continue the production cut till March, 2020. Despite production cut

decision market reacted in negative way and hit the downside of around 5%. Growth concern

thwarted the news of production cut here. The EIA showed crude stockpiles fell 1.1 million

barrels in the week ending June 28, below expectations of a draw of about 2.96 million barrels.

Natural gas prices saw further decline on weaker demand. Natural gas is still down nearly 20%

YTD as record supply will keep prices depressed. Some safe haven buying noticed in gold though

the upside was limited owning to appreciation in dollar index. Silver was weak as global growth

to weigh on silver’s industrial uses, which accounts for roughly 50% of the metals demand.

Almost all base metals nosedived on growth concern; aluminum and zinc traded weak for

nonstop seven week. While global consumption growth of aluminium and copper during the first

quarter of 2019 was muted at 1.4 per cent and 0.8 per cent, respectively, as against 4 per cent

and 2.3 per cent, respectively, in 2018, consumption of zinc registered a de-growth of 1.3 per

cent as against 0.3 per cent de-growth in the last year. Despite muted consumption levels,

markets of the three key non-ferrous metals continued to remain in deficit in this period, with

shortages in fact expanding on a Y-o-Y basis, as production growth was even lower than the

growth in demand. MSP declaration by the Government couldn’t give much positive impact on

the prices. Oil seeds and edible oil counter was in a bearish grip. As of now, no sowing has been

reported in Madhya Pradesh and Maharashtra while sowing in Rajasthan jumped over six folds to

186,000 ha. There is lack of buying for the oilseed on the spot markets, due to negative crush

margin. Castor seed witnessed gains in key spot markets of Gujarat and futures owing to decline

in acreage.

12

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

WEEKLY COMMENTARY

GOLD KGS 87.00 87.00 0.00

ALUMINIUM MT 1920.48 2957.75 1037.26

GOLD GUINEA KGS 7.36 7.36 0.00

ZINC MT 467.44 708.40 240.95

COTTON BALES 140300.00 145000.00 4700.00

COMMODITY UNIT 26.06.19 03.07.19 DIFFERENCE

SILVER (30 KG Bar) KGS 13799.74 47523.32 33723.58

MENTHA OIL KGS 64823.17 142651.17 77828.00

QTY. QTY.

GOLD MINI KGS 77.60 58.20 -19.40

NICKEL MT 0.00 89.13 89.13

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COCUD MT 13822 12385 -1437

GUARSEED MT 16180 15731 -449

GUARGUM MT 11863 10657 -1206

SOYBEAN MT 29528 28236 -1292

WHEAT MT 31905 32611 706

CHANA MT 100428 100657 229

COMMODITY UNIT 27.06.19 04.07.19 DIFFERENCE

RM SEED MT 65356 63765 -1591

TURMERIC MT 4743 5223 480

CORIANDER MT 6227 6277 50

MAIZE (RABI) MT 12873 12873 0

BARLEY MT 8636 8636 0

CASTOR SEED MT 104066 99001 -5065

QTY. QTY.

JEERA MT 1594 1631 37

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

• The Union Cabinet approved an increase in the MSP of

most Kharif crops.

• NAFED has offered 252,300 tn chana for sale in Madhya

Pradesh via electronic auctions. Of the total quantity,

143,300 tn chana will be auctioned via NCDEX e-Markets

Ltd every day between 1200 IST and 1245 IST.

• India's commodity derivatives turnover from five

exchanges rose 11% on year to 19.36 trillion rupees in

Apr-Jun.

• NCDEX will launch unprocessed whole raw moong futures

on 8th July, 2019.

• Since Jun 1, the country has received 145.4 mm rainfall,

27% below the normal weighted average of 199.7 mm for

the period.

• The Economic Survey for 2018-19 (Apr-Mar) highlighted

India’s FY20 GDP growth at 7.0%.

• Chile’s Codelco, the world’s top copper miner

Chuquicamata mine was fully operational after a two-

week long strike that had docked output from the

sprawling deposit came to an end.

• During its 175th meeting, the OPEC gave its nod for

extension of production cut till March 2020.

• European Union leaders nominated IMF chief Christine

Lagarde as Mario Draghi’s replacement at the helm of the

European Central Bank after marathon talks that have

exposed deep divisions in the bloc.

