14 JANUARY 2015, Mumbai

SPECIAL FEATURE 35 reasons copper pricesare falling

Copper is the worst performing non-energy raw material on the BloombergCommodity Index, which fell to thelowest since August 2002

MARKETS 4-5Nifty ends below 8,300 ongrowth concerns, oil pricewoes;metals falter

Asianmarkets end lower;Nikkei slumps 2%

SECTOR WATCH 6Discounted fares byairlines kill cheaper fueladvantage

The benefit of low fuel prices will not goto the airline's bottomlines to reducetheir already bulging losses, but willmerely improve the PLF

COMPANY FEATURE 7Bharat Electronics: Strongorder flows, re-ratingahead

Given its dominant position in defenceelectronics, the company is wellpositioned to be the biggest beneficiaryof govt's indigenization drive

PERSONAL FINANCE 8Reaping rewards thoughbonus debenturesYou needn't buy the company's stock toget these instruments; they can bebought later from the exchange

ECONOMIC TRENDS 9Vibrant Gujarat: Do thenumbers add up?The tall claims that the stateadministration, particularly Modi's highly

charged PR machinery has created tohardsell the state, and in turn Modihimself, are not reinforced by thenumbers

CORPORATE 10-11Novartis patent case:Delhi HC refuses interimrelief to Cipla

Sikkameets PM;dedicates $250million toinnovate in India

POLITICS 12'Lost lieutenant'Makencan't fight awar inDelhi:BJP

I am not saying Tharoorkilled Sunanda, but heknows who has: Swamy

TECHNICALS 13

STOCK DATA 14-18

COVER STORY 2Wholesale inflationrises to 0.11% inDecfromflatprices inNovThe wholesale price index (WPI) -basedinflation rose marginally to 0.11% inDecember from 0% the previous month,mainly on account of an increase in pricesof food items, particularly fruitsThe wholesale price index (WPI) -based inflation rose marginallyto 0.11% in December from 0% the previous month, mainly on

account of an increase in prices of food items, particularlyfruits.However, inflation in manufactured products, which havethe highest weight on WPI (almost 65%), declined on lowdemand and global cues. Fuel prices also declined as globalcrude oil rates fell, official data showed on Wednesday

INDIVJAL DHASMANA

Thewholesale price index (WPI)-based inflation rose margin-ally to 0.11% inDecember from

0% the previous month, mainly onaccount of an increase in prices offood items, particularly fruits.However, inflation in manufac-

tured products, which have the high-est weight on WPI (almost 65%),declined on low demand and global

cues. Fuel prices also declined as glob-al crude oil rates fell, official datashowed onWednesday.Overall, inflation remained mod-

erate, even if marginally higher thanNovember, raising hopes the ReserveBank of India (RBI) might lower thepolicy rate next month or after pre-sentation of the Budget, to spur eco-nomic growth. ThoughRBInow tracksretail inflation more than wholesale,WPI-based inflation is a lead indicator

for even retail price inflation.During themonth, the rate of retail

inflation also increased a little — tofive% from an all-time low of almost4.4% in November.In the September quarter of the

current financial year, the rate ofIndia’s economic growth declined to5.3%, compared with 5.7% the previ-ous quarter. And, official data releasedso far have given little hope of a resur-gence anytime soon. The country’sindustrial production, for example,contracted 4.2% in October and rose3.8% in November."... we expect theRBI to cut the pol-

icy repo rate by 25 basis points in thenext policy review to be held onFebruary 3," Madan Sabnavis, chiefeconomist with CARE Ratings said.Yes Bank chief economist

ShubhadaRao said continued declinein commodity prices amid easing ofstructural drivers has led CPI infla-tion to undershoot RBI's envisagedtrajectory. " This should give RBI thecomfort to turn its monetary policyaccommodative in the upcomingreview.We anticipate a 25 basis point

reduction in the policy rate inFebruary, on course for a 75 bps (cut)during 2015."Anis Chakravarty, Senior Director,

Deloitte in India, also said the latestset of macro economic numbersincreases chances of a rate cut inFebruary. He, however,added,"Thoughwewould continue tobelieve that rate cuts aremore likely tocome after the union budget has beenpresented."

Wholesale inflationrises to0.11%inDec fromflatprices inNov

COVER STORY smartinvestor.in

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hewholesaleprice index (WPI)-basedinflation rosemarginally to0.11%in

December from0%thepreviousmonth,mainlyonaccountofan increase inpricesoffood items,particularly fruits

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SPECIAL FEATURE smartinvestor.in

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SHISHIR ASTHANA

Oilprices are not considered bymany analysts as a gauge ofeconomic activity on account

of cartels which have at times over-ruled forces of supply a demand.Copper is given a higher weightage tooil to gauge economic activity globally.A sharp drop in copper prices, the

most in last six years touching the low-est mark since August 2009, portraysthe bleak environment globally.Commodities are trading at the lowestlevel in more than 12 years, thanksmainly to the drop in energy prices.Copper is the worst performing non-energy rawmaterial on the Bloomberg

Commodity Index, which fell to thelowest since August 2002.Following are five rea-

sons for the fall in copperprices.

Lower growth fore-cast: World Bank in arecent report loweredglob-al growth rate to3per centfor2015 lowering its earlierestimate of 3.4 per cent itmade in June. Commentingon the lower projection, World BankeconomistKaushikBasusaid thatglob-al economy is at a disconcerting junc-ture and it is as challenging amomentas it gets for economic forecasting.

China worry:China isabigcauseof

concernsimplybecauseof its sheersize.A Bloomberg report quoting from aCRU group report says that demandgrowth inChinawill slowto4percent in2015 from5.5percent lastyear.Between2002 and 2012 it averaged more than10 percent. The country’s economy isforecast to grow7percent this year, theslowest pace since 1990.WorldBank inits report alsopointedout thatChina isslowing and the second biggest econo-my isundergoinga ‘managedslowing.’DeutscheBankAGsays that theworld’sbiggest user will grow at the slowestpacesinceat least 2010.GoldmanSachsin fact pointedout that any rebound incopper will depend on governmentstockpiling by China and pace ofdemand growth in that country.

Oil Prices: Goldman Sachs GroupInc. in a report said that lower energycosts and demand weakness amidworse-than-expectedeconomicdata inChina are driving prices down. Loweroil prices results in lower cost of pro-duction of copper, since energy andtransportation cost accounts for 25 percent of the cost of production.MorganStanley said in a report that fall in oilprices is sending the signal that it willencourage mining companies toincrease production.

Inventory issues: Rising copperinventories globally and specifically inChina is adding to the fall in copper

prices.Copper inventorieshave climbed 4.5 percentsince the start of the yearand are up 29 percentsince June, when theydropped to the lowest inmore than five years, inthe main exchanges ofLondon, New York or

Shanghai according to datacompiled by Bloomberg. GoldmanSachs says thatChina’s consumption islikely toremainweakwithvisible inven-tories rising in the first half of the year.

5reasonscopperpricesarefalling

opper is theworstperformingnon-energy rawmaterialon theBloombergCommodity Index,which fell to the

lowest sinceAugust 2002

C

Rising copperinventoriesglobally andspecifically inChina is addingto the fall incopper prices

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INDRANI MAZUMDAR

Benchmark share indices endedmarginally lower, amid avolatile trading session,

dragged by ITC while metal shareswitnessed a sell off tracking weakcommodity prices on rising concernsover global growth.

The 30-share Sensex lost 79 pointsto closeat 27,347and the50-shareNiftyshed 22 points to close at 8,278.

Meanwhile, foreign institutionalinvestors were net buyers in IndianequitiesworthRs235croreonTuesday,asperprovisional stockexchangedata.

KEY EVENTS:Thewholesaleprice index-based infla-tion inched up to 0.11% in December,snapping a six-month easing trend asfood costs jumped up year-on-year.

Inflation inmanufacturedproducts,whichhas thehighestweight of almost65% in WPI, declined over this perioddue to low demand and global prices,while fuel prices declined as interna-

tional crude rates softened,officialdatareleased onWednesday showed.

The price of oil dipped below $45 abarrel following the latest sign fromOPEC that the group doesn't plan tocut production.

The World Bank cut its forecast forglobal growth, warning that the worldeconomy remained overly reliant onthe “single engine” of theUS recovery.

RUPEE:The rupee is trading at 62.10 againstthe dollar on Wednesday at theInterbank Foreign Exchange market,extending its upward march for the

sixth day on sustained selling of theAmerican currency by exporters amidfresh overseas capital inflows.

KEY STOCKS:On the sectoral front, BSEMetal indexwas the top loser down 3.5% followedby FMCG, Oil & Gas and Healthcareindices trading lower between 0.6-1%.However, BSE IT index emergedas thetop gainer up 1% followed by Power,Auto andTeck indicesupbetween0.3-0.6%.

The metal pack ended lower withHindalco and Sesa Sterlite leading thedecline down 6% and 7% each aftercopper futures dived 6.2 percent to$5,499 a tonne whenmajor chart sup-port cracked and triggered a host ofstop-loss sales.WorldBankcut its 2015growth forecasts blaming sluggishnessin the euro zone, Japan and somemajor emerging economies. Tata Steelended down 3.8%.

