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2011: Issue 276, Week: 25th - 29th JulyA Weekly Update from SMC(For private circulation only)
WISE M NEYA Weekly Update from SMC(For private circulation only)
Bra
nd
sm
c 1
01
(Saurabh Jain)
Contents
Equity 4-7
Derivatives 8-9
Commodity 10-13
Currency 14
IPO 15
FD Monitor 16
Mutual Fund 17-18
EDITORIAL STAFF
Editor Saurabh Jain
Executive Editor Jagannadham Thunuguntla
+Editorial Team
Nikhil Mehta Dr. R.P. Singh
Nitin Murarka Kunal Sharma
Vandana Bharti Tejas Seth
Sandeep Joon Dinesh Joshi
Vineet Sood Shitij Gandhi
Dhirender Singh Bisht Subhranil Dey
Parminder Chauhan Asmita Satyendra
Ajay Lakra Mudit Goyal
Rahul Kumar Reena Srivastava
Sumit Kukreja
Content Editor Kamla Devi
Graphic Designer Pramod Chhimwal
Research Executive Simmi Chibber
REGISTERED OFFICES:11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.Tel: 91-11-30111000, Fax: 91-11-25754365
MUMBAI OFFICE:Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link RoadMalad (West), Mumbai 400064Tel: 91-22-67341600, Fax: 91-22-28805606
KOLKATA OFFICE:18,Rabindra Sarani, Poddar Court, Gate No-4, 4th & 5th Floor, Kolkata-700001Tel : 91-33-39847000/39801300, Fax No : 91-33-39847004
AHMEDABAD OFFICE : 3rd Floor, Sun City House, Besides Pantaloon, Opp Kotak Bank, MithaKhali Six Road, Ahmedabad - 380009.Tel: +91 79 26424222 to 233, 40095400 to 404
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, C G Road, Ahmedabad-380009, GujaratTel : 91-79-26424801 - 05, 40049801 - 03
CHENNAI OFFICE:2nd Floor, Mookambika Complex, 4, Lady Desi, Kachari Road, Mylapore, Chennai-600004 Tel: 91- 44 - 39109100 Fax: 91- 44 - 39109111
SECUNDERABAD OFFICE:206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,Secunderabad - 500003Tel: 91-40-30780298/99, 39109536
COCHIN OFFICE:212, D.D. Vyapar Bhawan, K P Valom Road, Kadavanthra, Erunakulam (Cochin), Kerala - 682020Tel: 91-484-2312281-83, 3928894-95, Fax: 91-484-2312281
DUBAI OFFICE:312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E.Tel: 97143963120, Mobile : 971502612483Fax : 9714 3963122 Email ID : [email protected] [email protected]
Printed and Published on behalf of
Mr. Saurabh Jain @ Publication Address
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com
Investor Grievance : [email protected]
Printed at: KOZMIC STYLE OFFSET
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Ph.: +91-11-46251190, Email: [email protected]
From The Desk Of Editor
lobal stock markets remained nervous during the week as the investors were
unsure about how the Euro region debt crisis and deadlock of U.S. debt Gceiling would be resolved by the respective countries. Later in the week
Euro-area leaders announced 159 billion euro ($229 billion) of second bailout for
Greece and empowered their 440-billion euro rescue fund to buy debt of struggling
countries in order to limit the risk of contagion. According to a draft Euro-zone
governments would overhaul the sovereign rescue fund European Financial Stability
Facility (EFSF) that would reduce the debt burden, lower the interest rates and
extend the maturities of countries namely; Greece, Portugal and Ireland. There are
concerns that euro area recovery would lose momentum as region is so far struggling
to solve the debt problems.
The deadline for raising the $14.3 trillion debt ceiling in U.S. is just a week away i.e.
August 2 and still negotiations on a plan for a deficit cut has not been worked out.
There is a 50 percent chance that S&P would cut the U.S. AAA credit rating if some sort
of credible solution to the rising U.S. government debt burden is not taken by the
government.
China PMI by HSBC Holdings Plc and Markit Economics fell to 48.9 in July from 50.1 in
June indicating contraction in manufacturing activity. Growth is expected to
moderate this year in emerging markets like China and India after a series of
monetary tightening steps taken by the authorities. In India, it is widely expected and
even discounted by the markets that RBI would hike the Repo rate by 25 bps for the
eleventh time in its policy announcement on July 26 in order to anchor inflationary
expectations. The interesting thing would be to see RBI statement as how they
perceive the current situation of Inflation and growth in order to get the idea for its
future course of action. According to the India Meteorological Department Rainfall
between July 14 and July 20 was 7% above the long-term average after two successive
weeks of below-average rains. Monsoons are expected to be normal this year and are
expected to help alleviate problem of high food inflation. The liquidity in the markets
is expected to continue after the second bailout for Greece provided by the Euro-area
countries.
Uncertain movements in commodities prices kept investors in a fix across the board.
Investors are already nervous due to the ongoing debt issue in US and Greece, at the
same time poor factory output of China compelled investors to pullout money from
base metals counter. Chinese factory output shrank in July for the first time in 12
months. Gold returned from its all time high level and silver is struggling to stay above
the level of 58000. In near term both gold and silver should stay in a range before
taking any big moves. Crude showed some stability in the prices but it really needs
some positive news to hold the prices at higher levels. At present entire world is
eyeing on Federal Reserve meeting in US in August. Apart from this meeting, investors
should keep an eye on UK, US and Canada GDP, durable goods and consumer
confidence of US and CPI data of Germany.
The News letter is scheduled to be released on every Friday. The data is based on Thursday closing prices.
4
NOTES:
1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of "Morning Mantra ".
2) S1 & S2 indicate first support & second support respectively & R1 & R2 indicate first resistance and second resistance respectively.
3) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.
TREND SHEET
STOCKS CLOSING TREND DATE RATE S1 R1 S2 R2 CL.
PRICE TREND TREND S/L
CHANGED CHANGED
SENSEX 18436 DOWN 06.05.11 18519 18400 18700 19000
S&P NIFTY 5542 DOWN 06.05.11 5551 5540 5640 5720
CNX IT 6336 DOWN 06.05.11 6627 6600 6750 6850
CNX BANK 11050 DOWN 20.05.11 10664 11000 11300 11600
ACC 978 DOWN 06.05.11 990 990 1010 1020
BHARTIAIRTEL 395 UP 03.06.11 378 385 375 365
BHEL 1938 DOWN 21.04.11 2060 2010 2050 2110
CIPLA 316 UP 01.04.11 320 320 315 310
DLF 242 UP 21.07.11 242 233 230 225
HINDALCO 177 DOWN 13.05.11 198 182 186 192
ICICI BANK 1041 DOWN 10.06.11 1036 1075 1095 1110
INFOSYS 2768 DOWN 15.04.11 2990 2850 2940 3000
ITC 207 UP 04.03.11 172 199 193 188
L&T 1790 UP 20.05.11 1652 1750 1680 1650
MARUTI 1156 DOWN 17.06.11 1165 1190 1215 1235
NTPC 183 UP 01.07.11 187 184 179 175
ONGC 277 DOWN 20.05.11 274 280 286 295
RELIANCE 861 DOWN 28.04.11 972 900 930 950
SAIL 129 DOWN 29.10.10 194 138 142 147
NEWS
FORTHCOMING EVENTS
MEETING DATE SYMBOL PURPOSE
25/07/2011 RELIANCE Un-audited Financial Results
25/07/2011 STER Un-audited Financial Results
25/07/2011 NTPC Un-audited Financial Results
26/07/2011 MARUTI Un-audited Financial Results
26/07/2011 JSWSTEEL Un-audited Financial Results
26/07/2011 BHEL Un-audited Financial Results
27/07/2011 GAIL Un-audited Financial Results
27/07/2011 HEXAWARE Results/Dividend
27/07/2011 MARICO Un-audited Financial Results
28/07/2011 HINDUNILVR Un-audited Financial Results
28/07/2011 ACC Results/Dividend
28/07/2011 AMBUJACEM Results/Dividend
28/07/2011 ONGC Un-audited Financial Results
28/07/2011 ITC Un-audited Financial Results
29/07/2011 SIEMENS Un-audited Financial Results
29/07/2011 IDEA Un-audited Financial Results
29/07/2011 SYNDIBANK Un-audited Financial Results
29/07/2011 ICICIBANK Audited Financial Results
29/07/2011 DENABANK Un-audited Financial Results
29/07/2011 CENTRALBK Financial Results
30/07/2011 SUZLON Un-audited Financial Results
DOMESTIC NEWS
Economy
·Food inflation fell to a three-week low of 7.58% for the week ended July 9
on the back of cheaper pulse prices and a high base last year. Food
inflation, as measured by the Wholesale Price Index (WPI) stood at 8.31% in
the previous week.
Realty/ Construction
·Ahluwalia Contracts has secured orders worth `482 crore for construction
of residential, institutional and hotel building.
·Punj Lloyd had bagged a civil contract worth 210 crore for a thermal
power project from NTPC for its power plant in Assam.
Capital Goods
·ABB has won an order worth about $15 million from Japanese pump
manufacturer, Torishima Pump, to provide a turnkey electrical control and
instrumentation solution for a new pumping station under construction in
Saudi Arabia.