6.91%

0.22%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

CARDAMOM GOLDM CRUDE OIL ZINC NICKEL NATURAL GAS LEAD

-4.84%

-2.89% -2.86% -2.80% -2.73%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

MAIZE KHARIF GUARGUM GUAR SEED CORIANDER CASTOR SEED TURMERIC SOYABEAN CHANA COTTON RM SEEDS

3.91%

3.40%

3.06%

2.50%

2.04%

-3.28%

-1.33%

-0.88%

-0.41%-0.30%

COMMODITY

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

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

SPOT PRICES (% change) Higher MSP........to caring Farmers

13

NATURAL GAS NYMEX AUG 2.31 2.29 -0.78

ZINC LME CASH 2580.50 2440.00 -5.44

COMMODITY EXCHANGE CONTRACT 28.06.19 03.07.19 CHANGE%

NICKEL LME CASH 12665.00 12305.00 -2.84

LIGHT CRUDE OIL NYMEX SEPT 58.47 57.34 -1.93

GOLD COMEX AUG 1413.70 1420.09 0.45

LEAD LME CASH 1914.00 1875.50 -2.01

ALUMINIUM LME CASH 1773.50 1771.50 -0.11

SILVER COMEX SEPT 15.34 15.34 -0.03

COPPER LME CASH 5972.00 5900.00 -1.21

NICKEL 164838 158292 -6546

COPPER 241700 272500 30800

ZINC 100825 91625 -9200

ALUMINIUM 998600 977750 -20850

27.06.19 04.07.19

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

LEAD 67150 64250 -2900

INTERNATIONAL COMMODITY PRICES

CPO* BMD SEPT MYR per MT 1951.00 1950.00 -0.05

Soybean CBOT AUG Dollars Per Bushel 9.05 8.90 -1.66

Cotton ICE DEC Cents per Pound 66.08 67.25 1.77

Soy oil CBOT AUG Cents per Pound 28.37 28.17 -0.70

COMMODITY EXCHANGE CONTRACT UNIT 28.06.19 03.07.19 CHANGE(%)

MSP has an important role

The Minimum Support Prices for all kharif crops of 2019-20 season is as follows:

However, the MSP hikes are expected to widen the fiscal deficit. The move may stoke inflation; prompt the Reserve Bank of India (RBI) to hike interest rate. It may also hit exports of Rice, Kapas and soymeal badly as the domestic prices of these crops may go beyond international prices.

• The MSP of cotton too has gone up marginally. The highest percentage return to farmers over their cost of production is for Bajra (85%) followed by urad (64%) and tur (60%)

• The MSP of soyabean has been increased by Rs 311 per quintal to Rs.3,710 per quintal from last year’s Rs.3,399 while MSPs of sunflower has been increased by Rs 262 to Rs.5,650 per quintal and sesamum by Rs 236 to Rs.6,485 per quintal.

The move will lead to increased investment and production through assured remunerative prices to the farmers. The revised MSPs will provide much relief to farmers as it will bear the burden of increased input cost such as increasing fuel prices, rental cost of agricultural equipment and spike in fertliser prices. Promoting cultivation of pulses & oilseeds can help India overcome nutrition insecurity, improve soil fertility by nitrogen fixation, reduce the dependency on import by boosting production and provide income support to farmers. Thus, increased MSPs for pulses & oilseeds will give a price signal to farmers to increase acreage. Increase in MSPs of nutri-cereals will improve nutritional security and allow farmers to get higher prices.

To ease the suffering of farmers due to deficient start of monsoon and its less coverage & to fulfill the promise of doubling the farmers’ income till 2022, the Union Cabinet on July 3, 2019 has hiked the Minimum Support Prices (MSPs) for major Kharif crops for 2019-20. The Central government has taken farmer friendly initiative on the line of policy of increasing MSP of notified crops to at least 50 per cent return over cost of production which is a major step towards increasing the income of farmers.

The MSPs for all kharif crops of 2019-20 season have been increased from 1 per cent to 9 per cent as follows :

• For the kharif crops of 2019-20, Government has increased the MSPs of Paddy(common) increased by Rs 65 per Quintal to Rs 1,815 per quintal. The MSP of Jowar hiked by Rs 120 per Quintal and Ragi by Rs 253 per Quintal.

• Government has increased the MSPs of tur dal by Rs 125 per quintal and urad dal by Rs 100 per quintal. This will help address the issues related to requirement of pulses in view of the need to meet the nutritional security and protein requirements of a large section of population.

-1.43

-1.15

-0.84

-0.79

-0.51

-0.24

-0.22

-0.15

-0.10

-0.02

0.20

0.46

0.53

1.10

5.53

6.58

-2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

CRUDE PALM OIL (KANDLA)

SOYABEAN (INDORE)

SUGAR (KOLKATA)

PEPPER MALABAR GAR (KOCHI)

COTTON SEED OIL CAKE (AKOLA)

JEERA (UNJHA)

COTTON (KADI)

TURMERIC (NIZAMABAD)

GUR (MUZAFFARNGR)

BARLEY (JAIPUR)

WHEAT (DELHI)

RAW JUTE (KOLKATA)

MUSTARD (JAIPUR)

CORIANDER (KOTA)

GUAR SEED (JODHPUR)

GUAR GUM (JODHPUR)

Source : PIB

Crops MSP of MSP of Cost of Absolute Return over 2018-19 2019-20 production Increase cost (in%) 2019-20 (Rs/quntl.)

