2013: Issue 362, Week: 18th - 21st MarchA Weekly Update from SMC(For private circulation only)

WISE M NEY

Bra

nd

sm

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87

®

(Saurabh Jain)

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

Fixed Deposit 16

Mutual Fund 17-18

EDITORIAL STAFF

Editor Saurabh Jain

Executive Editor Jagannadham Thunuguntla

+Editorial Team

Dr. R.P. Singh Nitin Murarka

Vandana Bharti Tejas Seth

Sandeep Joon Dinesh Joshi

Vineet Sood Shitij Gandhi

Dhirender Singh Bisht Subhranil Dey

Parminder Chauhan Ajay Lakra

Mudit Goyal

Content Editor Kamla Devi

Graphic Designer Pramod Chhimwal

Research Executive Simmi Chibber

REGISTERED OFFICES:

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his week global markets have a lot to cheer about as Dow Jones Industrial

Average extended its longest rally since 1996 as U.S. jobless claims T unexpectedly dropped and European stocks rose to an almost five-year high as

policy makers gathered for a two-day summit. A pickup in employment, record-high

stock prices and a rebounding housing market in the United States is likely to boost the

spirit of the market participants. Rebound in a housing market may make investors

more confident about their finances. Moreover, possibilities of decisive monetary

easing by Bank of Japan took Yen to its three and a half year low. On the contrary,

Chinese stock markets touched two year low on the anticipation that the authorities

would take measures to curb speculation in the property market. Moreover, high

inflation for February month on the top of weak retail sales and industrial production

data released earlier this week, indicate that economic recovery in the world's

second-largest country is losing steam.

Back at home, Industrial production for the month of January 2013 grew at a pace of

2.4% as compared to a year before, primarily driven by 6.4% growth in production of

electricity. The cumulative growth in the current fiscal up till January now stands at

mere 1% as against 3.4% in the corresponding period the previous year. Headline

Inflation for the month of February inched up marginally to 6.84% from 6.62% in the

prior month primarily driven by the jump in the Fuel and Power basket to 10.47% from

7.06% in the previous month. RBI in the last monetary policy review indicated that its

first priority would be to provide an appropriate interest rate environment to support

growth as inflation risks moderate. Now with the meager growth along with the

indication from the government that fiscal deficit would be taken care of, everyone is

eyeing on RBI for some action and statement for revival of growth. The markets are

pricing in for a 25 bps cut in the Repo Rate to 7.5%. There is some hope that RBI may

once again resort to cut in Cash Reserve Ratio (CRR) by 25 bps to 3.75%. Banks are

borrowing nearly Rs 1 lac crore under liquidity adjustment facility (LAF) on an average

per day in the last one month or so since the last cut of 25 bps became effective on 9th

February 2013. However, it is to be noted that currently CRR at 4% is at the lowest

since 1976.

On the commodities front, some positive data of US is raising the concerns that the

Federal Reserve may withdraw from its quantitative easing program. It gave some

support to the industrial metals but at the same time market witnessed unwinding in

bullion counter. Multi months low may encourage some physical buying in bullion,

especially in Asian countries. This week we may expect some lower level buying in

industrial metals and energy though upside is limited. Fear that policy makers will

expand efforts to cool the housing market in China, may limit the upside in industrial

metals and energy counter. We know that real estate is considered as pillar industry to

the Chinese economy and has a huge impact on metals demand. CPI of UK, Zew survey,

jobless claims change and producer prices, Budget of UK, interest rate decision by

FOMC, GDP of New Zealand are some key events and economic releases, which may

add volatility in the commodities' prices, especially interest rate decision by FOMC.