·Alstom Projects India Ltd has won three major contracts worth above 270
crores (over Euro 40 million) to build hydroelectric projects in the country.
·Larsen & Toubro's (L&T's) power transmission & distribution division has
bagged the 1,210 crore order from KAHRAMAA for supply and construction
of 13 substations in Qatar.
Consumer Durable
·TTK Prestige Ltd, a Hosur-based pressure cooker and kitchen appliance
maker, is planning to begin construction of its facility near Vadodara in
Gujarat in the second quarter of 2011-12. This is part of the company's
225-crore capacity expansion plan slated to be completed during the first
half of 2012.
Power
·Orissa government has signed a MoU with central public sector National
Hydro-Power Corporation (NHPC) for setting up three hydel units down
Hirakud reservoir at an investment of 3,000 crore.
Pharmaceuticals
·Biocon subsidiary, Syngene International, has entered into an agreement
with US-based Endo Pharmaceuticals to expand their collaboration to
develop molecules to fight cancer.
Automobile
·Tata Motors will consider setting up manufacturing facilities in various
overseas countries as it looks to expand its global presence.
Oil & Gas
·Gas Authority of India Limited may acquire 50% stake in Andhra Pradesh Gas
Distribution Corporation (APGDC), a wholly-owned subsidiary of AP Gas
Infrastructure Corporation.
Information Technology
·Edserv Softsystems has entered into a partnership with CAClubIndia, which
will help the education services company expand its chartered
accountancy examination coaching to about 600,000 students.
·Hexaware Technologies has secured a contract “potentially” worth $177
million over a five year term.
INTERNATIONAL NEWS
·US leading economic index rose by 0.3 percent in June following a 0.8
percent increase in May. The index rose for the second consecutive month
after slipping by 0.3 percent in April.
·According to the flash survey results from Markit Economics, China's
manufacturing sector contracted for the first time in a year in July, as
production declined at fastest rate since March 2009.
·US existing home sales fell by 0.8 percent to an annual rate of 4.77 million
in June from a 4.81 million rate in May.
·US housing starts rose by 14.6 percent in June to a seasonally adjusted
annual rate of 629,000, well above the revised May figure of 549,000.
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INDIAN INDICES (% Change)
5
BSE SENSEX GAINERS & LOSERS TOP (% Change)
GLOBAL INDICES (% Change)
NSE NIFTY GAINERS TOP & LOSERS (% Change)
SECTORAL INDICES (% Change)
SMC Trend
SMC Trend
FMCGHealthcare
FTSE 100CAC 40
Auto BankRealty
Cap GoodsCons Durable
Oil & GasPower
NasdaqDow jonesS&P 500
NikkeiStrait times
Hang SengShanghai
INSTITUTIONAL ACTIVITY (Equity) (` Crore)
ITMetal
Down SidewaysUp
SMC Trend
Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500
0.37
-0.71 -0.68 -0.68
-2.19
-0.86
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
Nifty Sensex BSE Midcap BSE Smallcap
Nifty Junior S&P CNX 500
3.19
-1.63
-1.90
-1.09
1.06
-2.71
-0.25-0.07
-0.69
-1.96
0.54
-3.50
-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
Auto Index Bankex Cap Goods Index
Cons Durable Index
FMCG Index
Healthcare Index
IT Index Metal Index
Oil & Gas Index
Power Index
Realty Index
1.60
1.962.10
0.36
1.76
0.51
-1.92
0.96
2.42
-2.50
-2.00
-1.50
-1.00
-0.50
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
-200.00
-100.00
0.00
100.00
200.00
300.00
400.00
500.00
-52.70 -31.10
-79.00
144.90
417.50
79.50
-108.50
-16.90
Friday Monday Tuesday Wednesday
FII Activity MF Activity
3.69
2.58
1.93 1.891.35
-5.85-5.39
-3.30 -3.28
-2.56
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
DLF ITC Sterlite Inds.
Tata Power Co.
Infosys Tata Motors
Rel. Comm.
Wipro NTPC Cipla
3.60
2.65 2.57 2.392.02
-5.49 -5.43
-4.17-3.76 -3.69
-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
DLF ITC GAIL (India)
Siemens Sterlite Inds.
Rel. Comm.
Tata Motors
Sesa Goa Dr Reddy's Labs
NTPC
6Above calls are recommended with a time horizon of 1 year.
Beat the street - Fundamental Analysis
DENA BANK
Stock Chart
Business Profile ·The Capital Adequacy Ratio (CRAR) as per Basel II stood at 13.41% as on 31st March 2011 from 12.77% Dena Bank is one of the earliest national banks in India as on 31st March 2010. The provision coverage ratio headquartered in Mumbai. At present, it is one of the including technical write off is currently at 74.62%. top public sector banks in India. It is touted as the
“Trusted Family Bank” of India. The Bank has crossed ·Gross NPA's as on 31st March 2011 was at 842.24 the landmark business mix of `1 Lac crore in FY11 and crore as against 641.99 crore as on 31st March added 68 branches taking the total branch network to 2010. Net NPA works out to 548.95 crore as on 31st 1291. Today the bank has more than 500 ATMs all across March against 427.53 crore a year ago. The Gross India of which 2 are Biometric ATMs. Dena Bank is NPA Ratio stood at 1.86% and Net NPA ratio at 1.22% engaged in treasury, corporate/wholesale banking, end March'11 as compared to 1.80% and 1.21% in the retail banking, and other banking operations. corresponding previous year period respectively.
·It has 16 pending licenses as on 31st March 2011 and Investment Rationale all the new branches are expected to be opened
shortly. The bank is targeting to open 100 new ·Its business has improved by 26% to 109038 crore branches during FY 2011-12. Bank has opened 7 new at end of March 2011 as against 86807 crore in the branches during Q4 FY 2010-11 and is planning to corresponding previous year. Advances grew by 26% reach a figure of 750 ATM's by March 2012.to 44828 crore against 35462 crore and deposits
grew by 25% to 64210 crore against 51344 crore in the corresponding previous year.
·The bank is making intense efforts for increasing CASA through targeting high value customers and by increasing clientele base by 20%. The bank is expecting CASA growth at 25% in FY'12. The bank expects credit growth of 22% and deposit growth of 18% for FY'12.
·Net Interest Margin (NIM) for Q4FY'11 improved to 3.09% as against 2.80% in the same quarter last year but dipped slightly on sequential basis as compared to 3.27% in December quarter. For the full year, NIM advanced 3.17% in March 2011. The bank expects to maintain NIM at around 3%.
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` in cr
Particulars QE Mar’11 QE Mar’10 Var.(%) TTM
Total Income 296.09 224.25 32.00 1182.68
Net Sales 266.60 219.61 21.40 1087.59
Expenditure 244.00 193.00 26.42 964.00
PBDIT 52.51 31.36 67.40 218.91
PBDT 74.26 31.65 134.60 241.57
PAT 57.82 17.99 221.40 176.65
VALUE PARAMETERS
Current Mkt.Price (`) 900.25
Face Value ( ) 10.00
52 Week High/Low 974.00 / 680.05
M.Cap ( Cr.) 3318.32
EPS ( ) 30.06
P/E Ratio (times) 29.95
P/B Ratio (times) 3.04
Dividend Yield (%) 2.00
Stock Exchange BSE
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% OF SHARE HOLDING
AKZO NOBEL INDIA LIMITED
Stock Chart
Business Profile
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planned to complete this capacity expansion by September this year. Meanwhile the company is Akzo Nobel India Limited, formerly ICI India Limited, also planning to setup green field project in manufactures and markets paints; specialty Gwalior.chemicals and starch. The Company operates in two
segments: paints, which consist of decorative and ·Paint industry is facing rising cost pressure which refinish paints, and others, which consist of the is affecting the bottom line of the companies. trading operations in surface chemistry and national However with most of the major players in the starch products. At present, the company has three industry is moving towards increasing prices manufacturing units of decorative and auto paints at strong value growth in the industry is likely going Thane in Maharashtra, Mohali in Punjab and forward.Hyderabad in Andhra Pradesh with a total installed ·The company posted an over three-fold jump in its capacity of 80 million liter per year. Profit After tax (PAT) to 57.8 crore on 21.4% rise in
net sales to 266.60 crore for the quarter ended March 31, 2011 as compared with the same period Investment Rationaleprevious fiscal. For the full year ended March ·The company plans to establish a manufacturing 2011its total revenue grew by 16% to 947.1 crore facility with an investment of `250 crore. The and resultant net profit surged by 11% to 176.6 company is looking for suitable locations in crore.Madhya Pradesh and Karnataka for the plant. The
plant is expected to be completed by 2012- 2013. The company targets to produce 50 million liter of paints per year from this proposed facilities.
·The company has opened new Industrial Coatings plant near Bangalore to produce coil and specialty plastic coatings. It will be capable of manufacturing up to 18 million liters per year, with scope for further expansion. The additional capacity will also boost the company's ability to meet the growing demand in India and neighboring countries. The company plans to generate revenue of over 6290 crore (€1 billion) on the back of total installed capacity of around 150 million liter per year.