ITC lost more than 3% on talk thatthe government plans to ban sale ofloose cigarettes.Amongother cigarettestocks, VST Industries was down 1.4%while Godfrey Phillips lost 3%.

Oil shares reeled tradingunderpres-sureon thebackof a further slide in thecrudeprices. RIL andGAILweredownbetween 0.5-1%.

Financials ended lower in today’strade with ICICI Bank, Axis Bank andSBIdownbetween0.2-1% whileHDFCBank ended the sessionwithmarginallosses. Sharesof fastmovingconsumergoods (FMCG) companies were on aroll with most of the frontline compa-nies such as Hindustan Unilever andMarico ending the session on a robustnote. HUL gained over 4%.

In the ITpack, Infosys continued towitness buying interest post its thirdquarter earnings andwas up 2%.

MARKETS smartinvestor.in

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Niftyendsbelow8,300ongrowthfears;metals falter

he30-shareSensex lost 79points tocloseat 27,347andthe50-shareNiftyshed22points tocloseat8,278

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SENSEX27,346.82 (0.29%)

NIFTY8,277.55 (0.26%)

MARKETS TODAY (BSE)BSE 100: 8,373.14 � 0.21%BSE 500: 10,748.22 � 0.18%

Small-Cap: 11,201.08 � 0.45%Mid-Cap: 10,471.91 � 0.20%� �

Company VAL* Last* % chg Company VOL* Last* % chg

Unitech 440 15.6 -3.1JP Associates 271 23.9 -3.2Suzlon Energy 261 15.0 -1.6NHPC Ltd 167 19.6 5.7Alok Inds. 162 10.8 0.0

Infosys 528 2,128.7 1.9Yes Bank 487 786.7 0.6Hind. Unilever 423 924.1 4.5ICICI Bank 402 336.9 -1.2ITC 376 347.8 -3.4

MOST ACTIVE STOCKS

INDICES LAST % CHGTOP GAINERSIT 10959.55 1.08POWER 2060.61 0.38AUTO 18904.64 0.38TOP LOSERSMETAL 9907.48 -3.5HEALTHCARE 14623.87 -0.9REALTY 1492.18 -0.73

SECTOR WATCH

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MARKETS smartinvestor.in

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GOLDRs 27,010/$1,230.8

CRUDE OILRs 2,854/ $45.80

CURRENCYRs 62.18/$

OTHERMARKETSAT 1700 IST

SI REPORTER & AGENCY

Japan's Nikkei share average fell1.7% onWednesday as investorsheld back due to concerns over

plunging oil prices.The Nikkei fell 291.75 points to

16,795.96, its lowest close since Dec 17.Oil-related shares led the decline, withtop refiner JX Holdings falling 4% inheavy trade and Showa Shell losing2.8%.

The broader Topix shed 1.2% to1,357.98, and the JPX-Nikkei Index 400fell 1.1% to 12,317.83.

Hong Kong shares fell onWednesday, in line withmost regionalmarkets hurt by declining commoditypricesandafter thecity'schiefexecutivesaid the government will suspend animmigrant investor programme.

The Hang Seng index fell 0.4%, to24,112.60 points, while the ChinaEnterprises Index lost0.5%, to 12,008.37points.Amongthemostactively tradedstocksonHongKong'smainboardwereWai YuenTongMedicineHoldings, up18.6%atHK$0.10YatSingHoldingsLtd,unchanged at HK$0.67 and ChinaNational Culture Group, down 0.7% atHK$0.14.

Chinese investment flowing fromShanghai into Hong Kong through themutualmarketaccesspilotprogrammetook up 0.68 billion yuan ($109.74 mil-lion) of the 10.5 billion yuan daily quo-ta.

China stocks closed down onWednesday, reversing earlier gains asinvestors sold off shares in manufac-turing, in light trading volumes, as along stock market rally shows signs oflosing steam.

The financial andbanksub-indexesclosedslightlyupbutmostother indus-tries fell, with some manufacturingsubindexesdroppingbynearly5%.TheCSI300 index of the largest listed com-panies in Shanghai and Shenzhen fell0.3%, to 3,502.42, while the ShanghaiComposite Index lost 0.4%, to 3,222.44points.Amongthemostactivestocks inShanghaiwere BankOf China, up 3.6%to 4.60 yuan; Agri Bank Of China, up1.9% to 3.73 yuan and ICBC, up 1.5% to4.89 yuan. In Shenzhen, BOETechnology, down 2.5% to 3.19 yuan;Guosen Securities, up 10.0% to 21.79yuan and TCL Corp, down 2.0% to 3.93yuan were among the actively traded.

Asianmarketsendlower;Nikkeislumps2%

heNikkei fell 291.75points to 16,795.96,its lowest closesinceDecember 17T

Bajaj Finance soared 8% to Rs

3,766 on BSE after reporting a

strong 33% year-on-year (yoy) jump

in net profit at Rs 258 crore in

October-December 2014 quarter (Q3),

on back of strong operational

income. The company had profit of Rs

194 crore in the same quarter last

fiscal.

Analyst on an average had

expected net profit of Rs 239 crore for

the quarter.

Net interest income or NII grew

33% at Rs 893 crore against Rs 672

crore in the corresponding quarter of

previous year, Bajaj Finance said in a

statement.

Bajaj Finance hits lifetimehigh on strong Q3 results

Tata Teleservices (Maharashtra) was

locked in 20% upper circuit at Rs 10

after the Reserve Bank of India (RBI)

approved the offer for buyback of

DoCoMo's stake in the company.

In a breather to NTT DoCoMo, the

Reserve Bank of India (RBI) has

agreed to a Tata group proposal to

buy back DoCoMo's 26.5 per cent

stake in Tata Teleservices at a pre-

determined price of Rs 58 a share (Rs

7,250 crore for the entire stake),

despite the company's valuer, Price

Waterhouse, estimating the stake at

Rs 23.34 a share, 60 per cent lower.

On December 22 2014, RBI told the

financeministry the Tatas had hired

Price Waterhouse to determine the

fair value of the shares of Tata

Teleservices, soon after DoCoMo

expressed interest to exit the

company in April 2014.

TataTeleserviceszoomsasDoCoMobuy-backoffergetsRBInod

EUROPE LAST CHG (%)

FTSE 100 6,448.46 -1.45

DAX 9,883.60 -0.58

CAC 40 4,260.14 -0.71

ASIA LAST CHG (%)Hang Seng 24,112.60 -0.43Nikkei 225 16,795.96 -1.74Taiwan 9,180.23 -0.56Straits 3,329.64 -0.34Shanghai 3,223.25 -0.37Kospi 1,913.66 -0.18

GLOBAL MARKETS

SECTOR WATCH smartinvestor.in

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SURAJEET DASGUPTA

AirIndia's s rock bottom fare ofRs 2957 on economy classbetweenDelhi andMumbai is

surely music to the ears of fliers. Ithas already forced everyone – Jet

Airways, Go Air andeven IndiGo - to followsuit on selected routes.Yet, its impact is equally simple:

in Q4 of 2014-15 which is any case alean period, most airlines will makehuge losses, while thosewho aremak-

ing profits will just about scrapethrough. The reason: Air India aswellas others in the game are selling theirfares below their cost of operations -even after the fall in fuel prices as theyare passingmuchmore than themerefuel savings to the customers. Andthis offer comes at a timewhen all air-lines, including Air India, Jet, andSpicejet are awash in red.Between July last year and now,

fuel prices have gone down by 24%,whichmeans the overall cost of oper-ating an airline has also fallen 10-12%(it is 45% for full service carriers and50% for low cost carriers currently).But the fare cuts have been steep: asmuch as an average of 20-50% thefare AI or Jet was selling last Saturdayacross networks. In other words, thebenefit of low fuel priceswill not go tothe airline's bottomlines to reducetheir already bulging losses, but willmerely improve the passenger loadfactor (PLF).Airlines themselves share some

interesting numbers. For instance, thecost of operating a flight betweenDelhi and Mumbai for a low cost car-

rier is currently aroundRs 650,000, half of whichis fuel costs at currentlevels. With 150 payingpassengers (assuming80% PLF), it translatesinto Rs 4,333 per passen-ger just to break even.Clearly, at current fareswhich range from Rs

3,000 to Rs 4,000, that is not possibleat all.