From The Desk Of Editor

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

CHANGEDCHANGED

SENSEX 19570 UP 05.07.12 17539 19000 18600 18200

S&P NIFTY 5909 UP 05.07.12 5327 5830 5700 5650

CNX IT 7212 UP 17.01.13 6869 7050 6850 6750

CNX BANK 12021 UP 05.07.12 10642 12200 11700 11400

ACC 1259 DOWN 17.01.13 1359 1300 1330 1350

BHARTIAIRTEL 315 DOWN 14.02.13 311 320 330 335

BHEL 199 DOWN 01.11.12 227 210 220 225

CIPLA 385 DOWN 28.02.13 360 380 390 400

DLF 285 UP 03.01.13 239 265 255 250

HINDALCO 96 DOWN 07.02.13 113 107 112 117

ICICI BANK 1111 DOWN 28.02.13 1040 1100 1120 1130

INFOSYS 2874 UP 17.01.13 2798 2850 2750 2700

ITC 302 UP 04.03.11 172 290 285 280

L&T 1522 DOWN 07.02.13 1496 1450 1480 1530

MARUTI 1419 DOWN 14.02.13 1485 1450 1480 1510

NTPC 147 DOWN 13.12.12 151 - 160 - 165 170

ONGC 320 UP 03.01.13 280 315 305 300

RELIANCE 860 DOWN 28.02.13 814 860 870 880

TATASTEEL 357 DOWN 07.02.13 390 375 385 400

NEWS

MEETING DATE SYMBOL PURPOSE

18-MAR-13 RECLTD RESULTS/OTHERS

20-MAR-13 ONGC DIVIDEND

21-MAR-13 SBT DIVIDEND

25-MAR-13 COLPAL DIVIDEND

EX-DATE SYMBOL PURPOSE

18-MAR-13 ENGINERSIN INTERIM DIVIDEND `3 PER SHARE

18-MAR-13 COALINDIA INTERIM DIVIDEND

19-MAR-13 GSKCONS AGM/DIVIDEND `45 PER SHARE

19-MAR-13 HELIOSMATH AGM/DIVIDEND `1.80 PER SHARE

21-MAR-13 OIL SECOND INTERIM DIVIDEND `12/- SHARE

21-MAR-13 ACC AGM/DIVIDEND `19 PER SHARE

22-MAR-13 MYSOREBANK INTERIM DIVIDEND

22-MAR-13 OMMETALS INTERIM DIVIDEND `0.10 PER SHARE

22-MAR-13 ONGC SECOND INTERIM DIVIDEND

26-MAR-13 SBT INTERIM DIVIDEND

26-MAR-13 RUCHIRA INTERIM DIVIDEND

26-MAR-13 HEXAWARE AGM/DIVIDEND `1.20 PER SHARE

26-MAR-13 SBBJ DIVIDEND

FORTHCOMING EVENTS

DOMESTIC NEWSEconomy

·India's wholesale price-based inflation rose to 6.84 percent in February as compared to 6.62 percent in the previous month. The country's main inflation gauge based on Wholesale Price Index (WPI) was 7.56 percent in February last year.

·India's industrial output increased by 2.4 percent in January after contracting by 0.6 percent (revised from 0.5 percent) in December, as the manufacturing activity picked up following an increase in power production.

·India's Indirect tax collections for the first 11 months of this fiscal rose by 20 percent to `4.17 lakh crore. The Budget targeted 27 percent growth in indirect tax collections in 2012-13.

Realty/ Construction

·IL&FS Engineering and Construction has received a `1,436 crore Engineering Procurement and Construction (EPC) order for four-laning of Kiratpur Ner Chowk section of NH-21.

Metals

·SAIL has earmarked an investment of ̀ 2,952 crore for expanding capacity of its Gua iron ore mine and setting up of beneficiation and pellet plants in Jharkhand.

·Tata Steel through its subsidiary Tata Steel Minerals Canada (“TSMC”), entered into a framework arrangement with Labrador Iron Mines Holdings (“LIM”) to establish a strategic relationship between TSMC and LIM whereby the two companies have agreed to co-operate with each other in various aspects of their respective iron ore operations in the Labrador Trough.

Pharmaceuticals

·Elder Pharmaceuticals has signed an agreement with Japan's cosmetic giant KOSÉ Corporation to form a joint venture - KOSÉ Elder (India) – for manufacturing and selling of cosmetics in India. Both will hold 60% and 40% equity in the company respectively.

Refineries

·HPCL has signed a Memorandum of Understanding (MoU) with Government of Rajasthan for setting up a state-of-the-art 9 MMTPA refinery-cum-petrochemical complex in Barmer District of Rajasthan.

Information Technology

·Hexaware Technologies has announced the inauguration of its third Global Delivery Center (GDC) in Saltillo, Mexico. This expansion in the facilities will allow Hexaware to hire 85 IT engineers in the coming months to add to the current employee strength of 300 at the existing software development centers.

·Infosys bagged an order from German car-maker BMW group. The five year order will cover services like maintenance and operations of web infrastructure, company's internal IT system, content management and business intelligence systems. The financial terms of the order were not revealed.