Paddy (Common) 1750 1815 1208 65 50Jowar (Hybrid) 2430 2550 1698 120 50Bajra 1950 2000 1083 50 85Ragi 2897 3150 2100 253 50Maize 1700 1760 1171 60 50Tur (Arhar) 5675 5800 3636 125 60Moong 6975 7050 4699 75 50Urad 5600 5700 3477 100 64Groundnut 4890 5090 3394 200 50Sunflower Seed 5388 5650 3767 262 50Soyabean 3399 3710 2473 311 50Sesamum 6249 6485 4322 236 50Nigerseed 5877 5940 3960 63 50Cotton 5150 5255 3501 105 50(Medium Staple)Cotton 5450 5550 - 100 -(Long Staple)

* Closing as 4th July, 2019

CURRENCY

Currency Table

JPY/INR 64.19 64.35 63.8250 63.86

GBP/INR 88.0125 88.0575 86.50 86.5475

USD/INR 69.2025 69.3175 68.6650 68.70

Currency Pair Open High Low Close

EUR/INR 79.01 79.01 77.70 77.73

News Flows of last week

(* NSE Currency future, Source: nseindia.com, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)

4th JUL India’s 2019-20 GDP growth projected at 7% in Economic Survey.

1st JUL US and China hold off new tariffs at the G20 summit in Japan.

2nd JUL IMF Director Christine nominated to be new ECB chief.

3rd JUL US Non-Manufacturing growth slowed to 2-year lows.

Market Stance

USDINR is likely to take support around 68.40 and move higher towards 69.10.

Indian Rupee jumped to 11 months high after Indian Chief Economic Advisor Mr. Krishnamurthy’s remarks for fiscal target ahead of union of budget cheered by Bonds and Rupee traders. He mentioned that the fiscal deficit will stay at 3.4% this FY and FY20 at 3.0%. Eventually overnight index swap - 1Y is above 5Y which suggest that there could me more rate cuts in the coming months. Admittedly, official comment by Hon FM in her maiden budget will cement the rate trend. Although lower GST collections and ripple effect of global slowdown may hit the revenue collections. Any substantial deviation of fiscal deficit may lead outflows in debt markets which in-turns hit Rupee sharply. Globally, Sterling’s slide against the dollar since last week has deepened – after odds of no-deal exit rises. The outgoing leaders Prime Minister May and European Commission President Juncker failed to produce a breakthrough in Brexit negotiations raises the question of how the new leaders will influence the exchange rate in the coming quarters. Next week, growth number of UK likely to decline steeply as recent survey indicators posted a gloomy outlook amid Brexit uncertainties. In US, this week modest 102,000 rises in the ADP measure of private payroll employment in June is still concern as it mirrors the recent deterioration in some of the survey-based employment indices. FOMC members will closely monitors the upcoming labor data and economic releases to gauge Fed’s dot plot.

14

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 30.25.

One can buy above 78 for a target of 78.60 with the stop loss of 77.70.

EUR/INR (JUL) contract closed at 77.73 on 4th Jul’19. The contract made its high

of 79.01 on 1st Jul’19 and a low of 77.70 on 4th Jul’19 (Weekly Basis). The 14-day

Exponential Moving Average of the EUR/INR is currently at 78.74

EUR/INR

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of

25.55. One can buy above 68.70 for the target of 69.30 with the stop loss of 68.40.

USD/INR (JUL) contract closed at 68.70 on 4th Jul’19. The contract made its high

of 69.3175 on 1st Jul’19 and a low of 68.6650 on 4th Jul’19 (Weekly Basis). The 14-

day Exponential Moving Average of the USD/INR is currently at 69.43

USD/INRTechnical Recommendation

EUR/INR (JUL) contract closed at 77.73 on 4th Jul’19. The contract made its high

of 79.01 on 1st Jul’19 and a low of 77.70 on 4th Jul’19 (Weekly Basis). The 14-day

Exponential Moving Average of the EUR/INR is currently at 78.74

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 30.25.

One can buy above 78 for a target of 78.60 with the stop loss of 77.70.

GBP/INR

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 38.07.

One can buy abovet 63.80 for a target of 64.40 with the stop loss of 63.50.