Discountedfaresbyairlineskillcheaperfueladvantage

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hebenefitof lowfuelpriceswillnotgoto theairline'sbottomlines to reduce

theiralreadybulging losses,butwillmerely improve thePLF

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Airlines offeraggressivediscounts to

attractpassengers butwill result inmore losses

RAM PRASAD SAHU

Bharat Electronics' scrip is up44% since December and hastripled in value over the last

year. The government’s stress ondomestic manufacturing and expec-tations of higher orders are likely towork in its favour.The government's efforts of indig-

enization will benefit the company,which gets about 83% of revenuesfromdefence projects. Every 5% incre-mental localization is expected toimprove Bharat Electronics’ marketpie by an additional 17%, feel analystsat Jefferies. The research firmbelievesthat indigenization will graduallymove from the current 30% to 40%

over the next five years.Of thedefenceprojects

cleared by the govern-ment recently (over Rs 1lakh crore), BharatElectronics is executingprojectsworth over Rs 7,000crore for supplies related to integratedair command and control systems.Going ahead, the Bharat Electronics'management is looking at an address-ablemarketofRs40,000andRs50,000crore in tactical communication, com-bataircraftandbattlefieldmanagementsystems over the next five years.The company is well positioned to

benefit from rising defence expendi-ture. This is on the back of its manu-facturing strength, execution track

record, relationship withdefence/government agencies and tie-ups with foreign technology partners,sayanalystsatMotilalOswalSecurities.BharatElectronicshadentered into

a joint venturewithThales of France, aglobal defence major in October 2014for the development of radars for bothcivilian and defence use. With easingFDI norms for the sector and given itsleadership, the companywill continuetobe thepreferred jointventurepartnerfor foreignplayers in the futureaswell.For the current fiscal, the company

expectsordersworthRs5,000croreandaboutRs7,000crore forFY16.Thecom-pany’s order backlog at the end ofSeptember 2014 quarter was pegged atRs 22,900 crore. Analysts at Jefferiessay that theearnings couldgrowat 14%annually over the FY14-17 period giventhe order inflow. Between FY08-FY14,its revenues grew at an annual rate of

8% while earnings grewonly 2% annually.Given the strong

growthover thenext yearand a half and better val-uations,most brokeragesbelieve that the stock

whose five year historic P/Eis pegged at 14 timeswould re-rate fur-ther.Valuations for thecompanycouldimproveon successful listingof anoth-ergovernmentundertakingHindustanAeronautics, feel Sharekhan analysts.At thecurrentprice, thestock is trad-

ing at 19.8 times its FY17 estimates.Analysts believe the stock deserves avaluation of 22 times its FY17 earnings.This translates to a target price of Rs3,700, a return of 11% from the currentlevels.

COMPANY FEATURE smartinvestor.in

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BharatElectronics:Strongorderflows,re-ratingahead

iven itsdominantposition indefenceelectronics, thecompany iswell

positionedtobe thebiggestbeneficiaryofgovt's indigenizationdrive

G

The company iswell positionedto benefit fromrising defenceexpenditure

TINESH BHASIN

After Blue Dart came up with abonus debenture scheme lastyear, NTPC also announced

that the existing shareholders of thecompanywill be rewardedwith bonus(read free) debentures.

According to the scheme docu-ment, the face valueof eachdebenturewill beRs 12.50. The interestwill be 50basis point higher than the averageG-Sec rates. For example if theaverageG-sec is 7.7 per cent, the debenture hold-er will get 8.2 per cent each year forthe entire tenure, which is 10 years

The investor will get the capitalback in parts. The first tranche will beRs 2.50 each debenture after eightyears, then Rs 5 in the ninth year andRs 5 in the tenth year. Without aninvestment of a single rupee, theinvestor will earn interest as well asreceive capital from the company.

Sounds tempting? If you are anexisting shareholder, it is additionalincome and of great value. But if youthink you should buy NTPC shares tobenefit from the issue, the answer isnot that simple.

The shareholders will get 125debentures for every 100 shares as theratio of bonus is 1:1.25. On Tuesday’sclosing price of 139.10, investors willneed to spend Rs 13,910 to buy 100NTPC shares and this will fetch themdebentures worth Rs 1,250. If theinterest rate comes to, say, 8.2 percent, the investor makes Rs 102.5

every year on his or her investment.“For those who are not existinginvestors, it makes sense only if theybelieve that the company stock isattractive at the current levels. Themotive of the scheme is to rewardexisting shareholders,” said a stockmarket expert.

After the company announced thebonus December 23, there have beenhuge price movements in its shares.The same day, the company’s stock

jumped2.88per cent compared topre-vious day’s close and ended at 142.8.Five trading sessions later it furtherwentup toRs 144.1 a share.OnJanuary8, it touched a high of Rs 144.95 and isnow trading at 139.10 a share.

“Acompanyusesbonusdebenturesover dividends because the latterattracts dividenddistribution tax. Theinterest that the companywill pay canbe claimed as expense, said AjayManglunia, head - fixed income atEdelweiss. This is also preferred com-pared to bonus shares, which dilutethe equity of the company. “The bor-rowing cost also comes down for thecompany if it raises money via thisinstrument,” saidManglunia.

He also feels that this scheme isgood for shareholders as it is very dif-ficult for them to have a direct expo-sure to high grade papers from corpo-rate like NTPC.

If you are unsure about buyingNTPC shares or you firstwant to knowthe interest the company is offering,there could still be an opportunityfor you.

To enable liquidity for investors,NTPC has said that these debentureswill be listed on stock exchanges afterthe issue closes. You can buy from theexchange. When Blue Dart listed itspapers, many mutual funds sold offthe debentures for various reasons.

But before you buy, evaluate thereturns and taxation on these deben-tures vis-a-vis other debt instrumentslike bank and company deposits. Theinterest componentof thesepapers areclubbed with your income and taxedaccording to your slab.

If you get these debentures asbonus because you are a shareholder,the capital you get in the eight, ninthand tenth yearswill attract long-termcapital gains as they are listed securi-ties. If you buy them from theexchange and hold them until matu-rity, therewon’t be any tax on the cap-ital deployed.

PERSONAL FINANCE smartinvestor.in

8

Reapingrewards thoughbonusdebentures

ouneedn'tbuy thecompany's stock toget these instruments; theycanbe

bought later fromtheexchangeY

The shareholders will get125 debentures for every100 shares as the ratio of

bonus is 1:1.25

SOHINI DAS

The Vibrant Gujarat summit,which has been fondly referredto as "Davos in Action" by

PrimeMinisterNarendraModi and “amagnificent affair” by FinanceMinister Arun Jaitley, has drawn to aseemingly spectacular conclusion.

This year, the state governmentproudly announced the investmentcommitments that it had managed toattract fromcorporatesduring thesum-mit, awhoppingRs 25 lakh crore.

From 2003 to 2011, the investmentfigureshavecontinually soared; froma

'modest' Rs 66,000crore in the maidenyear to an eye-pop-ping Rs 20.83 lakhcrore in 2011, theonly aberrationbeing 2013. Thecumulative figure(between 2003 to2013) standing at Rs51 lakh crore. Thisyear it hasmanagedto beat its best figures; the PMhimselfcanvassing for the summit, helped.

These figures had propelled Modifrom being just the CM of an Indian

state, to being the 'hope' that the coun-tryhad to 'rescue' itself fromdecadesof'policy paralysis'.

As financial journalists,we regular-ly quote figures. At times figures don'tmake real sense, until they are put insomeperspective.

For a contrast to the irrational exu-beranceafter eachbiannual summit inGandhinagar, let's see how much for-eigndirect investment (FDI) the entirecountry has managed to attractbetween 2000 to 2013.

According to data from the depart-ment of Industrial Policy andPromotions (DIPP),betweenApril 2000and March 2013, the cumulativeamount of FDI equity inflows for Indiastood at Rs 8.96 lakh crore.

Well, one would argue, VibrantGujarat investment commitments,notonly include FDI, but also domesticinvestments.Let's lookat it, slightlydif-ferently then.

Data from the DIPP further showsthat thenumberof investmentpropos-als in termsof IndustrialEntrepreneursMemorandum (IEMs) and Letter ofIntentor (LOIs) inGujarathasdeclinedfrom544in2011 to354 in2013,downbyaround 35%.

The proposed investment throughthese investment intentions have alsocommensurately come down, fromRs

1.42 lakhcrore toRs94,259crore in2013, adipof 33%.

For that matter, if onecompares the investmentproposals received by thestate during 2014 (up toJuly)with thesameperiodin 2013, it shows a declinefrom223proposals in2013to 205 proposals in 2014,and a 64% dip in invest-ment commitments fromRs61,842crore toRs21,979

crore.

smartinvestor.in

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ECONOMIC TRENDS

According toPlanning

Commission data,absolute

employment inGujarat had

actually dippedfrom 25.3 mn in2004 to 24.65 mn

in 2009

VibrantGujarat:Dothenumbersaddup?

hetall claims that thestateadministration,particularlyModi's

highly chargedPRmachineryhascreatedtohardsell thestate,and in turnModihimself,arenot reinforcedby thenumbers

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CORPORATE NEWS smartinvestor.in

Coca-Colawill cut jobs in Indiaaspart

of its 'redesigningoperatingmodel'

globally toacceleratebusinessgrowth

acrossmarkets."Aspartof theCoca-Cola

Company's recentlyannounced,multi-

yearproductivity initiatives,wearenow

redesigningouroperatingmodel to

streamlineandsimplifyour structure

andaccelerate thegrowthofourglobal

business,"aCoca-Cola India

spokespersonsaid.