Power

·NTPC has announced that the Unit I of 500 MW of Mauda Super Thermal Power Station, Stage-I is declared for commercial operation. With this, the total commercial capacity of NTPC has become 34810 MW.

Paint

·Berger Paints will acquire the architectural operations of Sherwin Williams Paints India for an undisclosed sum. The acquisition will be carried out through Berger's wholly-owned subsidiary, Brushworks Paints Ltd.

Mining/ Minerals

·NMDC is looking at garnering ̀ 8,000-10,000 crore from sale of its 50% stake in upcoming three million tonne per annum steel plant in Chhattisgarh to a strategic partner.

INTERNATIONAL NEWS

·US retail sales surged up by 1.1 percent in February after edging up by an upwardly revised 0.2 percent in January. Economist had been expecting sales to increase by about 0.5 percent compared to the 0.1 percent growth originally reported for the previous month.

·US business inventories rose by 1.0 percent in January following a revised 0.3 percent increase in December. Economists had expected inventories to increase by 0.5 percent compared to the 0.1 percent growth originally reported for the previous month.

·Employment in the U.S. increased by much more than anticipated in the month of February, with the job growth pushing the unemployment rate down to a four-year low. The Labor Department said non-farm payroll employment rose by 236,000 jobs in February compared to economist estimates for an increase of about 171,000 jobs.

·Import prices in the U.S. rose by much more than expected in the month of February. The Labor Department said import prices rose by 1.1 percent in February following a 0.6 percent increase in January. The report also showed that export prices rose by 0.8 percent in February after edging up by 0.3 percent in the previous month. Export prices had been expected to inch up by 0.2 percent.

®

5

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

SECTORAL INDICES (% Change)

SMC Trend

SMC Trend

FMCGHealthcare

FTSE 100CAC 40

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

ITMetal

Down SidewaysUp

SMC Trend

Nifty BSE Midcap Nifty JuniorSensex BSE Smallcap S&P CNX 500

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

®

-0.62-0.57

-0.94

-1.61

-1.37

-0.75

-1.80

-1.60

-1.40

-1.20

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

-1.52-1.31

0.16

-6.24

1.48

0.07

-1.81-1.53

-0.31

-0.96

1.60

-7.00

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index

Healthcare Index

IT Index Metal Index

Oil & Gas Index

Power Index

Realty Index

0.45

0.99

0.780.79

-0.30

-2.05 -2.08

0.710.82

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

Nasdaq Comp.

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

FTSE 100 CAC 40

1367.00

1006.70

781.00

302.80

-442.50 -442.50

-176.40 -208.80

-600.00

-400.00

-200.00

0.00

200.00

400.00

600.00

800.00

1000.00

1200.00

1400.00

1600.00

Friday Monday Tuesday Wednesday

FII Activity MF Activity

7.34

4.934.17

2.38 2.35

-7.88

-5.18

-4.25 -4.19-3.85

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Ranbaxy Labs.

Asian Paints Hind. Unilever

HCL Technologies

DLF Bajaj Auto Hindalco Inds.

Hero Motocorp

B H E L Axis Bank

4.00

2.351.92 1.80

1.49

-7.85

-5.09

-4.25 -4.10

-3.21

-10.00

-

-

-

-

0.00

8.00

6.00

4.00

2.00

2.00

4.00

6.00

Hind. Unilever

St Bk of India

Tata Power Co.

Larsen & Toubro

ITC Bajaj Auto Hindalco Inds.

Hero Motocorp

B H E L Infosys

Above calls are recommended with a time horizon of 1 year.

Beat the street - Fundamental Analysis

6®

Face Value (`) 10.00

52 Week High/Low 1473.00/840.00

M.Cap (`Cr.) 6370.03

EPS (`) 208.98

P/E Ratio (times) 6.29

P/B Ratio (times) 1.56

Stock Exchange BSE

VALUE PARAMETERS

% OF SHARE HOLDING

JAMMU & KASHMIR BANK LIMITED CMP: 1313.95 Upside: 19%Target Price: 1568

Investment Rationale mainly on account of technical reasons such as change in commercial operation date, change in ·Business of the bank grew 18% on YoY basis to ̀ 92732 configuration of project etc. crore at the end of December 2012, driven by 20%

growth advances to `35657.7 crore, while deposits ·Return on Assets (ROA) improved to 1.87% in grew 17% to ̀ 57074.6 crore at end December 2012. Q3FY2013 and 1.78% in 9MFY2013. ROA is

expected to be 2% for FY2013. ·CASA deposits increased by 15% to ̀ 22506.1 crore, ·Capital Adequacy Ratio improved to 13.82% with while the term deposits moved up 18% to ̀ 34568.4

the Tier I capital at 11.8% at end December 2012 crore at end December 2012.compared to 13.73% with Tier I of 11.56% at end ·Net Interest Margin (NIM) stood above 4% market at September 2012. 4.07% for Q3FY2013, as the yield on advances