·Akzo Nobel is going to increase 4 times the production capacity of its Hyderabad-based plant to 40 million liter per annum. The company has
` in cr
VALUE PARAMETERS
Current Mkt.Price (`) 86.65
Face Value ( ) 10.00
52 Week High/Low 151.00 / 83.80
M.Cap ( Cr.) 2888.82
EPS ( ) 17.99
P/E Ratio (times) 4.82
P/B Ratio (times) 2.54
Dividend Yield (%) 2.54
Stock Exchange BSE
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Particulars QE Mar’11 QE Mar’10 Var.(%) TTM
Total Income 1588.26 1238.10 28.30 5567.37
Interest Earn. 1407.49 1063.24 32.40 5033.53
Interest Expd. 936.30 737.13 27.02 3270.16
Net Interest 471.19 326.11 44.49 1763.37
OP 343.12 280.13 22.50 1223.79
PAT 157.00 137.07 14.50 611.63
% OF SHARE HOLDING
August September NovemberDecember 2011 February March April May June July
60160265370470575680
x10000 60160265370470575680
x10000
Volume (214,654)
80
90
100
110
120
130
140
150
80
90
100
110
120
130
140
150
August September NovemberDecember 2011 February March April May June July
50
100
150
x1000
50
100
150
x1000
Volume (2,020)
660
690
720
750
780
810
840
870
900
930
960
990
660
690
720
750
780
810
840
870
900
930
960
990
ALSTOM PROJECTS INDIA LIMITED
NIIT LIMITED
ING VYSYA BANK LIMITED
EQUITY
Charts by Spider Software India Ltd
Above calls are recommended with a time horizon of 1-2 months7
The stock closed at 363.75 on 21st July 2011. It made a 52-week low at 283 on
08th February 2011 and 52-week high of 444 on 01st November 2010. The 200
days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at 276.70.
It gave a marginal fall and made a low of around 283 levels due to the fall in
banking index in the first quarter of this year. It took support at the above
mentioned level by making a fresh buying pivot and again rebounded ultimately
covering almost half of its lost value in a short span of time. This indicates its
potential to sustain its upward momentum as volumes are also supporting the
same. One may go long in the range of 360-363 levels with closing below stop loss
of 350 levels for the target of 393-403 levels.
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The stock closed at 58.15 on 21st July 2011. It made a 52-week low at 42.70 on
10th February 2011 and 52-week high of 74.45 on 21st September 2010. The
200 days Exponential Moving Average (EMA) of the stock on the weekly chart is
currently at 62.91.
Prior to a marginal fall it was in consolidation phase in last two years and was
trading in the range of 57-72 levels. After making fresh low of round 42 level in
the first quarter of this year it rebounded swiftly and again went into
consolidated zone in last few weeks. Fresh buying could be seen in this counter
with increase in price and volumes which indicate a breakout in the near term.
One may go for accumulation in a range of 56-58 levels with closing below stop
loss of 52 levels for the target of 67-69 levels.
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The stock closed at ̀ 578.85 on 21st July 2011. It made a 52-week low at 491.95
on 20th June 2011 and 52-week high of 899 on 12th October 2010. The 200 days
Exponential Moving Average (EMA) of the stock on the weekly chart is currently
at 541.98.
On the weekly charts it formed head and shoulder pattern which is bearish
continuous in nature. But it did not breach its neckline area to continue its
downward momentum and it took support at 500 level and further rebounded
from the same which determines its potential to trade upwards in the near
term. One may accumulate in the range of 581-584 levels with closing below
stop loss of 561 levels for the target of 640-660 levels
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8
DERIVATIVES
VOLATILITY BASED STRATEGIES
Last week was range bound in comparison with recent past, as Nifty traded in the narrow range of 120 points, with weekly high of 5648 and 5530 as weekly low.
Markets remained stock specific and mid cap and small stocks outperformed the large cap stocks. This range bound movement may get directional trigger after
RBI policy announcement on 26 July. However the 5650-5700 level will remain crucial resistance for bulls, and only close above 5700 will change the trend. On
the contrary, the index has a strong support at 5500 levels. The put-call ratio of open interest closed at 0.97 levels. The options open interest concentration on
call side is much heavier as compared with last few expiries as 5600, 5700 and 5800 strike holds open interest of 1 crore each. Among put options, the 5500-
strike, put option has the total open interest of 1.11 crore shares which is the highest open interest among all put options. Option concentration indicates
strong support around 5500 and selling pressure around 5600 in the current expiry, however if 5600 is broken in the current expiry we may see expiry closer to
5700.The Implied Volatility (IV) of call options closed at 16.49%, while the average IV of put options closed at 16.43%. Nifty is expected to break the range of
5650-5700 in coming weeks and the sharp move may cause the rise in option volatility.
WEEKLY VIEW OF THE MARKET
ACC (JULY FUTURE)
Buy: Above 1001
Target: 1040
Stop loss: 990
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POLARIS (JULY FUTURE)
Buy: Above 180
Target: 186
Stop loss: 178
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BULLISH STRATEGIES
DERIVATIVE STRATEGIES
SUZLON
Buy Jul. 52.50. CALL 1.20
Sell Jul. 55.00. CALL 0.45
Lot size: 8000
BEP: 53.25
Max. Profit: `14000.00 (1.75*8000)
Max. Loss: `6000.00 (0.75*8000)
OPTIONSTRATEGY
FUTURESTRATEGY
TATCHEM (JULY FUTURE)
Sell: Below 370
Target: 362
Stop loss: 374
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BHARTIARTL
Buy Jul. 400. CALL 3.55
Sell Jul. 420. CALL 0.80
Lot size: 1000
BEP: 402.75
Max. Profit: `17250.00 (17.25*1000)
Max. Loss: `2750.00 (2.75*1000)
LTBuy Jul. 1800. CALL 24.15Buy Jul. 1800. PUT 30.75
Lot size: 250Upside BEP: 1854.90Downside BEP: 1745.10Max. Profit: UnlimitedMax. Loss: `13725.00 (54.90*250)
BASIS GAP IN NIFTYNIFTY TOTAL OPEN INTEREST (in share)
FIIs ACTIVITY IN F&O IN LAST TEN SESSIONS
(Derivative segment) `(Cr)
FIIs ACTIVITY IN F&O IN LAST WEEK
(Derivative segment)
85050 297400 422850888050
6812200
9662750 9886650
11077400
4107600
3812350
2422450
5004650
6914450
8169550
10934750
6313950
2738300
394650 160500446650
0
2000000
4000000
6000000
8000000
10000000
12000000
5100 5200 5300 5400 5500 5600 5700 5800 5900 6000
Call Put
0
11.65
0.95
13.8014.30
0.45
5.85 5.70
10.75
2.50 2.60
2
4
6
8
10
12
14
16
08-Jul 11-Jul 12-Jul 13-Jul 14-Jul 15-Jul 18-Jul 19-Jul 20-Jul 21-Jul
BUY48.8%
SELL51.2%
-400.00 -315.39 -283.41
272.35 269.17
76.81
-98.24-150.76
-1238.27
-257.65-364.58
-1400.00
-1200.00
-1000.00
-800.00
-600.00
-200.00
0.00
200.00
400.00
08-Jul 11-Jul 12-Jul 13-Jul 14-Jul 15-Jul 18-Jul 19-Jul 20-Jul 21-Jul
IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS
OPEN INTEREST PCR RATIO IMPLIED VOLATILITY
SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE
BHARTI 12868000 12205000 -5.15 0.36 0.31 -0.05 30.13 26.54 -3.59
DLF 22809000 19442000 -14.76 0.66 1.01 0.35 40.67 37.36 -3.31
HINDALCO 17436000 15762000 -9.60 0.37 0.36 -0.01 39.85 29.60 -10.25
HINDUNILVR 18923000 16572000 -12.42 0.48 0.50 0.02 25.02 19.26 -5.76
ICICIBANK 8375000 7138250 -14.77 0.45 0.40 -0.05 29.93 30.69 0.76
IDEA 10692000 10520000 -1.61 0.47 0.46 -0.01 30.09 30.53 0.44
INFOSYSTCH 3698500 2902000 -21.54 0.32 0.30 -0.02 22.69 17.89 -4.80
ITC 19990000 18714000 -6.38 0.79 0.92 0.13 19.85 23.17 3.32
JPASSOCIAT 47232000 47068000 -0.35 0.23 0.20 -0.03 40.79 38.54 -2.25
NTPC 16350000 16278000 -0.44 0.32 0.27 -0.05 21.95 25.26 3.31
ONGC 9966000 8711000 -12.59 0.40 0.39 -0.01 31.45 27.70 -3.75
RANBAXY 1946000 1844500 -5.22 0.39 0.38 -0.01 29.12 26.87 -2.25
RCOM 24610000 22456000 -8.75 0.39 0.32 -0.07 44.44 42.64 -1.80
RELIANCE 17274250 16551500 -4.18 0.45 0.43 -0.02 25.51 28.20 2.69
S&P CNX NIFTY 21688200 20642000 -4.82 1.12 0.97 -0.15 18.05 16.49 -1.56
SAIL 12808000 10504000 -17.99 0.19 0.19 0.00 36.73 36.72 -0.01
SBIN 3575125 3452250 -3.44 0.98 1.02 0.04 27.58 28.00 0.42
SUZLON 79376000 65296000 -17.74 0.23 0.29 0.06 35.46 42.57 7.11
TATASTEEL 13856000 12761000 -7.90 0.36 0.36 0.00 27.07 25.73 -1.34
UNITECH 52448000 46336000 -11.65 0.49 0.69 0.20 49.13 46.89 -2.24
DERIVATIVES
NIFTY ANALYSIS
Put Call Ratio Analysis :The Put-Call open interest ratio of Nifty has decreased
to 0.97 from 1.12. At the end of the week, the maximum stocks had a negative
trend of change in put call open interest ratio.