JPY/INR (JUL) contract closed at 63.86 on 4th Jul’19. The contract made its high

of 64.35 on 3rd Jul’19 and a low of 63.8250 on 4th Jul’19 (Weekly Basis). The 14-

day Exponential Moving Average of the JPY/INR is currently at 64.44

JPY/INR

Economic gauge for the next week

12th JUL USD PPI m/m 0.1%

11th JUL USD CPI m/m 0.1%

12th JUL INR Industrial Production (YoY) (MAY) 3.4%

12th JUL INR Inflation Rate (YoY) (JUN) 3.05%

11th JUL EUR ECB Monetary Policy Meeting Accounts -

12th JUL INR Foreign Exchange Reserves 05-JUL -

10th JUL USD FOMC Meeting Minutes -

10th JUL GBP GDP m/m -0.4%

Date Currency Event Previous

11th JUL GBP BOE Financial Stability Report -

IPOIPOIPOIPO

15

IPO NEWS

Strong Listing: IndiaMART InterMESH debuts at 21% premium at Rs 1,180

IndiaMART InterMESH, an online marketplace for business products and services, saw a strong listing on July 4. Hefty subscription and positive market mood

supported the stock price. The stock opened at Rs 1,180 on the National Stock Exchange, rising 21.2 percent over the final issue price of Rs 973. The Rs 475-crore

issue was subscribed 36.16 times during the IPO period June 24-26. The IPO was for 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares.

It was offered at a price band of Rs 970-973 per share.

*Closing price as on 04-07-2019

IPO TRACKER

Karda Construction Ltd Construction 251.65 78.00 2-Apr-18 180.00 136.00 204.90 13.83

Mishra Dhatu Nigam Ltd Metal 2385.15 439.00 4-Apr-18 90.00 87.00 127.70 41.89

Newgen Software Technologies Software 2072.43 424.00 29-Jan-18 245.00 253.00 302.85 23.61

Polycab India Ltd Cable 9580.23 1346.00 16-Apr-19 538.00 633.00 646.50 20.17

Rail Vikas Nigam Ltd Railway 5875.99 481.57 11-Apr-19 19.00 19.00 28.35 49.21

Khadim India Ltd Footwear 544.98 544.00 14-Nov-17 750.00 727.00 304.00 -59.47

Indostar Capital Finance Ltd NBFC 3348.20 1844.00 21-May-18 572.00 600.00 363.00 -36.54

Amber Enterprises India Consumer Durables 2586.80 600.00 30-Jan-18 859.00 1180.00 829.00 -3.49

Galaxy Surfactants Ltd FMCG 4469.49 937.00 8-Feb-18 1480.00 1520.00 1262.45 -14.70

TCNS Clothing Co. Limited Retail 4860.34 1125.00 30-Jul-18 716.00 715.00 795.80 11.15

Metropolis Healthcare Limited Healthcare 4940.97 1204.00 15-Apr-19 880.00 960.00 985.40 11.98

Neogen Chemicals Ltd Chemicals 784.26 132.35 8-May-19 215.00 251.00 337.50 56.98

New India Assurance Co. Ltd. Insurance 24288.64 9600.00 13-Nov-17 800.00 748.90 148.10 -81.49

Lemon Tree Hotels ltd Hotel 5289.80 1038.00 9-Apr-18 56.00 61.60 67.25 20.09

Xelpmoc Design IT 90.96 23.00 4-Feb-18 66.00 56.00 66.65 0.98

HDFC Standard Life Insurance Ltd Insurance 98235.70 8695.00 17-Nov-17 290.00 311.00 489.10 68.66

ICICI Securities Ltd Broking House 7136.14 4016.00 4-Apr-18 520.00 431.10 221.55 -57.39

MSTC Ltd Trading 702.82 212.00 29-Mar-19 128.00 111.00 99.75 -22.07

Bandhan Bank Ltd Bank 66451.45 4473.00 27-Mar-18 375.00 485.00 559.35 49.16

IndiaMART LtdIndiaMART InterMESH Limited Online Services 3730.71 475.00 4-Jul-19 973.00 1180.00 1302.55 33.87

Astron Paper & Board Mill paper 519.55 70.00 28-Dec-17 50.00 120.00 112.80 125.60

Future Supply Chain Solutions Ltd Logistics 2303.92 650.00 18-Dec-17 664.00 674.00 577.15 -13.08

Indian Energy Exchange Power Trading 4151.29 1000.00 23-Oct-17 1650.00 1500.00 139.70 -91.53

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

Sandhar Technologies Ltd Auto Industry 1741.84 513.00 2-Apr-18 332.00 345.00 289.90 -12.68

AAVAS Financiers Ltd NBFC 11716.31 1734.00 8-Oct-18 821.00 758.00 1506.85 83.54

GIC of India General Insurance 40130.44 11373.00 25-Oct-17 912.00 850.00 229.70 -74.81

MAS Financial Services Financial Services 3343.88 460.00 18-Oct-17 459.00 660.00 614.50 33.88

Godrej Agrovet Agri Business 9547.04 1157.00 16-Oct-17 460.00 621.00 499.05 8.49

RITES Limited Railway 6084.51 460.00 6-Jul-18 185.00 190.00 305.60 65.19

Aster DM Healthcare Health Care 6366.63 981.00 26-Feb-18 190.00 182.10 127.15 -33.08