"Aswe have acknowledged

previously, this redesignworkwill

result in impacts to jobs across our

global operations including in India,"

he said.

DIGBIJAYMISHRA

In yet another disappointment forMumbai-based drugmaker Cipla, theDelhi High Court has refused interim

relieftothecompanyagainstitsearlierorderbarringCiplafromsellingcheapergenericofNovartis’respiratorydrugOnbrez.The court has fixed thematter next

for an urgent hearing on February 5and as mentioned in the earlier orderbyJusticeManmohanSingh,Ciplawillbe allowed to sell the remaining stock.On Wednesday, Cipla scrip was

down by about 0.68% at Rs 632 whileshares of Novartis were down by over1.5% at Rs 660 on BSE.Onbrez patent runs out in 2020 and

Cipla in its appeal,whenNovartis sued

the former, had said that theamountofdrug sold by Novartis in India is notadequate given the number of peopleaffected from respiratory diseases.Cipla which is allowed by the court

to sell the existing stockofOnbrez sellsits almost five times cheaper at Rs 130for every 10pillswhile the same is soldat Rs 677 per 10 pills byNovartis.

PRESS TRUST OF INDIA

Infosys CEO Vishal Sikka today metPrimeMinister NarendraModi anddisclosed that his companywill spend$250 million (over Rs 1,500 crore) tofund innovations in software and ser-vices in India. The chief of India's sec-ond largest IT services firm also dis-cussed with Modi ways in which thecompany can participate in the PrimeMinister's vision of smart and digital-

ly empowered India. Infosys willdevelop software for managing thekumbh mela scheduled in Ujjain(Madhya Pradesh) in 2016, he told PTIin an interview.Sikka, the first non-founder CEO

of Infosys, said Modi has agreed todedicate the company's Mysore cam-pus as the firstmodel smart city in thecountry in April this year.

SikkameetsPM;dedicates$250millionto innovate in India

Novartiscase:DelhiHCrefusesinterimrelieftoCipla

hecourthadearlierbarredCipla fromsellingcheapergenericofNovartis'

respiratorydrugOnbrezT

BajajFinance today reporteda33%

rise in its standalonenetprofit atRs

258.38crore for the thirdquarterended

December31, 2014.Thecompanyhad

postedanetprofit ofRs 194.14 crore in

thecorrespondingquarterof 2013-14.

Company's income from

operations rose to Rs 1,416.43 crore,

fromRs 1,027.02 crore a year ago.

Bajaj Finance Q3net up 33%at Rs 258 crore

Coca-Cola to cut jobs inIndia as part of globalprocess

LICHousingFinancehasregistereda

modestriseof5.4percentinits

standalonenetprofit intheOctober-

DecemberquarteratRs344.35crore.

The companyhadposted anet

profit of Rs 326.59 crore in the

corresponding quarter of the previous

fiscal. The revenue fromoperations

increased to Rs 2,667.89 crore during

October-December 2014-15, up fromRs

2311.96 crore a year ago.

LICHousing Finance Q3netrisesmarginally to Rs 344crore

Read more...

Read more...

Kajaria Ceramics today reported a

55.18% jump in consolidated net

profit at Rs 45.61 crore for the third

quarter ended December 31, 2014.

The company had posted a

consolidated net profit of Rs 29.39

crore for the October-December

quarter of 2013-14.

Kajaria Ceramics' net sales in the

quarter under review stood at Rs

553.83 crore, up 30.11%, from Rs

425.66 crore in the year-ago period,

the company said in a BSE filing.

CORPORATE NEWS smartinvestor.in

11

BS REPORTER

Private sector lender YES Bank hasreporteda30%riseinnetprofittoRs540.3crore for thequarterended31

December, 2014, aided bygrowth in netinterestincome(NII)andnetinterestmar-gin(NIM).ThelenderhadpostedaprofitofRsRs415.6croreintheyear-agoperiod.Netinterest income, the difference betweeninterest income and interest expenditure,grewby38.4%toRs536.8crore, comparedwithRs387.9croreincorrespondingquar-ter last year. Rana Kapoor, ManagingDirector and CEO, YES Bank said, "YESBankhasdeliveredanothersteadyquarterwith healthy growth in net profit by 30%driven by sustained increase in NII,expandingNIMsandsteadyassetquality."NIMwas at 3.2%, against 2.9% in the third

quarter last year. Gross non-performingassets,asapercentageoftotalloans,wasat0.42% for the December quarter against0.39% in the same period a year ago. NetNPA ratio stood at 0.10%against 0.08% inthecorrespondingquarterlastyear.The bank's capital adequacy ratio

stood at 16.7% compared to 16.1% lastyear.

PRESS TRUST OF INDIA

Indian companies mopped up a stag-gering Rs 3.43 lakh crore through pri-vate placement of corporate bonds in2014, an increase of 33% from the pre-ceding year. Private placement is a debtsalewhere less than50 investors partic-ipate. Market participants believe thatprobableinterestratecutsbytheReserveBank of India (RBI) will further act as atrigger for fund raising through debtinstruments.

According to latest update withmarket regulator Sebi, companiesraised Rs 3.43 lakh crore via privateplacementof corporatebonds last year,higher thanRs2.58 lakhcroregarneredin 2013. "Many firmsopted for thedebtroute instead of equity as fund raisingthrough equity segmentwas not avail-able as very few companies came outwithpublic offers," CNIResearchHeadKishor Ostwal said.

CompaniesraiseRs3.4lakhcroreviaprivatedebtplacements in2014

YESBankQ3netup30%atRs540crore

Read more...

he lenderhadpostedaprofitofRsRs415.6crore in theyear-agoperiodT

ArvindInternettheonlinearmfrom

ArvindtextilesiseyeingrevenueofRs

1,000crinthenextthreeyearsfromits

forayintothee-commercespace. Arvind

Internetwillbelaunchingseveral

businessmodelsunderitse-commerce

foray.Tobeginwiththecompany

announcedthelaunchofCreyate.com,

whichusesomni-channelincluding

online,offlineandkiosks.“Thisisthefirst

oftheseveral launchesthatweplantodo

underoure-commercebrand.”said

Kulin.

ArvindeyesRs 1000crrevenuefrome-comforay in3yrs

Kajaria Ceramics Q3 net up55% at Rs 45.61 crore

TV18Broadcasttodayreporteda16.83%

increaseinitsconsolidatednetprofitat

Rs60.37croreforthethirdquarterended

December31,2014.Thecompanyhad

reportedaconsolidatednetprofitofRs

51.67croreduringtheOctober-December

quarterlastfiscal.Total incomefrom

operationsduringthequarterrose15.55%

toRs607.23croreasagainstRs525.47crore

duringthesameperiodayearago.

TV18 Broadcast Q3 net up17% at Rs 60.37 crore

Read more...

POLITICS smartinvestor.in

12

Rajnathhands overnewmaritime securitygadget toNavy, CoastGuard

PRESS TRUST OF INDIA

HomeMinisterRajnathSinghtoday

gaveawaythefirstsetofsmart

identity-checkingscannerstotheChiefs

ofNavyandtheCoastGuardwhichwill

beusedbythesemaritimesecurity

agenciestocheckidentitycardsofthe

residentsofcoastalareas.

Singhhanded over separate

Resident Identity Card (RIC) readers to

Navy Chief Admiral R K Dhowanand

Coast Guard Director General Vice-

Admiral A G Thapliyal at an event

held in his North block office in the

presence of DefenceMinister

Manohar Parrikar.

The schemeof preparing RICs for

residents of coastal areas is being

implemented by the Registrar

General and Census Commissioner,

an office under the UnionHome

Ministry, and it is aimed to

strengthen coastal securitymeasures

in nine states and 4Union Territories

which have a sealine running along

their borders. Over 65 lakh people

living in the coastal areas have been

issued such RICs till nowby the

government. The Union government

is also preparing theNational

Population Registrar (NPR) in 3,331

coastal villages under the said

scheme. The card readerswill be

used by coastal security agencies to

authenticate an individuals

demographic andbiometric

authenticationwithout using

Internet services andhave been

manufactured by Indian technology

firms--Ms ITI Limited andMs

Electronics Corporation of India

Limited (ECIL).

ANI

Bharatiya Janata Party (BJP) leaderSubramanianSwamyonWednesday

said that former union minister ShashiTharoorwasawareastowhowasinvolvedinthemurderofhiswifeSunandaPushkarandaddedthatthepoliceshouldquestiontheCongressleaderonthesame.

"He knows what happened and heshould disclose it. I know that he was

involved inthe incident. I amnotsayingthat he killed her, but he knows whohas.Also, I saidheknowswho themur-derer is, I did not say I knowwho it is,"said Swamy. Tharoor had earlier onTuesday dared Swamy to speak up thenameof themurderer. "Who ishe? Ifheknows the murderer, then let him tellthe police," said Tharoor.