Implied Volatility Analysis :The Implied Volatility (IV) for Nifty futures this
week has decreased to 16.49% from 18.05%. The IV of the stock futures has
changed this week ranging from -10.25% to 7.11%.
Open Interest Analysis: The open interest for the index at the end of this week
has decreased by 4.82% as compared to the previous week. All future stocks saw
changes in their open interest ranging from -21.54% to -0.35%. INFY has the
maximum decrease in open interest as compared to other stocks.
Statistical Analysis·
Open 5590.00 High 5662.10
Low 5532.50 Close 5544.20
9
NIFTY & IV CHART
15
16
17
18
19
20
21
22
5400.00
5500.00
5600.00
5700.00
5800.00
18-Jul 19-Jul 20-Jul 21-Jul
Nifty Close IV
Crude oil prices may remain on volatile path on mixed fundamentals. Crude oil can trade in range of 4200-4500 in MCX and $89-100 in NYMEX. Lack of encouraging data from US and China coupled with financial trouble in euro zone will keep the prices on mixed note. Last week preliminary data for a purchasing managers' index showed the gauge fell to 48.9 this month from a final reading of 50.1 in June. The data suggests China's manufacturing contracted for the first time in a year. The slow growth from China coupled with rise in interest rates will also damp the demand for crude oil. In the United States, president Obama said that there has been “some progress” regarding the rise of the US debt ceiling before the appointed deadline (August 2) and that brought some hope into the markets especially after a group of Republican and Democrat senators offered a plan that could revive the US debt talks and a reduction of a long-term deficit reduction in order to avert a default by the US. Weekly U.S. stockpiles data showed larger-than-expected drops in crude inventories. Natural gas may remain sideways with upside bias and may trade in range of 190-210 in near term. Forecasts of hotter-than-normal weather across the eastern and central U.S. through the end of the month can give some support to the prices.
ENERGY COMPLEX
The tensions in Euro zone and inflationary situations in China may keep base metal upside capped. Nickel prices may trade in range of 1020-1080 in near term. The global nickel market was in supply deficit by 9,300 tonnes in the first five months of 2011. The latest figure show s world primary nickel consumption increased to 641,400 tonnes in January to May 2011. Aluminum prices may trade in range of 107-112 in MCX. Aluminum prices lost ground in June and were expected to drift lower on a seasonal softening in demand coupled with a possibility of supply surplus for another year. Copper the red metal may also face resistance at 442-445 levels in MCX. Chinese imports of refined copper slumped in the first half of this year, reflecting a broad-based de-stocking in the face of high prices. Market bulls cited falling Shanghai stocks as a sign that the de-stocking cycle was coming to an end with the "obvious" conclusion that once it did, China would have to return to the import market. Steel long can trade on volatile path in range of 30000-30600 due to the tightness in iron ore market and some demand from construction sector.
FERROUS AND NON-FERROUS METALS
Jeera futures may continue to see some upside towards 17000 levels. Jeera, blessing in disguise from the unrest condition in Syria, the export demand is likely to take a shift towards Indian exporters. There are reports that some Syrian containers of spices heading towards Middle East are being stopped by the protestors which could rise the demand for Indian quality. Turmeric futures moving near their crucial support at 7000 levels may remain suppressed with lesser inquiries from masala industries due to quality issues. Currently, farmers are holding medium and low quality produce. Moreover, the Aadi Masam has begun on July 17 ending on August 17. During this period, farmers have put most activities on hold & only after 18th August, they would bring the produce in large numbers to the market. Pepper futures may remain supportive above 28000 levels. Mixed sentiments prevailing on the international platform may keep a check on the upside. Investors are eyeing the Indonesian crop which is due in August. Moreover, Brazil, which was in silent for over a month, is back in action and is aggressively selling its produce. Chilli futures may remain sideways maintaining support above 8100 levels. Hefty stocks & subdued demand prevailing at the spot markets is adding a bearish tag to the counter. Cardamom futures may remain range-bound between 820-900 levels. Exporters have started buying small quantities of new crop, as the current prices are viable for them.
SPICES
Safe haven investment demand amid the European Union sovereign debt crisis and the U.S. government wrangling over its debt ceiling can keep the bullions on firm note but profit booking at higher levels cannot be denied. Recently German Chancellor Angela Merkel stated that further steps will be necessary to resolve the euro crises and not one spectacular event will solve the problem. The most recent COMEX gold open interest data showed outstanding positions of 542,342, compared to 494,169 as of the start of the month. President Obama cited progress in U.S. budget and debt ceiling talks. Meanwhile global ETP holdings stood at a record 2,170.9 tonnes. Furthermore support for gold will come from production problems that curb the expansion of supply, in addition to persisting sovereign debt issues. Recently bullions did not follow the inverse correlation with greenback as the latter has been struggling to take up its traditional role of the market's most liquid safe haven. What began in Greece spread to Ireland and Portugal without much trouble; and the contagion is now showing signs with Spain and Italy. Gold can trade in range of 22700-23300 while silver in range of 56000-61500 in near term.
BULLIONS
OIL AND OILSEEDS
Refined soy oil futures surpassing 670 levels may create a fresh mark making a new high. Sidelined crude oil prices may continue to add cushion to the counter. Oil prices are being supported by a larger-than-expected drawdown in U.S. crude inventories and optimism that European policymakers will forge a rescue plan for debt-ravaged Greece. Moreover, the demand for vegetable oil gets a boost during monsoons, as consumers want to taste more of fries dipped with flavoured sauces. Soybean futures making a swift recovery may remain firm maintaining support above 2320 levels. Prices at the spot market have shined back as demand improved. Beans are being offered at 2,000- 2,260 per 100 kg in Madhya Pradesh and at `2,200-2,450 per 100 kg in Maharashtra. U.S soybean futures facing a resistance near 1420 levels may remain sideways underpinned by the emerging sale of new-crop supplies to China. The combination of export demand, crop uncertainties and strength in world vegoil markets may continue to provide support to the counter. CPO futures may remain firm owing to turn around of upside in Malaysian prices. Advances are driven by apprehension of higher export estimates. However, with higher production & building stocks, the gains may remain capped facing resistance at 495 levels. Mustard futures may remain below 3000 levels. Negative crushing margin has controlled the buying emotions.
`
OTHER COMMODITIES
Guar complex “star performers” attracted by heavy volumes, supported by rising open interest may continue to shine on the investor's portfolio, giving higher profits. Sustained industrial demand may continue to boost the prices. However, profit booking at higher levels cannot be ignored. These dips may be used as a buying opportunity. Chana futures on 3-month high may continue their upside towards 3100 levels. Reports of lower July rains have reduced the acreage under pulses. Area under pulses has declined by 19 per cent to 36.15 lakh hectares as against 43.02 lakh hectares during corresponding period last year. Mentha oil futures over-riding the plugged sentiments of extra margin, may maintain their upside rally owing to higher demand from pharmaceutical & cosmetics companies, besides export demand. Sugar futures trying to notch up above 2800 levels may remain range bound. Investors & stockist are eyeing to the next week's announcement of new month quota, the key factor to lead sentiment. At the spot markets, business activities are usual with routine arrivals and dispatches. Wheat futures may remain sideways until there is clarity over the govt.'s decision for exports. Recently, centre has put on hold the decision to allow wheat exports, citing unfavorable global market conditions. However, a panel of ministers' will decide the quantity of wheat to be allowed for overseas sale in its next meeting.
NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.2) S1 & S2 indicate first support & second support & R1 & R 2 indicate first resistance & second resistance. 3) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the commodity. At the moment, the stop loss will be far as we are seeing the graphs on weekly
basis and taking a long-term view and not a short-term view.4) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of Daily report- commodities.