Shalby Ltd Hopsital 1160.90 504.00 15-Dec-17 248.00 237.00 108.60 -56.21

CreditAccess Grameen Ltd. NBFC 7391.49 1131.00 23-Aug-18 422.00 393.00 516.70 22.44

HDFC Asset Management Co AMC 42590.23 2800.00 6-Aug-18 1100.00 1726.25 2011.80 82.89

Bharat Dynamics Ltd Defence 6065.03 961.00 23-Mar-18 428.00 360.00 332.15 -22.39

Chalet Hotels Hotels & Restaurants 6227.14 1641.00 7-Feb-18 280.00 294.00 305.00 8.93

Prataap Snacks Ltd FMCG 1899.94 482.00 5-Oct-17 938.00 1250.00 818.05 -12.79

Garden Reach Shipbuilding Ship Building 1398.55 345.00 10-Oct-18 118.00 104.00 122.70 3.98

SBI Life Insurance Company Ltd Insurance 75424.00 8400.00 3-Oct-17 700.00 733.30 757.35 8.19

Hindustan Aeronautics Ltd Defence 23697.40 4229.00 28-Mar-18 1240.00 1169.00 711.85 -42.59

Apollo Micro Systems Ltd Defense 253.44 156.00 22-Jan-18 275.00 478.00 122.80 -55.35

Mahindra Logistics Ltd Logistics 3454.31 830.00 10-Nov-17 429.00 432.00 485.80 13.24

Ircon International Ltd Railway 3783.36 470.00 28-Sep-18 475.00 410.30 403.95 -14.96

Fine Organic Industries Limited FMCG 4232.81 600.00 6-Jul-18 783.00 815.00 1390.85 77.63

H.G. Infra Engineering Ltd Infrastructure 1934.65 4229.00 9-Mar-18 270.00 270.00 299.00 10.74

Reliance Nippon Life Insurance 13487.05 1542.00 6-Nov-17 252.00 294.00 221.45 -12.12

Varroc Engineering Limited Auto Ancillary 6403.68 1945.00 6-Jul-18 967.00 1015.00 479.05 -50.46

FIXED DEPOSIT MONITOR

FIXED DEPOSIT COMPANIES

96-120M=7.75%; 0.25% FOR FEMALE, SENIORCITIZEN & TRUST

RENEWAL UPTO ` 5 CR.

FOR EXISTING CUSTOMER (15 DAYS GAP IN FIRST & SECOND DEPOSIT) & 0.10% EXTRA IN

0.35% EXTRA FOR SR. CITIZEN OR 0.25% EXTRA

INVESTING ` 5 LACS AND ABOVE - MAX. 0.50%

0.50% ADD. INTEREST TO SR. CITIZEN,EMPLOYEES,SHAREHOLDERS AND PERSON

` 20000/- BUT` 40000/-

IN MONTHLY

1 BAJAJ FINANCE LTD.(UPTO ` 5 CR.) ` 25000/-

3 GRUH FINANCE LTD. ` 1000/-

(UPTO ` 2 CR.)HDFC LTD- PREMIUM DEPOSIT FOR INDIVIDUAL

0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.4

HDFC LTD- REGULAR FOR INDIVIDUAL & TRUST(> ` 2 CR TO ` 10 CR)

0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.93 - 7.93 7.93 - 7.93 7.93 -

INSTITUTION (UPTO ` 2 CR.)HDFC LTD- PREMIUM DEPOSIT FOR TRUST &

-

8 15M=7.98 - - 30M=7.98 - -

(UPTO ` 2 CR.)HDFC LTD- SPECIAL DEPOSIT FOR TRUST

0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.33M=8.03 - - 66M=8.03 - -9

HDFC LTD- REGULAR DEPOSIT FOR TRUST &INSTITUTION (UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.88 - 7.88 7.88 - 7.88 7.88 -10

8.00 - 7.90 8.20 - 8.25 8.25 8.30ICICI Home Finance (less than ` 1 Cr.)11 0.25% EXTRA FOR SR. CITIZEN

ICICI Home Finance (less than ` 1 Cr.)12 0.25% EXTRA FOR SR. CITIZEN

8.00 - 8.25 8.35 - - - -J K LAKSHMI CEMENT LTD13

0.50% ADD. INTEREST TO SR. CITIZEN,EMPLOYEES, SHAREHOLDERS AND PERSONINVESTING ` 5 LACS AND ABOVE - MAX. 0.50%

8.00 - 8.25 8.35 - - - -J K TYRE INDUSTRIES LTD.14

8.50 - 8.50 8.50 - 8.25 8.25 -KTDFC (KERALA TRANSPORT) ` 10000/-15 0.25% EXTRA FOR SR. CITIZEN

8.15 8.15 8.20 8.25 - - 8.30 -LIC HOUSING FINANCE LTD.(UPTO ` 25 CR.) ` 10000/-16 0.25% FOR SENIOR CITIZEN IF APP ABOVE ` 50,000/- & 0.10% IF APP UPTO ` 50,000/-

M&M FINANCIAL SERVICES LTD(FOR BELOW ` 1 CRORE)

8.10 8.10 8.50 8.80 - 8.80 8.80 -17 ` 10000/-0.25% FOR SENIOR CITIZEN

10.50 - 11.00 11.50 - - - -OMAXE LTD18 -

8.30 - 8.30 8.40 - 8.40 8.45 8.30PNB HOUSING FINANCE LTD.(UPTO ` 5 CR.)