PRESS TRUST OF INDIA

The Bharatiya JanataParty (BJP) onWednesday described

Congress leader AjayMakenas a lost lieutenantwho can-not fight a war in Delhi, adding thatthe Sonia Gandhi-led party is fightingwithin its rank and file and not in theassembly elections. "Yesterday, theCongress has announced the name ofAjay Maken as the leading leader inDelhi. He is a lost lieutenant.How cana lost lieutenant fight a war in Delhi?"said BJP spokesperson Sambit Patra.

"And we have seen the internalbickeringwithin the Congress aswell.On one hand, Ajay Maken is sayingthat the era of Sheila Dikshit is over.On the other hand, Sheila Dikshit issaying thatAjayMaken should contestthe elections fromNewDelhi. It shows

that if the Congress is at allfighting somewhere, it isfighting within the ranksand file it is not fighting inDelhi elections," he added.

Former Delhi chief min-ister Sheila Dikshit earlier

in the day said she would not contestthe assembly polls. She, however,added that she would actively partic-ipate in the campaigning. "I hadalready said Iwill not contest the elec-tions, but will actively participate inthe campaigning," she said.

Talking aboutMaken, Dikshit saidit is good that a leader from the newgeneration has been chosen. "He hasbeen theMP, hasworked in theCentreearlier and has worked inmy Cabinetalso. He is experienced and is the newface," she added.

IamnotsayingTharoorkilledSunanda,butheknowswhohas:Swamy

'Lostlieutenant'Makencan'tfightawarinDelhi:BJP

Read more... Read more...

Read more...

arlieronTuesday, theCongressappointedMakenaschairmanof theparty's

campaigncommittee for theDelhiAssemblyE

TECHNICALS smartinvestor.in

13

STOCK S2 S1 PX_LAST R1 R2 SMAVG SMAVG SMAVG RSI

ACC LTD 1415 1424 1439 1453 1462 1400 1441 1428 64AMBUJA CEMENTS LTD 215 217 218 220 221 227 227 217 58ASIAN PAINTS LTD 558 562 568 575 579 768 738 622 70AXIS BANK LTD 1832 1845 1866 1888 1901 498 486 398 -54BAJAJ AUTO LTD 2144 2158 2180 2202 2216 2443 2540 2258 34BANK OF BARODA 816 822 831 839 845 1068 1050 905 -54BHARAT HEAVY ELECTRICALS 234 236 239 242 243 260 259 233 57BHARAT PETROLEUM CORP LTD 540 545 553 561 565 654 690 609 -44BHARTI AIRTEL LTD 335 336 339 341 343 353 369 360 -39CAIRN INDIA LTD 367 369 372 375 377 239 254 314 -40CIPLA LTD 416 420 426 432 435 624 630 508 -52COAL INDIA LTD 378 381 386 392 395 376 363 354 44DLF LTD 204 206 208 211 212 135 142 171 43DR. REDDY'S LABORATORIES 2412 2423 2439 2456 2466 3167 3334 2882 -49GAIL INDIA LTD 433 435 439 443 445 436 458 433 -40GRASIM INDUSTRIES LTD 3456 3473 3501 3529 3547 3426 3477 3300 61HCL TECHNOLOGIES LTD 1423 1431 1444 1457 1465 1566 1592 1523 -51HDFC BANK LIMITED 814 817 822 827 830 954 940 846 57HERO MOTOCORP LTD 2488 2500 2521 2542 2554 3051 3064 2679 33HINDALCO INDUSTRIES LTD 160 161 164 166 168 154 157 159 -36HINDUSTAN UNILEVER LTD 618 621 624 628 630 792 785 687 81HOUSING DEVELOPMENT FINANCE 961 964 969 974 977 1122 1121 1016 -50ICICI BANK LTD 1377 1384 1397 1409 1417 349 346 301 -43IDFC LTD 127 128 129 130 130 156 156 141 -51INDUSIND BANK LTD 550 552 556 559 561 796 765 614 -62INFOSYS LTD 3288 3299 3317 3334 3345 1997 2040 1784 66ITC LTD 333 334 336 338 339 366 370 354 -35JAIPRAKASH ASSOCIATES LTD 69 70 71 73 74 25 28 49 -38JINDAL STEEL & POWER LTD 313 315 319 322 324 149 149 235 -46KOTAK MAHINDRA BANK LTD 917 922 931 939 944 1283 1220 997 -76LARSEN & TOUBRO LTD 1629 1636 1648 1660 1667 1508 1572 1524 -48LUPIN LTD 984 990 999 1009 1015 1420 1435 1197 -50MAHINDRA & MAHINDRA LTD 1119 1129 1144 1159 1169 1237 1252 1218 -48MARUTI SUZUKI INDIA LTD 2344 2353 2366 2380 2388 3395 3362 2718 66NMDC LTD 170 172 174 175 177 141 144 161 -35NTPC LTD 150 150 152 153 154 140 141 140 -46OIL & NATURAL GAS CORP LTD 408 412 418 423 427 345 364 386 46POWER GRID CORP OF INDIA LTD 131 131 132 133 134 137 139 130 46PUNJAB NATIONAL BANK 940 944 952 959 964 216 208 188 -38RANBAXY LABORATORIES LTD 461 464 469 474 477 622 631 552 -49RELIANCE INDUSTRIES LTD 1027 1031 1037 1042 1046 873 927 979 -34SESA STERLITE LTD 287 289 292 295 296 209 224 249 -29STATE BANK OF INDIA 2548 2562 2583 2605 2618 307 303 257 -49SUN PHARMACEUTICAL INDUS 620 625 631 638 642 819 841 743 -47TATA CONSULTANCY SVCS LTD 2269 2278 2292 2307 2315 2503 2549 2420 51TATA MOTORS LTD 432 435 438 442 444 500 514 474 57TATA POWER CO LTD 99 100 101 102 103 81 86 91 -38TATA STEEL LTD 510 514 520 526 530 398 435 472 -33ULTRATECH CEMENT LTD 2689 2704 2727 2751 2766 2649 2571 2482 73WIPRO LTD 529 532 537 541 544 550 560 551 -48

KEY SUPPORT, RESISTANCE LEVELS

S1, S2, R1, R2 are support and resistance levels, look to buy near support, and sell near resistance levels; DMA = Daily Moving Average; Stocks where 20-DMA is higher than50-DMA are said to be in positive trend and vice versa; Bollinger Bands = Trading bands, stocks tend to bounce from lower end, and retrace from higher end. However, in caseof break-outs we see bigger rises, slides; RSI = Relative Strength Index, RSI above 70 is overbought while below 30 is oversold; + value strength on the back of rising RSI,and - value is vice versa;

smartinvestor.inMARKET REPORT smartinvestor.in

14

Company Prev Current % P/E 52wk

Close Close Chg (times) High/Low (Rs)

Company Prev Current % P/E 52wk

Close Close Chg (times) High/Low (Rs)

Aban Offsh 483.55 467.50 -3.32 4.9 940/370ACC 1,443.45 1,477.05 2.33 24.95 1570/971Adani Enter 496.75 491.10 -1.14 14.66 585/210Adani Ports 323.00 331.10 2.51 33.61 343/141Adani Power 45.45 45.60 0.33 7.23 69/32Adi Bir Nuvo 1,727.65 1,732.95 0.31 18.23 1913/1030Allahabad Bk 127.45 124.75 -2.12 9.21 150/72Amara Raja 820.30 841.40 2.57 37.68 840/314Ambuja Cem 230.05 233.35 1.43 24.36 244/151Amrutanjan 435.15 428.10 -1.62 38.57 531/118Amtek Auto 175.95 174.05 -1.08 11.86 272/62Andhra Bank 91.85 91.20 -0.71 13.97 110/54Apollo Hosp 1,149.50 1,159.00 0.83 47.56 1243/853Apollo Tyres 224.15 218.80 -2.39 20.6 243/102Arvind 264.80 270.50 2.15 17.5 341/135Ashok Leyland 59.60 58.95 -1.09 62.71 62/15Asian Paints 833.10 842.65 1.15 62.05 842/461Atul Auto 653.20 655.00 0.28 37.09 707/135Aurob Pharma 1,149.70 1,146.65 -0.27 19.58 1188/375Axis Bank 502.80 501.25 -0.31 17.62 520/217Bajaj Auto 2,326.25 2,363.65 1.61 22.8 2690/1796Bank of Baroda 1,082.00 1,074.55 -0.69 9.94 1126/509Bank of India 294.45 291.10 -1.14 6.84 357/166Bata India 1,392.60 1,415.55 1.65 47.74 1413/895BEML 870.40 888.45 2.07 NA 899/180Berge Paint 234.45 229.60 -2.07 64.86 253/100BF Utilities 610.35 595.90 -2.37 1752.65 818/434Bharat Elctn 3,332.90 3,286.80 -1.38 25.59 3425/895Bharat Forge 985.05 983.85 -0.12 43.02 1016/319Bharti Airtel 346.50 346.10 -0.12 34.03 420/282Bharti Infratel 340.05 340.95 0.26 28.85 372/161BHEL 257.70 267.85 3.94 22.93 292/146Biocon 426.50 423.25 -0.76 20.01 554/402Bombay Burm 469.80 454.50 -3.26 NA 542/91Bosch 20,385.6520,963.45 2.83 61.04 21168/8843BPCL 669.15 652.15 -2.54 10.12 785/325Britannia 1,942.20 1,962.70 1.06 42.91 2019/812Cairn Ind 234.10 232.55 -0.66 4.69 385/228Canara Bank 444.75 438.60 -1.38 8.24 498/209Castrol 510.35 505.50 -0.95 53.32 544/282CEAT 866.00 849.95 -1.85 13.85 1009/266Century Tex 548.95 545.90 -0.56 79.46 651/278CESC 711.15 729.50 2.58 13.94 828/399Cipla 636.30 631.10 -0.82 42.02 672/367Coal India 361.45 364.00 0.71 15.8 424/241Colgate 1,935.45 1,938.00 0.13 51.72 2050/1280Crompton Grv 187.20 184.85 -1.26 44.65 231/102Dabur India 235.85 250.80 6.34 45.11 249/154Delta Corp 95.20 95.25 0.05 NA 123/77Dewan Hsg 433.25 447.60 3.31 9.95 446/199