TECHNICAL RECOMMENDATIONS
EXCHANGE CONTRACT CLOSING DATE TREND
CHANGED
NCDEX GUAR SEED (AUG) 4325.00 25.03.11 UP 2978.00 3950.00 - 3850.00 - 3700.00
NCDEX SOYABEAN (AUG) 2401.00 17.06.11 DOWN 2281.00 - 2430.00 - 2470.00 2580.00
NCDEX JEERA (AUG) 16307.00 21.07.11 UP 16307.00 14500.00 - 13500.00 - 13000.00
NCDEX PEPPER (AUG) 28555.00 01.07.11 SIDEWAYS
NCDEX RED CHILLI (AUG) 8388.00 27.05.11 DOWN 8342.00 - 8500.00 - 9000.00 9500.00
NCDEX RM SEEDS (AUG) 2969.00 17.06.11 DOWN 2861.00 - 3000.00 - 3040.00 3170.00
MCX MENTHA OIL (AUG) 1140.00 21.07.11 UP 1140.00 1000.00 - 900.00 - 850.00
MCX CARDAMOM (AUG) 869.90 11.02.11 DOWN 1361.50 - 900.00 - 1000.00 1100.00
MCX SILVER (SEP) 58075.00 06.05.11 DOWN 54296.00 - 60000.00 - 65000.00 70000.00
MCX GOLD (AUG) 22893.00 26.02.11 UP 20918.00 21500.00 - 21200.00 - 20800.00
MCX COPPER (AUG) 431.80 06.05.11 DOWN 398.60 - 436.00 - 445.00 455.00
MCX LEAD (AUG) 120.30 06.05.11 DOWN 103.25 - 122.00 - 127.00 135.00
MCX ZINC (AUG) 108.75 06.05.11 DOWN 95.90 - 108.00 - 112.00 116.00
MCX NICKEL(AUG) 1069.00 20.05.11 DOWN 1067.30 - 1160.00 - 1200.00 1300.00
MCX CRUDE OIL (AUG) 4445.00 06.05.11 DOWN 4456.00 - 4800.00 - 4950.00 5150.00
MCX NATURAL GAS (AUG) 195.50 25.03.11 SIDEWAYS
TREND RATE TREND S1 R1 S2 R2 CLOSING
PRICE CHANGED STOP/LOSS*
*Closing price as on 21.07.11
*Closing price as on 21.07.11
TREND SHEET
COMMODITY
11
PEPPER NCDEX (AUGUST) contract closed at ̀ 28564.00 on 21st July '11.The contract made its high of
`31687.00 on 10th May '11 and a low of ̀ 23400.00 on 14th March '10.The 18-day Exponential Moving
Average of the Commodity is currently at ̀ 28206.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 56.31. One can buy in
the range 28700-28800 with the stop loss of ̀ 28265 for a target of ̀ 30000.
CPO MCX (JULY)
CPO MCX (JULY) contract closed at ̀ 483.30 on 21st July '11. The contract made its high of ̀ 538.50 on
30th May '11 and a low of `466.00 on 12th July '11.The 18-day Exponential Moving Average of the
commodity is currently at ̀ 481.02.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.35.One can buy in
the range 484-485 of with the stop loss of ̀ 480 for a target of ̀ 500.
PEPPER NCDEX (AUGUST)
MAIZE NCDEX (AUGUST) contract closed at `1243.00 on 21st July '11.The contract made its high of
`1390.00 on 24th May '11 and a low of `1185.00 on 12th July '11.The 18-day Exponential Moving
Average of the Commodity is currently at ̀ 1222.6.
On the daily chart, the commodity has Relative Strength Index (14-day) value of 49.13. One can buy in
the range 1220-1225 with the stop loss of ̀ 1205 for a target of ̀ 1260.
MAIZE NCDEX (AUGUST)
COMMODITY
12
6.10 6.09 6.09
-14.89
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
GUAR SEED FLAKE MENTHA
KAPASKHALI MENTHA OIL CARDAMOM CFI CORIANDER CER WHEAT NATURAL GAS
NEWS DIGEST
The week gone by was full of event risk and thus we saw big swings in commodities. Gold was
again in limelight; it made another high last week in both MCX and COMEX but shed some of its
gain on profit booking. Silver narrated the same story. Gold prices returned from the lifetime
high as there was a growing expectation in the market that United States and Europe may come
out with some solution of this ongoing debt problem. Investors pulled out their money from
base metals and crude oil after the news of weaker PMI of China and poor building and leading
indicator of US. Apart from slow growth story of China and US, there was also concern of euro
zone leaders meeting regarding the Greece crisis. All industrial metals nosedived. Energy
counter demonstrated some confident move, crude saw nonstop four week rally despite the
news of release of crude from IEA. Natural gas shed its gain in later part of the week. It faced
the resistance between the levels of 204-205 and could not sustain at the higher level on heavy
profit booking.
Strong recovery in spices flavored the commodity market. All spices except turmeric moved up.
Expectation of production of 65-68 lakh bags of turmeric against 47 lakh bags last year kept
buyers at bay. Some export orders from Bangladesh and Malaysia gave smile on the face of chilli
traders, even in future market it moved up. Crop damage in China due to flood and more export
enquiries to other countries resulted in terrific rise in jeera prices. Prediction of lower stocks in
Indonesia and lower stocks in Vietnam has given export enquiries to India, due to which prices
saw another round of recovery in pepper prices. Lower arrival was stimulating buying in
coriander prices. There was no pause in the rally of guar counter and it rocked on well built
fundamentals. Both guargum and guarseed were moved in unchartered territory. We have seen
stunning upside move in maize futures on supportive technical along with bullish overseas
market. Oil seeds and edible oil counter recovered on news that extreme heat may affect the
yield of soyabean in US.
WEEKLY COMMENTARY
WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)
COMMODITY UNIT 14.07.11 20.07.11 DIFFERENCE
QTY. QTY.
CHANA MT 150253 156756 6503
CHILLI MT 10981 10974 -7
GUAR SEED MT 77749 77372 -377
GUAR GUM MT 20388 20701 313
JEERA MT 11169 11652 483
PEPPER MT 4126 4251 125
RAPE MUSTARD SEED MT 178689 180120 1431
SOYA BEAN SEEDS MT 1215 1215 0
STEEL LONG MT 15694 24745 9051
SUGAR S KOL MT 1248 1996 748
COMMODITY UNIT 15.07.11 21.07.11 DIFFERENCE
QTY. QTY.
CARDAMOM MT 15.50 17.20 1.70
MENTHA OIL KGS 507724.62 540124.62 32400.00
POTATO MT 4918.20 4798.82 -119.38
GOLD KGS 140.00 140.00 0.00
SILVER KGS 59516.09 59445.34 -70.75
GOLD MINI KGS 57.50 57.00 -0.50
WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
·CME to launch coking coal future swap contract.
·NYSE Euronext has announced the extension of its range of indices into the commodity asset class with the launch of four single commodity indices based on its NYSE Liffe Milling Wheat Futures Contract and Cocoa Futures Contract respectively.
·The turnover of the commodity futures market rose by 56% to ̀ 38,29,230 crore in the first quarter of the 2011-12 fiscal.
·The Centre has allowed imports of 40,000 tonnes of natural rubber at a concessional duty of 7.5 per cent for the current fiscal.
·The Centre has put on hold the decision to allow wheat exports, citing unfavourable global market conditions.
·The Indonesian government has decreased export tax of crude palm oil (CPO) for August to 15% from 20 % in July.
·According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for July 1-20 rose 5.4% to 1,021,729 tonnes.
·India issued a formal order to allow export of one million tonnes of common grades of rice, a government statement said. The government has fixed a floor price for exports at $400 a tonne.
·According to the fourth advance estimates prepared by the agriculture ministry, the country is estimated to have harvested a record 12.66 million tonnes (MT) of soyabean, 7.54 MT of groundnut and 7.67 MT of rapeseed & mustard.
10.55
6.92 6.75 6.55
5.19
5.16 -4.99
-3.29 -3.13
-2.45
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
CORIANDER JEERA GUAR GUM GUAR SEED SILVER 5 KGS (AHMD)
POTATO TURMERIC SHANKAR KAPAS
NATURAL GAS
PVC NEW
4.83 4.53
-6.26
-3.85-3.00 -2.88
13
CURRENCY
News Flows of last week
Technical Commendation USD/INR EUR/INR
Currency Table
Currency Pair Open High Low Close
USD/INR 44.4500 44.6600 44.3300 44.4000
EUR/INR 62.9200 64.1050 62.3760 64.0200
GBP/INR 71.8150 72.5660 71.3170 72.3940
JPY/INR 0.5621 0.5676 0.5590 0.5628
(Source: Thomson Reuters, Open: Friday (prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)
GBP/INR JPY/INR
Economic gauge for the next week
Date Currency Event Previous
26-Jul INR India RBI 1st quarter Policy Review
GBP GBP Nationwide House Prices s.a. (MoM) 0.00%
GBP GBP Gross Domestic Product (YoY) 1.60%
USD USD Consumer Confidence 58.50
USD USD New Home Sales (MoM) -2.10%
27-Jul EUR EUR German GfK Consumer Confidence Survey 5.70
USD USD Durable Goods Orders 1.90%
28-Jul EUR EUR German Unemployment Change -8K
EUR EUR Euro-Zone Consumer Confidence
USD USD Initial Jobless Claims
29-Jul USD USD Gross Domestic Product (Annualized) 1.90%
21st July: The German PMI for the industry fell to 52.1 from 54.6 surprising points, the lowest level since October 2009
21st July: Food inflation in India eased to 7.58 percent from a year earlier, slower than the previous week's 8.31 percent rise in the week ended July 9, raising hopes that prices may start cooling from uncomfortably high levels
21st July: S&P reiterates there's a 50 percent chance the U.S. government's cherished AAA credit rating will be cut within three months in the absence of plan to cut government spending
21st July: Greece's private sector creditors agreed to take a 21 percent loss on their bond holdings as part of a 37 billion euro contribution to Greece's rescue plan
Market Stance
The Indian Rupee traded sideways with a positive bias this week lifted by the
euro's surge and gains in local shares after European leaders announced a
sweeping plan on Thursday to solve Greece's debt crisis and prevent spread of
financial contagion in the region. The partially convertible rupee closed at
44.515/525 per dollar, 2 paisa stronger than its previous week's close of
44.5325/5425. NSE Nifty closed at 5541.60 on Thursday dropping 1 percent from
the last Thursday's close of 5599.80, but the FIIs inflow in the corresponding
period increased by about $ 180 million. With the Greece's “selective default”
deal easing the Eurozone debt concerns, the focus next week will be on the deal
to increase the US debt limit by US government and opposition party. RBI will
announce its first quarter Monetary Policy Review on 26th July. We expect INR to
trade in the region of ̀ 44.10-44.60 in the coming week.