` 10000/-

19 0.25% EXTRA FOR SR. CITIZEN UPTO ` 1 CRORE

15M=8.30 22M=8.35 30M=8.30 44M=8.45 PNB HOUSING FINANCE LTD.(UPTO ` 5 CR.)20 0.25% FOR SENIOR CITIZEN

8.25 - 8.50 9.00 - 9.00 9.25 -SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME ` 5000/-210.25% EXTRA FOR RENEWALS0.25% FOR SENIOR CITIZEN,

8.25 - 8.50 9.00 - 9.00 9.25 -SHRIRAM CITY UNION SCHEME ` 5000/-22 0.25% FOR SENIOR CITIZEN,0.25% EXTRA FOR RENEWALS

2 CENT BANK HOME FINANCE (ONLY RENEWAL)` 10000/-

NON CUM-CUM-` 5000/-

7

0.25% FOR SENIOR CITIZEN

HDFC LTD- SPECIAL DEPOSIT FOR INDIVIDUAL(UPTO ` 2 CR.)

0.25% FOR SENIOR CITIZEN UPTO ` 2 CR.33M=7.98 - - 66M=7.98 - -5

(UPTO ` 2 CR.)HDFC LTD- REGULAR DEPOSIT FOR INDIVIDUAL 0.25% FOR SENIOR CITIZEN UPTO ` 1 CR.7.78 - 7.78 7.78 - 7.78 7.78 -6

8.20% 8.25% 8.35% 8.35% 8.35% 8.40% 8.40%

15M= 20m= 30m= 35m= 40m= 75m= 90m=

* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application.

* For Application of Rs.50 Lac & above, Contact to Head Office.

* Email us at [email protected]

16

-

12M 18M 24M 36M 45M 48M 60M 84M

PERIOD

ADDITIONAL RATE OF INTEREST (%)(`)

MIN.

INVESTMENTNBFC COMPANY - NAME S.NO

8.00 15M= 8.15 8.60 - 8.60 8.60 -

8.05%

7.75 8.00 8.00 8.00 - 8.25 8.25 8.00

7.75

7.75 13M= 7.75 8.00 - 8.00 8.00 8.25

15M=7.83 22M=7.93 30M=7.88 44M=7.93

INDUSTRY & FUND UPDATE

Economic Survey 2019: Mutual funds witnessed 60% fall in net inflows in Fy19

Mahindra Mutual Fund June 28 said it has launched an open-ended hybrid equity fund. The scheme would allocate 65-80 per cent in equity and equity related securities and 20-35 per cent in debt and money market securities, the company said. The new fund offering- Mahindra Hybrid Equity Nivesh Yojana, which opened for subscription from Friday will close on July 12, it said.

Mahindra MF launches equity hybrid fund

During 2018-19, the 44-player mutual fund industry witnessed net inflows of Rs 1,09,701 crore compared to a net inflow of Rs 2,71,797 crore in 2017-18, a fall of 60 percent year-on-year, according to the Economic Survey. Lower net inflows were largely on the back of rise in the redemptions in the last financial year. In FY19, mutual fund industry witnessed total redemption worth Rs 242 lakh crore as against Rs 207 lakh crore in FY18, data from Economic Survey revealed.

Reliance MF extends repayment date on Reliance Home Finance NCDs

Reliance Home Finance has missed a payment towards maturing non-convertible debentures (NCDs) worth Rs 400 crore to Reliance Mutal Fund on June 28, and on June 29, the NCD was extended by four months till October 31. On June 28, a few schemes of Reliance Mutual Fund had maturities out of the investments in the NCD of Reliance Home Finance (RHF) to the tune of Rs 400 crore. “RHF has paid interest that was due, and the maturity of the said instrument has been extended to October 31, 2019, with additional cover and coupon,” the press release from Reliance Mutual Fund said. Four schemes of Reliance Mutual Fund--Reliance Ultra Short Duration Fund, Reliance Credit Risk Fund Reliance Strategic Debt Fund--had investment in NCDs of Reliance Home Finance.