Dish TV 67.35 68.05 1.04 NA 71/43Divis Lab 1,721.10 1,700.00 -1.23 27.87 1882/1217DLF 133.25 133.35 0.08 39.45 243/100Dolphin Off 160.10 158.35 -1.09 NA 237/73Dr Reddys 3,223.85 3,208.00 -0.49 24.57 3662/2250Eicher Motor 14,800.7014,865.00 0.43 72.21 15773/4405Enginers Ind 225.80 222.95 -1.26 19.89 331/142Escorts 126.40 124.15 -1.78 14.69 174/102Exide Ind 185.15 185.65 0.27 30.29 193/99Federal Bank 148.30 148.05 -0.17 13.09 153/72Finan Techno 204.70 203.30 -0.68 7.88 404/136Force Motors 1,232.40 1,199.80 -2.65 19.38 1463/282GAIL 428.45 426.55 -0.44 11.83 551/340GATI 273.50 279.45 2.18 94.73 342/54Glenmark 727.70 718.40 -1.28 31.99 840/496GMR Infra 16.85 16.45 -2.37 NA 38/15Godrej Ind 292.95 295.85 0.99 28.18 372/258Grasim Ind 3,544.10 3,569.30 0.71 17.12 3755/2432GSFC 104.30 105.25 0.91 8.97 125/44Guj Gas 749.20 745.65 -0.47 30.43 813/219Guj Pipavav 218.80 212.05 -3.09 33.29 237/58Havells I 270.35 264.00 -2.35 33.98 346/144HCL Techno 1,583.20 1,578.85 -0.27 16.24 1775/1257HDFC 1,120.95 1,121.30 0.03 30.91 1179/756HDFC Bank 963.55 963.35 -0.02 25.13 979/618HDIL 67.15 65.90 -1.86 9.39 114/39Hero MotoCorp 2,893.70 2,905.20 0.40 24.12 3272/1907Hexaware Tch 214.70 215.15 0.21 19.26 231/125Hind Zinc 159.00 153.05 -3.74 8.73 184/115Hindalco 151.45 142.10 -6.17 29.67 199/97Hitachi Home 870.25 892.50 2.56 45.77 950/129HPCL 588.00 573.95 -2.39 5.15 618/218HUL 884.70 921.95 4.21 50.11 908/536ICICI Bank 341.00 337.15 -1.13 18.51 367/189IDBI Bank 74.00 73.35 -0.88 13.92 117/53Idea Cellular 146.75 148.15 0.95 20.98 177/125IDFC 156.65 156.55 -0.06 15 175/88IFCI 36.35 35.90 -1.24 10.26 45/22Ind Ove Bank 59.60 59.00 -1.01 19.73 90/42India Cement 89.75 88.90 -0.95 NA 134/46Indiab Real 65.95 64.00 -2.96 18.6 109/45Indiabulls Hous 493.80 499.80 1.22 10.34 513/188Indraprst Gs 458.50 445.05 -2.93 15.07 482/239IndusInd Bank 822.55 817.35 -0.63 25.52 849/369Infosys 2,087.25 2,128.80 1.99 20 2201/1447ING Vysya Bk 997.95 967.85 -3.02 29.38 1010/493IOC 339.90 335.85 -1.19 8.11 411/201Ipca Labs 743.15 731.75 -1.53 19.12 907/630IRB Infra 235.30 232.75 -1.08 15.79 289/68ITC 360.25 348.40 -3.29 30.03 400/311

MOST ACTIVE STOCKS - TOP 200

MARKET REPORT smartinvestor.in

15

Company Prev Current % P/E 52wk

Close Close Chg (times) High/Low (Rs)

Company Prev Current % P/E 52wk

Close Close Chg (times) High/Low (Rs)

Jain Irrig 64.80 65.45 1.00 25.87 133/56JBF Ind 248.55 243.95 -1.85 11.99 298/65Jet Airways 464.25 464.75 0.11 NA 471/204Jindal Saw 86.35 82.95 -3.94 9.68 116/46Jindal Steel 148.95 146.90 -1.38 7.37 350/125JK Tyre Ind 133.45 126.75 -5.02 17.73 163/27JP Associat 24.65 23.85 -3.25 NA 90/23JP Power 11.67 11.34 -2.83 75.6 27/11JSW Energy 101.25 102.50 1.23 16.24 105/42JSW Steel 992.35 967.75 -2.48 9.93 1365/805Jubilant Fd 1,392.75 1,395.20 0.18 79.32 1498/939Just Dial 1,547.35 1,504.00 -2.80 85.7 1895/983Karnataka Bk 141.20 139.05 -1.52 6.58 157/91Kotak Mah Bank 1,393.90 1,397.75 0.28 40.39 1410/631KPIT Technologi 212.90 208.30 -2.16 16.77 219/140L & T 1,520.40 1,517.65 -0.18 23.89 1775/957L&T Finance Hol 66.80 66.35 -0.67 14.94 88/62LIC Hsg Fin 462.70 453.95 -1.89 16.84 480/187Lupin 1,430.60 1,428.00 -0.18 28.09 1500/855M & M Fin 303.50 298.35 -1.70 18.69 345/230Mah & Mah 1,246.75 1,238.55 -0.66 21.02 1421/847Marico 333.90 351.85 5.38 43.01 350/200Marksans Ph 65.60 64.40 -1.83 NA 72/16Maruti Suzuki 3,470.15 3,516.60 1.34 34.2 3514/1541Mastek 420.15 412.45 -1.83 28.7 436/160Mcleod Russl 217.05 216.85 -0.09 18.86 325/213MCX 861.70 849.85 -1.38 36.62 926/425MindTree 1,331.15 1,388.80 4.33 25.6 1344/649Mothersons S 445.70 443.15 -0.57 42.98 464/178MRF 38,148.8038,194.05 0.12 18.04 39500/18639NBCC 822.35 810.95 -1.39 38.11 923/134NCC 77.50 75.85 -2.13 96.01 90/14NHPC 18.50 19.60 5.95 25.45 30/17NMDC 135.00 132.55 -1.81 7.5 196/123NTPC 139.10 137.85 -0.90 11.12 169/111Oil India 535.10 529.45 -1.06 10.87 669/439ONGC 339.65 343.85 1.24 13.23 472/264Oracle Fin 3,301.85 3,354.00 1.58 24.19 4179/2775Oriental Bank 321.25 314.55 -2.09 7.92 377/161Petronet LNG 207.45 202.70 -2.29 20.98 222/103PNB 207.30 203.10 -2.03 10.38 232/102Power Fin 276.15 280.10 1.43 6.37 344/129Power Grid 135.80 136.10 0.22 15.63 151/93PTC I Financial 69.95 69.55 -0.57 16.06 72/13PTC India 92.25 91.40 -0.92 9.02 105/52Ranbaxy Labs 634.95 623.25 -1.84 NA 698/306Raymond 524.65 526.50 0.35 37.93 580/256Redington 133.50 133.50 0.00 14.72 148/63Rel Ind Infra 470.20 455.45 -3.14 29.85 659/308Reliance Cap 466.90 448.90 -3.86 13.55 668/305