USD/INR (AUGUST) contract closed at `44.7825 on 21st July '11. The contract made its high of ̀ 46.85 on 24th February'11 and a low of ̀ 44.69 on 8th July '11.The 18-day Exponential Moving Average of the USD/INR is currently at ̀ 44.897.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 34.6358. One can sell in the range 44.60-44.70 with the stop loss of `44.88 for a target of ̀ 44.30.
EUR/INR (AUGUST) contract closed at ̀ 63.4150 on 21st July '11. The contract made its high of `66.31 on 7th June'11 and a low of `62.30 on 12th July '11.The 18-day Exponential Moving Average of the EUR/INR is currently at ̀ 63.677.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 38.9332. One can sell below 63.10 with the stop loss of ̀ 63.50 for a target of ̀ 62.45.
GBP/INR (AUGUST) contract closed at `72.32 on 21st July'11.The contract made its high of ̀ 74.35 on 8th June'11 and a low of ̀ 71.19 on 12th July '11 . The 18-day Exponential Moving Average of the GBP/INR is currently at ̀ 72.110.
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 42.4395. One can sell below 71.90 with the stop loss of ̀ 72.30 for a target of ̀ 71.
JPY/INR (AUGUST) contract closed at ̀ 56.6375 on 21st July '11. The contract made its high of `56.19 on 14th July' 11 and a low of `54.70 on 11th July '11 .The 18-day Exponential Moving Average of the JPY/INR is currently at ̀ 56.270.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 60.8780. One can buy in the range 56.50-56.60 with the stop loss of ̀ 56.20 for a target of ̀ 57.30.
PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)
COMMODITY EXCHANGE CONTRACT 15.07.11 21.07.11 CHANGE%
COPPER LME 3 MONTHS 9628.00 9631.00 0.03
ALUMINIUM LME 3 MONTHS 2484.00 2504.00 0.81
ZINC LME 3 MONTHS 2348.00 2440.50 3.94
NICKEL LME 3 MONTHS 24100.00 23755.00 -1.43
TIN LME 3 MONTHS 27305.00 27980.00 2.47
LEAD LME 3 MONTHS 2663.50 2690.00 0.99
GOLD COMEX AUG 1590.10 1587.00 -0.19
SILVER COMEX SEPT 39.07 38.95 -0.32
LIGHT CRUDE OIL NYMEX SEPT 97.60 99.13 1.57
NATURAL GAS NYMEX AUG 4.55 4.40 -3.32
SPOT PRICES (% change)
COMMODITY
14
PROCESS OF REMAT OF WAREHOUSE RECEIPTS (NCDEX)
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
ON 15.07.11 ON 21.07.11
COPPER 462025 474050 12025
ALUMINIUM 4412175 4400225 -11950
NICKEL 103194 101574 -1620
ZINC 891350 891875 525
LEAD 307850 310150 2300
TIN 21305 21165 -140
INTERNATIONAL COMMODITY PRICES
COMMODITY EXCHANGE CONTRACT UNIT 15.07.11 21.07.11 CHANGE (%)
Soya CBOT NOV Cent per Bushel 1387.00 1388.00 0.07
Maize CBOT DEC Cent per Bushel 685.00 673.00 -1.75
CPO BMD OCT MYR per MT 3115.00 3130.00 0.48
Sugar LIFFE OCT 10 cents per MT 756.30 781.30 3.31
1. As and when the client wants to take the physical delivery of the commodities, he can do so by making a request in prescribed form to the DP with whom he holds his Demat account.
2. Thereafter,·DP verifies the signature of the client and the quantity mentioned in the form &
generates the Remat Request Number (RRN).·DP gives the acknowledgment copy of the RRF to the client and sends the delivery
instruction electronically to the warehouse through the Depository and Registrar.·Client or his agent will have to call the warehouse informing them of the request
for delivery and requesting them to keep the delivery ready.3. Client or his agent approaches the warehouse along with the following documents: ·Original acknowledgment slip·Authority letter from the client authorizing the agent to take the physical delivery on
his behalf·Proof of identity of the person taking the delivery·On receiving the above documents the warehouse will verify the authenticity.4. If the authentication is successful then they will give the physical delivery.
Process for fractional deposits/withdrawalFor withdrawing the balance fractional quantities from the warehouse, the participants will have to follow the physical delivery (Remat) request process as mentioned above.
Process for mismatch in Remat request and physically delivered quantity In case a Remat request generated is more/less than the actual quantity being delivered, the difference will be settled in cash at the warehouse level.
Sampling before taking physical delivery·Members/Clients can opt for sampling before taking actual physical deliveries on
submission of following documents to the warehouse:-·Original Remat Request acknowledgment slip duly signed and stamped by the holder's
Depository Participant·Authorization letter in favour of the representative taking the delivery ·Proof of Identity of the authorized representative ·Sampling Request Letter.The party which draws the sample will have to compulsorily take physical delivery within 2 working days from the date on which sample is drawn failing which the warehouse will not be liable to make the delivery of the already identified lot represented under the applicable ISIN.
Outbound deliveries·Exchange clarifies to the market participants that presence of minor quantum of
weevils, insects, fungus and moulds in outbound deliveries would not be treated as bad delivery.
·At the time of outbound delivery, goods if found infested with minor quantum of live weevils, insects, fungus or moulds will be fumigated by the warehouse service providers at their cost and delivery would be given in reasonable time frame to the buyer.
·In some commodities there is a tolerance limit in quality parameters at the time of taking the goods out of the warehouse as per the contract specifications. Such delivery would be treated as good delivery in terms of settlement.
Rejection of delivery requestThe rejection of delivery requests will happen under the following circumstances: ·Non availability of open position to the extent of the delivery request. The request
will be valid only to the extent of the open position for the Member at client level in the respective contract. Any additional delivery request will be rejected.
·The delivery request can also be rejected in case the warehouse capacity of the commodity is exceeded or for such other reasons that the Exchange may deem fit.
Staggered Delivery Contracts·For staggered delivery contracts the marking of intention to deliver the commodity
starts 5 days prior to the expiry of the near month contract or as may be notified by the Exchange from time to time.
·Valid sell delivery intentions marked would result in delivery on the next day for those commodities which are in staggered delivery contracts.
·The marking of intention to deliver and the physical settlement would be done on all days except Saturday, Sunday and / or a holiday at the Exchange, clearing banks or any of the service providers.
·The specific dates would be available in the settlement calendar issued on a monthly basis for referrals.
- 0.35
0.05
1.16
10.78
0.72
1.09
7.87
8.10
1.00
5.36
0.45
1.48
2.52
1.09
- 1.17
0.99
1.44
- 0.32
4.01
1.95
- 2.57
BARLEY (JAIPUR)
CHILLI LCA 334 (GUNTUR)
CHANA (DELHI)
CORIANDER (KOTA)
CRUDE PALM OIL (KANDLA)
GOLD KG (MUMBAI)
GUARGUM (JODHPUR)
GUARSEED (JODHPUR)
GUR (MUZAFFARNGR.)
JEERA (UNJHA)
MASOOR (INDORE)
MILD STEEL INGOTS (GHAZIABAD)
MUSTARD (JAIPUR)
PEPPER MALABAR GAR (KOCHI)
POTATO (DELHI)
RAW JUTE (KOLKATA)
REFINED SOYA OIL (INDORE)
RUBBER (KOCHI)
SILVER (DELHI)
SOYABEAN (INDORE)
TURMERIC (NIZAMABAD)
IPO Note
Issue Composition
Net Issue 211,016,949
QIB 105,508,475
NIB 31,652,542
Retail 73,855,932
In shares
Issue Highlights
Industry Infra Finance
Total Issue Size 211,016,949
Issue Size (`Cr.) 1245.00
Price Band (`) 51 - 59
Offer Date 27-Jul-11
Close Date 29-Jul-11
Face Value 10
Lot Size 100
ICRA & CARE IPO Grade 5 Indicating strong
fundamentals
Objects of the Issue
Particulars `Cr
Repayment of intercorporate deposit
issued by Promoter to the Company 345.00
Infusion of capital in L&T Finance Ltd 515.00
Infusion of capital in L&T
Infrastructure Finance Company Ltd 485.00
General Corporate Purposes [•]
Shareholding Pattern (%)
Particulars Pre-issue Post issue
Promoters & promoters group 95.94 83.94
QIB 4.06 9.80
NIB - 1.88
Retail - 4.38
Total 100 100
Business Overview
The company is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries. The company is registered with the RBI as an NBFC-ND-SI and is promoted by Larsen & Toubro Limited ("L&T"), one of the leading companies in India, with interests in engineering, construction, electrical and electronics manufacturing and services, IT and financial services. As at May 31, 2011, the market capitalisation of L&T was ̀ 1,00,100 Crore.