·Branch network of the bank stood at 662 branches improved 45 bps YoY, while the yield on investment at end December 2012. Bank has added 27 branches increased 9 bps YoY to 7.43% in Q3FY2013. NIM is in Q3FY2013 and 55 branches in 9MFY2013. expected to be in the range of 3.8%-4.0%, which has

Valuationcrossed 4% mark for Q3FY2013. Considering the improving prospects, consistent ·During the quarter, the slippages were higher at growth in earnings is expected. The bank continues to `113.42 crore (slippage ratio – 1.3%), while deliver healthy performance on business growth and upgradations and reductions were lower at `83.38 NIM. On the estimated book value of `1205.77 for crore, causing 5% QoQ increase GNPA to `581.68 FY14E and target P/BV of 1.30x, we expect the stock crore at end December 2012. However, the bank has to see a price target of 1568 in one year time frame. continued to maintain asset quality with %NNPA

down 2 bps YoY as well as QoQ to 14 bps at end December 2012.

·Gross Non-Performing Assets (NPA) ratio fell to 1.61% from 1.1.8% and Net NPA stood at 0.14% as against 0.16%, during the corresponding period last year. Provision coverage ratio stood high at 94.21% at end December 2012 up from 93.3% at end September 2012.

·During the quarter, bank has restructured ̀ 728.32 crore of advances, pushing up the total outstanding restructured book to ̀ 1977.69 crore, constituting 5.5% of the advance book at end December 2012. The restructuring was done

` in cr

Particular Mar 2012 Mar 2013E Mar 2014E

Net Total Income 1,838.36 2,682.01 3,087.73

Pre-Tax Profit 1,201.10 1,527.13 1,696.30

Net Profit 803.25 1,049.25 1,158.94

EPS (GAAP) 16.57 21.64 23.89

BYPS 843.96 1,018.29 1,205.77

ROE 21.22 23.18 20.72

P/BV Chart

Face Value (`) 2.00

52 Week High/Low 550.00 / 396.05

M.Cap (` Cr.) 13873.86

EPS (`) 24.46

P/E Ratio (times) 20.46

P/B Ratio (times) 6.79

Stock Exchange BSE

` in cr

Particular Mar 2012 Mar 2013E Mar 2014E

Revenue 4,052.17 4,572.90 5,230.94

EBITDA 697.25 833.49 959.26

EBIT 655.27 820.23 940.20

Pre-Tax Profit 824.63 939.25 1,034.12

Net Profit 591.27 711.06 758.14

EPS 21.33 24.69 26.83

BVPS 73.71 87.72 99.15

ROE 28.05 30.35 29.28

VALUE PARAMETERS

% OF SHARE HOLDING

Investment Rationale through co-location.·The company is setting up greenfield plant at ·The company also plans to invest around $150

Phaltan on 300 acres of land at an investment of million to upgrade the Cummins technology centre $500 million (around `2,750 crore) over the next in Pune and merging it with the existing Cummins few years. The Phaltan site, about 150 km from Research and Technology India Ltd (CRTI) to form Pune, comprises a Domestic Tariff Area (DTA) and the India Tech Centre, envisaged as being on par a separate special economic zone (SEZ). The site with the parent tech centre in the US. The new will eventually have around 13 factories, of which tech centre will provide end-to-end engineering, three are already operational, thus bringing all from the initial research to developing technology, Cummins group companies to one location. product development cycle to supporting existing

·A facility for Power Generation Business Unit to products across all business units.manufacture generator sets and generator drive Valuationengines in the low and medium horse power range Over the last few years, the company has reported for export markets (with a matured capacity of steady revenue growth and is expected to continue 51,000 units by 2016) is expected to commence going forward with huge capex plan in the next few operation by July 2013. This facility is being set up years. As regards to exports market, the company in the Special Economic Zone at Phaltan. expects the growth will be about 5-10% in FY14.