Reliance Com 76.45 75.40 -1.37 32.93 157/76Reliance Ind 843.05 835.05 -0.95 11.99 1143/794Reliance Infra 476.15 462.90 -2.78 7.88 820/351Reliance Power 60.15 60.05 -0.17 16.23 113/58RS Software 632.05 633.15 0.17 13.04 830/166Rural Elect 310.80 311.65 0.27 5.91 383/167SAIL 78.00 77.25 -0.96 14.74 113/54SBI 305.05 304.75 -0.10 14.89 327/146Sesa Sterlite 204.45 188.85 -7.63 10.21 318/170Sharda Crop 257.05 257.20 0.06 20.89 310/218Shriram TrFn 1,039.25 1,031.00 -0.79 19.41 1222/550Siemens 917.95 929.70 1.28 54.88 1010/512Sintex Ind 96.00 94.40 -1.67 8.52 107/31SKS Microfin 460.15 454.60 -1.21 37.08 466/166Snowman Logiest 94.90 99.85 5.22 NA 135/75Spicejet 18.15 18.10 -0.28 NA 22/11SRF Ltd 898.00 913.50 1.73 17.41 972/197Strides Arcb 925.55 921.05 -0.49 6.48 999/344Sun Pharma 832.95 824.00 -1.07 28.07 932/553Sun TV Net 371.90 372.55 0.17 20.87 488/299Suven Life 207.55 201.75 -2.79 20 237/68Suzlon Energy 15.21 14.97 -1.58 NA 37/9Syndicate Bank 128.65 126.50 -1.67 4.97 179/78Tata Chem 446.85 442.00 -1.09 NA 460/245Tata Comm 425.60 423.55 -0.48 NA 474/260Tata Elxsi 712.40 736.15 3.33 26.1 737/344Tata Global 155.20 154.65 -0.35 27.42 177/135Tata Motors 519.55 520.35 0.15 8.18 551/331Tata Power 79.15 78.80 -0.44 NA 115/69Tata Sponge 663.10 655.70 -1.12 7.67 1204/296Tata Steel 391.60 376.75 -3.79 11.69 579/332TCS 2,498.30 2,518.15 0.79 22.94 2834/2001Tech Mahindra 2,761.75 2,790.60 1.04 22.52 2771/1678Texmaco Rail 127.20 124.90 -1.81 NA 150/37Titan Company 372.10 372.40 0.08 41.89 424/203TV18 Broadcast 29.30 29.25 -0.17 NA 38/19TVS Motor 308.45 307.50 -0.31 50.74 312/64UCO Bank 81.35 80.10 -1.54 6.64 116/62UltraTech 2,813.75 2,904.05 3.21 35.52 2868/1635Union Bank 232.55 225.30 -3.12 7.3 260/101Unitech 16.10 15.60 -3.11 NA 39/11United Brew 925.60 928.15 0.28 83.24 940/601United Spirt 3,108.05 3,058.50 -1.59 NA 3143/2226UPL 344.80 357.70 3.74 14.78 388/177Voltas 242.25 247.65 2.23 25.5 287/97Wipro 562.85 552.40 -1.86 16.18 622/475Wockhardt 1,071.95 1,041.80 -2.81 28.48 1115/386Yes Bank 782.05 786.80 0.61 18.57 805/292Zee Enter 361.85 359.90 -0.54 39.77 402/255

MOST ACTIVE STOCKS - TOP 200

MARKET REPORT smartinvestor.in

16

Company Qty‘000 Price (Rs) Chg (%)

NTC Inds. 133.44 31.45 4.97

Maxwell Inds. 110.49 43.25 8.53

Cupid 73.28 54.45 4.91

Sh. Hari Chem. 65.26 112.45 5.00

Prozone Intu 60.80 37.00 9.96

Valecha Eng. 59.35 111.35 9.98

Odyssey Tech. 48.27 51.50 4.99

Safal Herbs 35.57 38.40 4.92

ONLY BUYERSINTRADAY MOVEMENT

Read more...

Company High Low Close % Chg

Tarang Projects 612.00 481.50 481.50 -21.32

Mount Shivalik 35.90 27.40 28.80 -19.78

Swastika Investm 53.40 36.05 42.95 -19.57

Kuwer Inds. 35.60 28.10 28.65 -19.52

Wires & Fabriks 118.75 97.50 100.30 -15.54

IM+ Capitals 59.40 50.40 50.40 -15.15

Tyroon Tea Co. 54.40 45.00 46.90 -13.79

Potential Invt. 75.15 65.00 65.00 -13.51

FALL FROM INTRADAY HIGHS

Read more...

Name Ex-Date Purpose Rs.

Intell Des Aren Jan 16, 15 Scheme Of Arrangement -

Clariant Ch Jan 19, 15 Dividend Interim -

RS Software Jan 21, 15 Dividend Special 10.00

Bank of Baroda Jan 22, 15 Fv Splt Frm Rs 10 To Rs 2 -

Corpn Bank Jan 22, 15 Fv Splt Frm Rs 10 To Rs 2 -

FORTHCOMING CORPORATE ACTIONS

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Company Qty‘000 Price (Rs) Chg (%)

Cressanda Solns. 229.23 27.40 -9.27

Tilak Finance 133.51 91.55 -4.98

Virinchi Tech. 39.18 34.95 -4.90

Tarang Projects 10.66 481.50 -20.00

Sesa Sterlite 9.70 188.85 -7.63

Swagruha Infra 5.00 30.35 -4.86

Eastcoast Steel 5.00 86.10 -4.97

Galaxy Ent.Corp. 4.19 38.20 -4.98

ONLY SELLERS

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Company Price (Rs)

High

Blue Dart Exp. 7,300.15

Nestle India 6,762.15

P & G Hygiene 6,130.00

WABCO India 4,871.60

Bajaj Fin. 3,765.75

Bayer Crop Sci. 3,585.70

Maruti Suzuki 3,516.60

Low

Venky`s (India) 382.00

Ess Dee Alumin. 310.40

Comfort Fincap 127.00

Den Networks 124.45

Rajath Finance 99.35

Tilak Finance 91.55

52-WEEK HIGH/LOWS

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(Rs CR) FII DIIDate Buy Sales Net Buy Sales Net

14-Jan-15 4248.30 4318.04 -69.74 1647.21 1871.19 -223.98

13-Jan-15 5046.28 4811.19 235.09 1917.84 1871.78 46.06

12-Jan-15 3289.52 3044.57 244.95 1097.14 1428.32 -331.18

09-Jan-15 4182.20 4480.19 -297.99 1876.92 1577.39 299.53

08-Jan-15 4685.59 5152.37 -466.78 2174.40 1885.52 288.88

FII & DII TURNOVER (BSE + NSE)

Axis Bank 501.25 -1.55 -0.31B H E L 267.85 10.15 3.94Bajaj Auto 2,363.65 37.40 1.61Bharti Airtel 346.10 -0.40 -0.12Cipla 631.10 -5.20 -0.82Coal India 364.00 2.55 0.71Dr Reddy`s Labs 3,208.00 -15.85 -0.49GAIL (India) 426.55 -1.90 -0.44H D F C 1,121.30 0.35 0.03HDFC Bank 963.35 -0.20 -0.02Hero Motocorp 2,905.20 11.50 0.40Hind. Unilever 921.95 37.25 4.21Hindalco Inds. 142.10 -9.35 -6.17ICICI Bank 337.15 -3.85 -1.13ITC 348.40 -11.85 -3.29

Infosys 2,128.80 41.55 1.99Larsen & Toubro 1,517.65 -2.75 -0.18M & M 1,238.55 -8.20 -0.66Maruti Suzuki 3,516.60 46.45 1.34NTPC 137.85 -1.25 -0.90O N G C 343.85 4.20 1.24Reliance Inds. 835.05 -8.00 -0.95Sesa Sterlite 188.85 -15.60 -7.63St Bk of India 304.75 -0.30 -0.10Sun Pharma.Inds. 824.00 -8.95 -1.07TCS 2,518.15 19.85 0.79Tata Motors 520.35 0.80 0.15Tata Power Co. 78.80 -0.35 -0.44Tata Steel 376.75 -14.85 -3.79Wipro 552.40 -10.45 -1.86

S&P BSE SENSEX MOVERSCompany Close Chg Chg

(Rs) (Rs) (%)Company Close Chg Chg

(Rs) (Rs) (%)

Company High Low Close % Chg

Thiru Aroor. Su. 54.00 40.20 53.15 32.21

Softsol India 57.75 45.10 57.50 27.49

Hisar Met.Inds. 26.90 21.00 26.40 25.71

Powerhouse Fit. 31.00 24.50 30.45 24.29

Nimbus Proj. 34.90 28.80 34.90 21.18

Rasoi 1,068.10 886.00 1,068.10 20.55

Aarvee Denims 53.70 44.60 53.70 20.40

Ansal Buildwell 77.90 65.00 77.85 19.77

RECOVERY FROM INTRADAY LOWS

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MARKET REPORT smartinvestor.in

17

Current price Open interest (‘000) % of Open interestClose (cash) LTP (future) Shares Rs crore Futures Call Put