Strengths
Diversified and balanced mix of high growth businesses: The company has a highly diversified business model covering a variety of high growth business segments across its core business groups, including infrastructure finance, construction equipment finance, transportation equipment finance, rural products finance, microfinance, corporate loans and leases, supply chain finance, capital markets finance, the distribution of financial products and investment management products and services.
Strong distribution network: The company has established a presence in 23 states in India. As on May 31, 2011, it had 837 points-of-presence across India. The workforce has increased from a headcount of 1,214 in March 2008 to 4,395 as at May 31, 2011.
Good financial and capital position, as well as access to multiple sources of capital: The company has strong credit ratings from both CARE (AA+) and ICRA(LAA+) indicating the instruments issued by the company offer high safety for the timely servicing of debt obligations and carry very low credit risk. In addition, on June 10, 2011, L&T Infra was notified as a PFI. L&T Infra's status as a PFI will, going forward, provide it with access to new sources of funds (such as insurance companies, public trusts and pension funds) not otherwise available to companies without PFI status. The high credit ratings, coupled with the strong brand equity of the 'L&T' brand, enable the company to access funds at competitive rates from a wide variety of market participants across a diverse array of products.
Strong parentage and brand equity of L&T: L&T, established in 1938, is one of the leading companies in India in various industries, including engineering, construction, electrical and electronics manufacturing and services, IT and financial services. L&T has a demonstrated track record of consistent year-on-year growth in business, and is currently one of the largest companies in India by market capitalisation. This provides the company with a significant competitive advantage, particularly in attracting new customers and talent and accessing capital.
Strategy
Continue to expand the business to include new products and services: The company currently has four business groups offering a broad spectrum of financial products and services. It intends to explore opportunities to expand its operations by developing new products and services within its existing lines of business as well as selectively identifying opportunities to expand into new lines of business.
Increase the market penetration of existing products and services: The company seeks to expand its business by increasing the penetration of its existing products and services in the Indian market by expanding geographic reach, and strengthening and expanding its relationships with its current corporate and retail customers.
Develop financial products distribution business segment: The company anticipates further growth in its financial products distribution business, initially through targeted cross selling to its existing customer base. It also anticipates that, in the medium to long term, there will be further opportunities to grow this business as its customer base and geographic reach expands within India. As a result, it plans to pursue financial products distribution as a focus area for growth and profitability.
Continue to focus on the growth of retail loan portfolio: As at March 31, 2011, the loans and advances of the Retail Finance Group were `6,578.79 Crores, which accounted for 36.66% of the total loans and advances
made by the company. This provides the loan portfolio with a strong balance and diversification, and also represents an improvement on the yields and returns.
Risk Factors
Non-Compliance with RBIs norms applicable to an NBFC-ND-SI
Interest Rate Hike
NPA levels may increase
Exposure to Risky borrowers
Unsecured Loans to Retail and Corporate Finance Groups
Risks Associated with Transport Equipment Finance and Capital Market Finance
Outlook
The company has a strong balance sheet and a well established infrastructure finance business. The company's financial product distribution business is also growing at a rapid pace. The strong promoter background also helps in raising funds at competitive rates. The issue price is priced at a premium to other listed peers. Long term investors may consider the issue.
L&T Finance Holdings Limited
Book Running Lead Manager
JM Financial, Citigroup, HSBC, Barclays, Credit Suisse, Equirus
Name of the Registrar
Sharepro Services
IPO
14
IPO
15
ValuationConsidering the P/E valuation on the upper end of the price band of ̀ 59, the stock is priced at pre issue P/E of 22.20x on its annualised FY11 EPS of `2.66. Post issue, the stock discounts its FY11 annualised earnings per share of `2.33 by 25.37x. Looking on to P/B ratio at `59, the stock is priced at P/B ratio of 3.01x on the pre issue book value of `19.57 and on the post issue book value of ̀ 24.50, the P/B comes to 2.41x.
On the lower end of the price band of `51, the stock is priced at pre issue P/E of 19.19x on its annualised FY11 EPS of ̀ 2.66. Post issue, the stock discounts its FY11 annualised earnings per share of `2.33 by 21.93x. Looking on to P/B ratio at `51, the stock is priced at P/B ratio of 2.61x on the pre issue book value of `19.57 and on the post issue book value of `24.50, the P/B comes to 2.08x.
NFOs WATCH
Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount
20-Jul-2011 27-Jul-2011 Close Ended Debt `5,000/-DSP BlackRock FMP - 12M - Series 26
Dhawal DalalTo generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Schemes.
15-Jul-2011 28-Jul-2011 Close-Ended Debt `5,000/-DWS Fixed Term Fund - Series 87 (DFTF - 87)
Kumaresh Ramkrishnan
To generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the Scheme.
20-Jul-2011 28-Jul-2011 Close-Ended Debt `5,000/-Birla Sun Life Fixed Term Plan - Series DG
Kaustubh GuptaTo generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.
21-Jul-2011 28-Jul-2011 Close-Ended Debt `10,000/-LIC NOMURA MF FIXED MATURITY PLAN SERIES 48
Y.D. PrasannaTo minimize interest rate risk by investing in a portfolio of fixed income securities which mature on or before the date of the maturity of the scheme.
Birla Sun Life MF introduces Birla Sun Life Fixed Term Plan - Series DF
Birla Sun Life Mutual Fund has announced the New Fund Offer (NFO) Birla Sun Life Fixed Term Plan - Series DF, a close ended income scheme. The NFO opens for subscription on July 18, 2011 and closes on July 28, 2011. The duration of the scheme will be 368 days from the date of allotment of units. No entry and exit load is applicable. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.
ICICI Prudential MF Extends NFO closure period for FMP - Series 59 - 1 Year Plan A (367 Days)
ICICI Prudential Mutual Fund has announced the extension of New Fund Offer (NFO) period of ICICI Prudential Fixed Maturity Plan (FMP) - Series 59 - 1 Year Plan A (367 Days) up to July 27, 2011. ICICI Prudential Fixed Maturity Plan - Series 59 - 1 Year Plan A, a close ended debt scheme. The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments which mature on or before the date of maturity of the scheme.
UTI MF Extends NFO closure period for UTI Fixed Term Income Fund - Series X - IV
UTI Mutual Fund has announced the extension of New Fund Offer (NFO) period of UTI Fixed Term Income Fund - Series X - IV, a 369 days close ended debt fund up to July 28, 2011. UTI - Fixed Term Income Fund - Series X - IV (369 Days), close ended income scheme. The schemes aim to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the schemes.
HDFC MF fixes record date for FMP 370D July 2010
HDFC Mutual Fund has fixed July 26, 2011 as the record date for the purpose of determining the eligible unit holders/beneficial owners holding units (in demat form) of HDFC FMP 370D July 2010 (1) who would be entitled to the maturity/redemption proceeds on the maturity/final redemption date of HDFC FMP 370D July 2010 (1), a fixed maturity plan under HDFC Fixed Maturity Plans-Series XV, a closed-ended income scheme. The maturity/final redemption date of the scheme is on July 27, 2011.
The trading of these units which are listed on Capital Market Segment of the NSE will automatically get suspended with effect from July 25, 2011 and also no off-market transactions shall be permitted by the depositories (NSDL/CDSL).
ICICI Prudential MF introduces Capital Protection Oriented Fund - Series II - 24 Months Plan
ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) ICICI Prudential Capital Protection Oriented Fund - Series II - 24 Months Plan, a close ended capital protection oriented fund. The NFO opens for subscription on July 14, 2011 and closes on July 28, 2011. The duration of the scheme will be 735 days from the date of allotment of units. No entry and exit load is applicable. The scheme offers cumulative and dividend payout option. The investment objective of the scheme is to protect capital by investing a portion of the portfolio in good quality debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities.
BNP Paribas MF introduces BNP Paribas Fixed Term Fund - Series 22 C
BNP Paribas Mutual Fund has launched the New Fund Offer (NFO) BNP Paribas Fixed Term Fund - Series 22 C, a close ended income scheme. The NFO opens for subscription on July 14, 2011 and closes on July 27, 2011. The duration of the scheme will be two years from the date of allotment of units. No entry and exit load is applicable. The scheme offers growth and dividend payout option. The investment objective of the scheme is to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.
Sundaram MF introduces Sundaram Capital Protection Oriented Fund
Sundaram Mutual Fund has launched the New Fund Offer (NFO) Sundaram Capital Protection Oriented Fund 3 Years (Series 4), a close ended capital protection oriented scheme. The NFO opens for subscription on July 18, 2011 and closes on July 29, 2011. The duration of the scheme will be 3 years from the date of allotment of units. No entry and exit load is applicable. The scheme offers dividend payout and growth option. The scheme will be benchmarked against CRISIL MIP Blended Index. The minimum application amount will be Rs 5,000 and in multiples of Rs 1thereafter. The investment objective of the scheme is to seek income and minimize risk of capital loss by investing in a portfolio of fixed income securities.