·The company has announced 3 percent increase in We expect the stock to see a price target of `592 in the price of its diesel generator sets and generator one year time frame on a one year average P/E of set engines in the range of 7.5 kVA and 3000 kVA 22.06x on FY14 (E) EPS of ̀ 26.83.with effect from January 01, 2013.

·Central Pollution Control Board (CPCB) emission norms to come in July 2013 or some time latter. The industry is pushing for it and alike all of its peers the company is also ready in terms of compliance. The norms will result in cost push but the company is confident of passing it on to customers even in case of outsourced products.

·The company plans to set up an India Office Campus (IOC) at an investment of ̀ 730 crore on 10 acres of land in phases, starting mid-2014 to 2016 to accommodate an increase in headcount planned from 2015. The IOC is expected to help the company introduce operational efficiencies

P/E Chart

CUMMINS INDIA LIMITED CMP: 500.50 Upside: 18%Target Price: 592

Source: Company Website Reuters Capitaline

Charts by Spider Software India Ltd

7

EQUITY

The stock closed at ̀ 15.60 on 14th March 2013. It made a 52-week low at ̀ 14.65

on 04th March 2013 and 52-week high of ̀ 29.80 on 14th March 2012. The 200 days

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

at ̀ 32.97.

As we can see on the chart, there is a basing at lower levels, which indicates

reversal in coming weeks. Moreover, it has formed a Japanese candlestick

pattern called “hammer” which signifies that there should be an aggressive

buying with volumes. Both of these conditions indicate that it may reach our

desired targets in the near term. One can Buy in the range of 15-16 levels with

closing below stop loss of 14 levels for the target of 18-19 levels.

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

The stock closed at `600.10 on 14th March 2013. It made a 52-week low at

`490.35 on 16th March 2012 and 52-week high of `631.95 on 10th September

2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly

chart is currently at ̀ 434.38.

Being the defensive scrip, it is still in its upward trend negating the volatile

sessions of the broader index. Last week, it remained positive despite weakness

in all other counters, which signifies its potential to continue its upward

momentum in near term. One can Buy in the range of 595-600 levels with closing

below stop loss of 575 levels for the target of 650-660 levels.

The stock closed at `914.30 on 14th March 2013. It made a 52-week low at

`621.10 on 18th May 2012 and 52-week high of ̀ 976 on 19th December 2012. The

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

currently at ̀ 670.63.

As we can see on the chart, it is in uptrend but after retracing from 950 levels it

made fresh buying pivot at 850 levels and traded in a positive manner in last few

weeks, which determines its strength. One can Buy in the range of 900-910

levels with closing below stop loss of 870 levels for the target of 960-970 levels.

HCC

M&M

LUPIN

®

DERIVATIVES

BASIS GAP IN NIFTY

IOC (MAR FUTURE)

Buy: Above 320

Target:

Stop loss: 316

`

`329

`

SIEMENS (MAR FUTURE)

Buy: Above 578

Target: `589

Stop loss: `573

`

IFCIBuy MAR. 30 CALL 1.05Buy MAR. 27.50 PUT 0.45

Lot size: 8000Upside BEP: 31.50Downside BEP: 26.00Max. Profit: UnlimitedMax. Loss: 12000.00 (1.50*8000)`

OPTIONSTRATEGY

FUTURESTRATEGY

HINDUNILVR

Buy MAR. 460 CALL 8.00

Sell MAR. 480 CALL 2.00

Lot size: 500

BEP: 466.00

Max. Profit: 7000.00 (14.00*500)

Max. Loss: 3000.00 (6.00*500)

`

`

YESBANK (MAR FUTURE)

Sell: Below 472

Target: 461

Stop loss: 477

`

`

`

The last week buying momentum halted on the back of profit booking in the markets. The market volatility surged and intraday swings became normal. Overall

market is waiting for new triggers from coming RBI policy meet scheduled on 19th March, 2013. Nifty has a strong buying support at 5800 levels, which is very

crucial for bulls. On the index options front, lot of option selling was seen in the 5700-strike put option, which had more than 1 Crore shares in the open

interest. Among the call options, the highest open interest continued at the 6000 strike, with aggregate open interest of 78 lakhs shares. The Implied Volatility

(IV) of call options fell to 13.45 percentage points, whereas for put options, IVs fell to 13.75 percentage points. The put-call ratio of open interest closed at

1.46 from 1.42, indicating Put buildup. For coming week, Nifty is expected to remain in the range of 5800-6000 levels. The volatility trend is likely to be choppy

with large intraday swings and stock specific movements will be the theme.