MUTUAL FUND

17

NEW FUND OFFER

Scheme Name Reliance Fixed Horizon Fund - XLI - Series 12 (1116D) - Regular Plan (G)

Opens on 25-Jun-2019

Fund Type Close-Ended

Fund Class Growth

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

Closes on 09-Jul-2019

Fund Manager Mr. Amit Tripathi

Min. Investment Rs. 5,000/-

Fund Manager Mr. Sanjay Chawla / Mr. Dipak Acharya / Mr. Alok SahooMin. Investment Rs. 500/-

Closes on 16-Jul-2019Investment Objective To generate capital appreciation and income by using arbitrage opportunities, investment in equity / equity related

instruments and debt/ money market instruments.

Fund Class Hybrid Scheme - Equity SavingsOpens on 04-Jul-2019

Scheme Name Baroda Equity Savings FundFund Type Open ended

Investment Objective To provide returns before expenses that closely correspond to the total return of the underlying index subject to tracking errors.

Closes on 08-Jul-2019

Fund Manager Mr. Kayzad EghlimMin. Investment Rs. 5,000/-

Fund Type Open EndedScheme Name ICICI Prudential Bank ETF

Opens on 03-Jul-2019Fund Class Other Scheme - Other ETFs

Scheme Name Indiabulls FMP Series VI- Plan 2- 1135 DaysFund Type Close EndedFund Class IncomeOpens on 28-Jun-2019Closes on 12-Jul-2019Investment Objective To generate returns and capital appreciation by investing in a portfolio of Debt and Money Market Securities. Min. Investment Rs.5000/- and in multiples of Re. 1thereafterFund Manager Malay Shah, Vikrant Mehta 4

Note: Indicative corpus are including Growth & Dividend option . The above mentioned data is on the basis of 04/07/2019Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

MUTUAL FUND Performance Charts

DSP Tax Saver Fund - Growth 49.44 18-Jan-2007 5498.71 3.18 11.26 11.45 12.49 13.68 1.82 1.01 -0.06 72.68 13.14 10.18 4.01

HDFC Long Term Advantage Fund-Growth 372.62 02-Jan-2001 1454.02 2.75 10.10 12.49 14.11 21.58 1.72 0.98 -0.04 73.00 5.22 14.77 7.02

Canara Robeco Equity Tax Saver Fund-G 67.66 02-Feb-2009 953.41 4.33 10.65 12.86 13.50 20.14 1.71 0.96 0.00 63.49 14.91 19.75 1.85

Mirae Asset Tax Saver Fund-Reg-Growth 18.22 28-Dec-2015 2016.24 4.05 10.68 12.99 18.74 18.60 1.78 1.01 0.00 75.77 15.52 7.45 1.26

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

ICICI Pru Long Term Equity F (Tax Saving)-R-G 389.58 19-Aug-1999 6299.61 2.60 8.89 9.62 10.75 20.22 1.64 0.86 -0.02 70.76 13.68 8.30 7.26

Returns (%) Risk Market Cap (%)

Kotak Taxsaver - Reg - Growth 46.01 23-Nov-2005 907.13 5.85 12.29 13.38 13.09 11.86 1.66 0.94 -0.04 60.88 27.10 10.81 1.21

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &

Tata India Tax Savings Fund-Reg-Growth 18.93 14-Oct-2014 1816.16 4.88 12.90 12.55 13.25 14.51 1.89 0.99 -0.03 75.71 11.95 6.61 5.73

TAX Fund

HDFC Top 100 Fund - Growth 521.12 11-Oct-1996 16948.80 4.53 13.10 19.73 14.73 20.03 1.88 1.07 -0.01 88.67 10.55 N.A 0.78

Mirae Asset Emerging Bluechip Fund - G 54.55 09-Jul-2010 7391.19 2.98 10.00 13.98 17.03 20.77 1.90 1.01 -0.03 53.20 34.52 11.62 0.67


Franklin India Focused Equity Fund - G 43.09 26-Jul-2007 8323.63 4.92 13.42 16.35 12.19 13.01 2.06 1.07 -0.05 60.40 8.09 16.55 14.96

Reliance Large Cap Fund - Growth 36.24 08-Aug-2007 12778.40 2.73 9.99 14.60 14.55 11.42 1.93 1.06 -0.02 80.06 13.69 5.51 0.74

HDFC Equity Fund - Growth 704.71 01-Jan-1995 22620.30 4.33 12.70 19.26 14.55 18.95 2.08 1.12 -0.03 82.03 11.87 5.66 0.44

Tata Large & Mid Cap Fund-Reg-Growth 212.46 25-Feb-1993 1386.54 6.25 11.19 13.36 10.78 12.29 1.74 0.96 -0.05 89.86 3.16 N.A 6.99

Reliance Multi Cap Fund - Growth 101.12 28-Mar-2005 10373.00 2.40 6.69 15.75 11.59 17.59 2.05 1.05 -0.03 50.66 26.24 21.67 1.43

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &


EQUITY (Diversified)