NEWS
MUTUAL FUND
17
Market Watch
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 21/07/2011Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: weekly Monday, RF: 7%
MUTUAL FUND
18
Performance Charts
Scheme Name
3M 6M 1Y 3Y Since Beta Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash
Launch AUM NAV
Date (Rs. in cr.) (Rs.)
SBI Magnum Sector Funds Umbrella - Emerg Buss F- G 45.67 17-Sep-04 388.78 9.73 14.78 18.69 22.41 24.85 0.88 0.27 3.00 44.46 32.1 10.19 5.31 7.94
UTI Wealth Builder Fund - Series II - Growth 20.12 17-Dec-08 N.A. 0.20 5.01 13.87 N.A. 30.96 0.74 0.18 2.02 0.63 25.2 57.83 0 16.34
Birla Sun Life India GenNext Fund - Growth 25.79 5-Aug-05 N.A. 4.67 7.68 12.13 19.17 17.22 0.87 0.20 2.55 0 37.3851 55.4911 0 7.1238
HDFC Mid-Cap Opportunities Fund - Growth 16.58 25-Jun-07 1443.65 5.90 8.19 11.90 25.85 13.21 0.70 0.17 2.19 20.99 48.58 22.94 0 7.49
UTI Opportunities Fund - Growth 27.70 20-Jul-05 N.A. -0.57 1.99 11.56 22.33 18.49 0.76 0.13 2.06 0.01 18.44 73.5 0 8.05
UTI India Lifestyle Fund - Growth 12.35 24-Aug-07 N.A. 3.43 8.43 11.26 17.57 5.55 0.83 0.15 2.27 0 20.27 72.86 0 6.87
Mirae Asset Emerging Bluechip Fund - Growth 11.45 9-Jul-10 99.38 2.84 9.25 11.21 N.A. 14.05 0.73 0.19 2.28 6.8328 50.9665 37.1641 0 5.0367
EQUITY (Diversified)
NAV(`)
LaunchDate
AUM(`. in cr.)
RiskReturns (%) Market Cap (%)
BALANCED
Scheme Name
3M 6M 1Y 3Y Since Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash
Launch AUM NAV
Date (Rs. in cr.) (Rs.)
ICICI Prudential Balanced - Growth 48.26 3-Nov-99 N.A. 2.18 5.97 12.26 13.85 14.37 0.10 1.54 0 27.1578 42.2362 0 30.6061
HDFC Balanced Fund - Growth 58.23 11-Sep-00 351.07 2.87 8.11 12.19 23.11 17.61 0.11 1.36 9.63 25.74 30.02 0 34.61
HDFC Prudence Fund - Growth 218.09 1-Feb-94 6407.25 0.17 3.65 8.70 24.54 19.29 0.05 1.66 6.44 26.3331 42.17 0 25.06
Baroda Pioneer Balance Fund - Growth 28.70 12-Sep-03 N.A. -2.74 -1.17 6.22 6.22 14.35 0.00 1.70 0 5.6 60.71 0 33.69
Tata Balanced Fund - Growth 84.19 8-Oct-95 N.A. 0.04 2.85 5.40 17.20 14.44 0.01 1.77 1.82 12.56 60.56 0 25.06
DSP BlackRock Balanced Fund - Growth 67.11 27-May-99 750.02 -0.69 2.19 5.38 15.42 16.95 0.00 1.72 2.098 29.4249 41.9434 0.017 26.5167
Birla Sun Life 95 - Growth 310.97 10-Feb-95 N.A. -2.46 0.38 4.71 19.92 23.23 -0.02 1.64 1.1078 10.257 53.0362 2.6373 32.9617
NAV(`)
LaunchDate
AUM(`. in cr.)
RiskReturns (%) Market Cap (%)
INCOME FUND
Returns(%) RiskScheme Name
1 W 2 W 1 M 6 M 1 Y 3 Y
Canara Robeco InDiGo Fund - Growth 11.04 9-Jul-10 N.A. 365.00 9.37 10.93 39.80 13.30 13.53 10.35 N.A. 10.05 0.14 0.47
SBI Dynamic Bond Fund - Growth 12.15 9-Feb-04 17.07 1263.00 9.20 6.49 14.42 10.75 10.76 8.62 4.74 2.65 0.14 0.19
UTI Dynamic Bond Fund - Growth 10.87 23-Jun-10 N.A. 1000.00 N.A. 12.21 16.02 19.38 9.15 8.40 N.A. 8.09 0.12 0.17
Birla Sun Life Medium Term Plan - Ret - G 11.65 25-Mar-09 N.A. 569.00 8.96 10.94 6.73 9.57 9.49 8.25 N.A. 6.80 0.19 0.08
Sahara Income Fund - Growth 19.35 22-Feb-02 2.51 61.00 N.A. 8.75 8.82 8.88 9.66 8.22 9.77 7.30 0.42 0.04
ICICI Pru. Banking & PSU Debt F-Prem Plus-G 11.13 1-Jan-10 N.A. 25.00 N.A. 8.36 8.32 8.31 8.92 8.14 N.A. 7.12 0.68 0.02
UTI Bond Fund - Growth 29.29 4-May-98 N.A. 763.00 N.A. 29.55 24.45 18.76 12.12 7.94 8.00 8.47 0.03 0.22
NAV(`)
LaunchDate
AUM(`. in cr.) Annualised
Average Maturity (Days)
Yield Till
MaturitySince launch
Sharpe Std. Dev.
ULTRA SHORT TERM
Returns(%) RiskScheme Name
1 W 2 W 1 M 6 M 1 Y 3 Y
NAV(`)
LaunchDate
AUM(`. in cr.) Annualised
Average Maturity (Days)
Yield Till
MaturitySince launch
Sharpe Std. Dev.
SHORT TERM FUND
Returns(%) RiskScheme Name
1 W 2 W 1 M 6 M 1 Y 3 Y
Sahara Short Term Bond Fund - Growth 12.16 13-Apr-09 183.1 63.00 N.A. 8.64 8.80 63.62 18.37 12.83 N.A. 8.97 0.16 0.63
Sundaram Select Debt - S T A P - Appreciation 17.03 4-Sep-02 7.29 29.00 9.05 34.91 36.82 32.60 17.58 11.01 5.73 6.18 0.17 0.39
Escorts Short Term Debt Fund - Growth 14.93 29-Dec-05 3.74 151.00 N.A. 11.90 11.79 11.10 11.00 9.57 7.94 7.48 0.45 0.10
Taurus Short Term Income Fund - Growth 1721.09 23-Aug-01 524.13 150.00 N.A. 8.40 9.06 9.51 9.60 8.57 4.67 5.63 0.72 0.03
UTI Short Term Income Fund - Ret - Growth 17.29 23-Jun-03 N.A. 777.00 N.A. 20.46 18.25 14.15 10.25 8.36 8.26 7.01 0.11 0.16
Birla Sun Life Short Term Opp. F-Ret - G 15.74 24-Apr-03 2015.89 124.00 N.A. 6.37 7.41 8.70 9.63 8.34 7.89 5.66 0.28 0.07
HDFC Short Term Opp. Fund - Growth 10.87 25-Jun-10 52.03 67.00 N.A. 8.99 8.98 9.69 9.31 8.17 N.A. 8.08 0.57 0.03
NAV(`)
LaunchDate
AUM(`. in cr.) Annualised
Average Maturity (Days)
Yield Till
MaturitySince launch
Sharpe Std. Dev.
JM Money Manager Fund - Reg - Growth 13.87 27-Sep-06 N.A. 34.00 9.93 9.49 9.37 9.42 9.60 8.42 6.63 7.03 0.68 0.03
IDFC Ultra Short Term Fund - Growth 13.90 17-Jan-06 N.A. 162.00 N.A. 9.06 8.87 8.59 9.39 8.41 6.08 6.16 0.62 0.03
Tata Floater Fund - Growth 15.07 6-Sep-05 N.A. 81.00 9.07 9.18 9.08 9.09 8.99 8.05 7.00 7.23 0.57 0.03
Peerless Ultra Short Term Fund - Ret - G 11.00 19-Feb-10 N.A. 135.00 9.72 8.83 9.11 14.23 9.61 7.95 N.A. 6.99 0.18 0.07
Kotak Floater - LT - Growth 16.02 13-Aug-04 3472.7 172.00 9.60 9.13 9.16 9.18 9.00 7.91 7.07 7.03 0.43 0.03
Baroda Pioneer Treasury Adv. F- Reg - G 1136.17 24-Jun-09 N.A. 72.00 N.A. 9.03 8.97 9.05 8.89 7.90 N.A. 6.35 0.47 0.02
Reliance Medium Term Fund - Growth 20.91 14-Sep-00 N.A. 146.00 9.08 10.32 10.36 9.93 9.29 7.88 6.97 7.03 0.18 0.06