Axis Bank 499.60 500.55 29786 1488.08 81.05 12.93 6.01

Bajaj Auto 2363.44 2365.10 1829 432.18 88.83 7.61 3.56

Bharti Airtel 345.80 347.55 15682 542.28 84.51 10.06 5.43

BHEL 268.75 267.10 37435 1006.07 83.80 6.90 9.30

Cipla 631.40 634.00 6958 439.33 82.32 12.70 4.98

Coal India 363.20 363.80 12486 453.49 75.66 17.97 6.37

Dr Reddys 3208.25 3209.25 1545 495.59 81.48 9.46 9.06

GAIL 426.50 424.65 5107 217.79 90.36 5.47 4.17

HDFC 1120.30 1125.85 9231 1034.15 87.95 7.24 4.81

HDFC Bank 963.90 967.60 41434 3993.85 94.22 3.92 1.86

Hero MotoCorp 2903.05 2916.95 1789 519.21 81.88 14.12 4.00

Hindalco 142.15 142.75 42186 599.67 74.45 17.40 8.14

HUL 924.05 925.20 13972 1291.04 61.97 15.21 22.81

ICICI Bank 336.90 338.80 71586 2411.74 77.71 14.84 7.46

Infosys 2128.65 2125.90 16884 3593.96 43.55 26.94 29.52

ITC 347.80 349.60 40372 1404.14 78.72 15.27 6.01

L & T 1518.00 1526.20 11347 1722.51 77.93 12.59 9.48

Mah & Mah 1236.95 1240.70 3577 442.43 88.70 6.76 4.54

Maruti Suzuki 3516.00 3536.40 3811 1339.95 77.89 10.46 11.65

NTPC 137.75 138.00 42882 590.70 83.90 12.83 3.26

ONGC 344.05 344.85 32755 1126.94 86.52 9.37 4.11

Reliance Ind 834.95 838.50 42976 3588.28 78.58 14.65 6.77

SBI 304.70 306.35 81986 2498.12 74.48 16.67 8.85

Sesa Sterlite 188.10 189.30 31758 597.37 82.58 11.29 6.13

Sun Pharma 820.65 824.70 13266 1088.65 90.13 6.17 3.70

Tata Motors 520.35 522.25 23993 1248.45 77.65 13.19 9.16

Tata Power 78.84 79.20 35440 279.41 86.59 10.36 3.05

Tata Steel 376.85 377.10 35480 1337.06 68.93 20.80 10.27

TCS 2521.94 2524.55 5906 1489.52 64.65 20.42 14.93

Wipro 551.95 551.40 9777 539.64 82.50 11.60 5.90

OPEN INTEREST BREAK-UP

MARKET POSITION

SECTOR WATCH

Previous Current %Chg

SPOT

NIFTY 8299.40 8277.55 -0.26

BANKNIFTY 18707.20 18603.80 -0.55

CNXIT 11502.80 11614.30 0.97

FUTURE(Ltp)

NIFTY 8316.50 8307.35 -0.11

BANKNIFTY 18759.65 18690.60 -0.37

CNXIT 11513.10 11620.40 0.93

INDEX WATCHOpen Interest Price on NSE in Rs

Previous Current % chg Previous Current % chg

Yes Bank 7393500 8238500 11.43 781.75 786.70 0.63HUL 7808000 8658500 10.89 884.55 924.05 4.47Oracle Fin 90250 83250 -7.76 3302.60 3368.30 1.99Maruti Suzuki 2781000 2968500 6.74 3468.25 3516.00 1.38ACC 1323750 1240000 -6.33 1441.70 1478.35 2.54

OI CHANGE WITH RISE IN PRICE

Current open interest %of MWpHIGHESTWockhardt 4848000 86.96

Reliance Cap 18304000 81.69

Indiab Real 39704000 79.49

HDIL 42152000 78.79

Karnataka Bk 28148000 74.69

Unitech 204291000 74.53

Century Tex 8057000 72.83

Hexaware Tch 11954000 69.85

LOWESTOracle Fin 83250 1.93

Dabur India 2507000 2.24

ITC 40372000 2.54

Apollo Hosp 495000 2.74

Hind Zinc 8284000 2.79

United Brew 374500 2.81

HDFC 9231000 2.94

OI ‘000 % chg

TOP GAINERS

Non Ferrous Metals 50470 18.07

FMCG 17137 12.79

Tobacco Products 40372 12.25

Mining & Mineral products 51048 10.18

Fertilisers 5045 8.40

Steel 131768 4.56

Gas Distribution 12381 3.30

TOP LOSERS

Oil & gas 12486 -3.87

Engineering/CG 3251 -3.47

Plastic products 42984 -3.22

Leather 1018 -1.97

Cement 32988 -0.90

Crude Oil & Natural Gas 50528 -0.80

Pharmaceuticals 69697 -0.65

Open Interest Price on NSE in RsPrevious Current % chg Previous Current % chg

Hindalco 27364000 31408000 14.78 151.69 142.15 -6.29Just Dial 607375 554500 -8.71 1546.40 1504.25 -2.73Tata Chem 4091000 4443000 8.60 447.85 443.05 -1.07Dr Reddys 1159000 1258625 8.60 3223.35 3208.25 -0.47Tata Steel 22593500 24456000 8.24 391.50 376.85 -3.74

OI CHANGE WITH FALL IN PRICE

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MARKET REPORT smartinvestor.in

18

Company Client Name Buy/Sell Quantity Price(Rs) Amt(CR)

Chola Inv Sbi Mutual Fund Buy 1286224 495.00 63.67

Chola Inv Multiples Pvt Equity Fii I Sell 1286224 495.00 63.67

Chola Inv Sbi Mutual Fund Buy 1094800 495.00 54.19

Chola Inv Multiples Pvt Equity Fund Sell 1094800 495.00 54.19

Chola Inv Multiples Pvt Equity Fii I Sell 500000 495.00 24.75

Chola Inv Tata Trustee Co. Ltd Trustee For Tata Mutual Fund Buy 500000 495.00 24.75

Chola Inv Birla Mutual Fund Buy 400000 495.00 19.80

Chola Inv Multiples Pvt Equity Fii I Sell 400000 495.00 19.80

Chola Inv Sbi Mutual Fund Buy 343976 495.00 17.03

Chola Inv Multiples Pvt Equity Fii I Sell 343976 495.00 17.03

Chola Inv Sundaram Mutual Fund Buy 250000 495.00 12.38

Chola Inv Multiples Pvt Equity Fii I Sell 250000 495.00 12.38

Manjushre T Pramod Kumar Drolia Sell 150000 432.00 6.48

Manjushre T Kavita Drolia Buy 150000 432.00 6.48

Oricon Ent Clearwater Capital Partners Singapore Fund Sell 850000 47.53 4.04

Tgbhotels Shree Mallikarjun Trad Invest Pvt Ltd Buy 513766 64.40 3.31

Maxwel Ind Reliance Capital Partners Sell 725000 42.26 3.06

Tgbhotels Shree Mallikarjun Trad Invest Pvt Ltd Sell 513766 54.26 2.79

BULK DEALS (BSE)

QUARTERLYRESULTS

JANUARY 15BS 200Bajaj AutoFederal BankPTC I FinancialTCSGroup ABajaj HoldCyientD B Corp

Group BABC BearingsFervent PharmaHSILGroup TSIELSRK IndsJANUARY 16BS 200Axis BankDewan HsgForce MotorsReliance Ind

RS SoftwareWiproGroup AOberoi ReltyPMC FincorpGroup BAlka SecurArnold HoldArtson EnggDharti PrtnINOX LeisureStd.Battery

Tanla SolutsV Guard IndsGroup PMagna ColRaj.IrrigatnSunlake RestGroup TAshirwad StlCinerad CommSilveroak BlendStandard IndSumeru Ind

JANUARY 17BS 200M & M FinGroup BGuj FluoroIMP PowersMangalam Inds FStanros MafSTL GlobalSymphonyUnichem LabsWelcure Drug

FORTHCOMING BOARD MEETINGS

Company Client Name Buy/Sell Quantity Price(Rs) Amt(CR)

Man Infra Mansi Parag Shah Sell 1800000 36.33 6.54

Maxwel Ind Reliance Capital Partners Sell 1275000 42.43 5.41

Tgbhotels Abacus Corporate Services Pvt Ltd Sell 300000 64.77 1.94

Tgbhotels Shree Mallikarjun Trad Invest Pvt Ltd Buy 247263 65.01 1.61

Tgbhotels Shree Mallikarjun Trad Invest Pvt Ltd Sell 247263 64.37 1.59

Maxwel Ind Fairdeal Infin Services Pvt Ltd Buy 350870 42.85 1.50

Maxwel Ind Fairdeal Infin Services Pvt Ltd Sell 225027 42.56 0.96

Cantabil Ret Shankar Sh. Begraj Somani Somani Sell 150000 38.25 0.57

GTC Prime Capital Market Ltd Sell 98256 58.00 0.57

Cantabil Ret Tarun Chandak Buy 148000 38.25 0.57

Cineline India Vaishali Pragnesh Pandya Sell 296211 17.27 0.51

Cineline India Vaishali Pragnesh Pandya Buy 296211 16.81 0.50

BULK DEALS (NSE)

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Volumes in ‘000

Company Price (Rs) Today Avg 5 days % Chg

Aarvee Denims 53.05 67.3 1.9 3534

Bajaj Fin. 3,773.95 417.6 12.8 3167

JMT Auto 116.55 172.4 7.0 2379

Cantabil Retail 38.65 155.1 8.4 1737

NIIT Tech. 382.80 755.1 57.9 1205

Motor & Gen Fin 41.50 14.4 1.3 997

TGB Banquets 64.35 944.4 91.4 933

Welspun India 338.60 301.8 34.5 775

Cholaman.Inv.&Fn 522.15 1,177.3 138.9 748

VOLUME SHOCKERS

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