Annualised

L&T Triple Ace Bond Fund - Reg - Growth 48.46 31-Mar-1997 1065.74 36.26 -2.10 20.86 15.34 11.94 7.21 7.34 17.13 0.00 N.A 8.10

Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe

1W 2W 1M 6M 1Y 3Y

Aditya Birla Sun Life Income Fund - DAP 21.25 06-Mar-2009 939.77 37.76 3.21 18.43 12.89 11.80 7.48 7.57 19.26 -0.10 7.22 7.80

IDFC Bond Fund - Income Plan - Reg - G 46.42 14-Jul-2000 657.48 41.56 0.97 22.15 13.97 12.90 8.15 8.42 19.87 -0.08 7.88 7.76

Reliance Income Fund - G P - Growth 62.15 01-Jan-1998 280.64 40.15 4.29 23.95 15.54 13.66 8.05 8.86 21.61 -0.05 9.80 7.18

Returns (%) Risk

ICICI Pru Long Term Bond Fund - Growth 62.56 09-Jul-1998 715.66 53.15 7.51 30.27 17.58 15.23 9.32 9.12 26.72 -0.01 12.10 7.87

SBI Dynamic Bond Fund - Growth 23.97 09-Feb-2004 1019.10 36.39 2.53 21.95 15.65 12.24 8.39 5.84 16.98 -0.08 8.81 7.81

IDFC D B F - Reg - Growth (Re-Launched) 23.25 03-Dec-2008 1941.51 41.08 1.71 21.74 14.04 12.93 8.38 8.29 19.40 -0.07 7.43 7.72

Maturity (Years) Maturity (`) Date (`Cr.) Launch Dev.

INCOME FUND

Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe

1W 2W 1M 6M 1Y 3Y

Aditya Birla Sun Life Banking & PSU Debt F-R-G 244.65 02-May-2008 6442.01 21.35 3.86 9.96 10.53 9.72 8.08 8.33 9.03 -0.03 4.23 7.86

Maturity (Years) Maturity (`) Date (`Cr.) Launch Dev.

IDFC Banking & PSU Debt Fund - Reg - G 16.43 07-Mar-2013 5592.68 20.30 4.98 6.61 11.42 10.77 7.38 8.16 12.28 0.03 3.70 7.71

ICICI Pru Banking & PSU Debt Fund-R-G 21.79 01-Jan-2010 5503.84 18.78 2.19 9.92 10.44 8.72 7.87 8.54 9.59 -0.10 3.80 8.07

Returns (%) Risk

Aditya Birla Sun Life Corp Bond Fund-R-G 73.45 03-Mar-1997 15446.70 15.03 5.04 8.35 10.19 9.76 8.03 9.33 7.27 0.02 2.69 8.07

DSP Corporate Bond Fund - Reg - Growth 10.98 10-Sep-2018 433.28 19.17 5.28 6.38 11.10 N.A N.A 11.99 11.33 0.38 2.84 7.70

Kotak Dynamic Bond Fund - Reg - Growth 25.14 27-May-2008 623.05 30.52 1.77 15.87 13.73 12.58 9.14 8.65 13.21 0.04 6.02 8.26

IDFC Bond Fund - Medium Term Plan-R-G 32.06 08-Jul-2003 2331.62 21.67 2.67 11.26 10.68 9.74 7.39 7.55 9.45 -0.08 3.93 7.63

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

Annualised

HDFC Hybrid Equity Fund - Growth 55.41 06-Apr-2005 22357.00 2.20 8.40 9.85 9.06 12.76 1.60 -0.13 49.42 11.69 8.55 30.34

HDFC Hybrid Equity F-R-G (Adjusted-NAV) 55.41 11-Sep-2000 22357.00 2.20 8.40 9.85 11.43 15.83 1.26 -0.05 49.42 11.69 8.55 30.34

Mirae Asset Hybrid - Equity Fund-R-G 15.23 29-Jul-2015 1923.23 3.56 9.82 12.54 13.11 11.29 1.31 -0.01 58.78 10.65 3.47 27.10

ICICI Prudential Equity & Debt Fund - G 137.90 03-Nov-1999 25874.40 2.53 8.52 11.39 11.75 14.26 1.26 -0.04 62.18 5.62 4.42 27.78

SBI Equity Hybrid Fund - Growth 139.17 09-Oct-1995 29541.80 3.81 9.18 10.99 11.21 15.69 1.18 0.00 55.49 9.19 7.95 27.37



Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &

Aditya Birla Sun Life Balanced Advantage F-G 54.02 25-Apr-2000 2806.19 2.29 5.71 8.45 9.32 9.18 0.73 -0.07 54.35 10.14 6.00 29.52

Canara Robeco Equity Hybrid Fund - G 162.66 01-Feb-1993 2163.44 2.98 8.79 9.54 11.70 11.28 1.13 -0.03 50.98 13.57 4.99 30.46

BALANCED

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

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