WEEKLY VIEW OF THE MARKET

NIFTY 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)

IDEA

Buy MAR. 110 PUT 2.50

Sell MAR. 100 PUT 0.50

Lot size: 4000

BEP: 108.00

Max. Profit: 32000.00 (8.00*4000)

Max. Loss: 8000.00 (2.00*4000)

`

`

BEARISH STRATEGYBULLISH STRATEGY VOLATILITY STRATEGY

DERIVATIVE STRATEGIES

®

149700391700 417750 436800

1181500

3335450

5685050

72653506644600

4357100

1983250

2593700 2586600

6504100

7288900

10849900

9365950

5936100

3401600

514150 651450329750

0

2000000

4000000

6000000

8000000

10000000

12000000

5300 5400 5500 5600 5700 5800 5900 6000 6100 6200 6300

Call Put

0

5

10

15

20

25

30

35

40

28-Feb 01-Mar 04-Mar 05-Mar 06-Mar 07-Mar 08-Mar 11-Mar 12-Mar 13-mar 14-Mar

BUY71.9%

SELL28.1%

1044.46

1857.701695.04 1647.98

1002.58 1058.60

2388.62

3470.83

-172.40

-2532.82-3000.00

-2000.00

-1000.00

0.00

1000.00

2000.00

3000.00

4000.00

01-Mar 04-Mar 05-Mar 06-Mar 07-Mar 08-Mar 11-Mar 12-Mar 13-mar 14-Mar

8

9

BHARTIARTL 5549000 5777000 4.11 1.06 0.68 -0.38 36.27 34.15 -2.12

DLF 14633000 15654000 6.98 0.95 1.11 0.16 39.09 38.01 -1.08

HINDALCO 37142000 45488000 22.47 0.46 0.33 -0.13 39.24 40.63 1.39

HINDUNILVR 5637500 4969000 -11.86 0.82 0.72 -0.10 25.34 21.11 -4.23

ICICIBANK 7459500 8128250 8.97 0.98 1.33 0.35 24.32 31.67 7.35

IDEA 12260000 11600000 -5.38 0.80 0.96 0.16 38.47 36.54 -1.93

INFY 2629625 2506750 -4.67 0.78 0.89 0.11 24.75 26.64 1.89

ITC 14948000 14816000 -0.88 0.79 1.08 0.29 19.59 22.28 2.69

JPASSOCIAT 58276000 57140000 -1.95 0.77 0.78 0.01 44.49 42.47 -2.02

NTPC 15338000 15900000 3.66 0.69 0.32 -0.37 20.30 23.22 2.92

ONGC 7013000 6828000 -2.64 0.69 0.43 -0.26 32.73 34.46 1.73

RANBAXY 5080500 4496000 -11.50 0.68 1.16 0.48 37.14 29.13 -8.01

RCOM 52304000 52768000 0.89 0.67 0.46 -0.21 53.84 52.82 -1.02

RELIANCE 7825000 8161500 4.30 0.54 0.49 -0.05 22.52 26.68 4.16

S&P CNX NIFTY 16541050 15048200 -9.03 1.42 1.46 0.04 12.00 13.45 1.45

SAIL 18936000 20008000 5.66 0.65 0.39 -0.26 40.83 40.69 -0.14

SBIN 4536125 4809375 6.02 0.76 0.98 0.22 26.08 29.48 3.40

TATASTEEL 15921000 15810000 -0.70 0.66 0.58 -0.08 31.52 30.29 -1.23

UNITECH 67350000 62600000 -7.05 0.64 0.49 -0.15 76.26 63.76 -12.50

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

DERIVATIVES

Put Call Ratio Analysis : The Put-Call open interest ratio of Nifty has increased to

1.46 from 1.42. At the end of the week, the maximum stocks had a positive of

change in put call open interest ratio.

Implied Volatility Analysis : The Implied Volatility (IV) for Nifty futures this week

has increased to 13.45% from 12.00%. The IV of the stock futures has changed this

week ranging from -12.5% to 7.35%.

Open Interest Analysis : The open interest for the index at the end of this week

has decreased by 9.03% as compared to the previous week. All future stocks saw

changes in their open interest ranging from -11.86% to 22.47%. HINDALCO has the

maximum increase in open interest as compared to other stocks.

Statistical Analysis·

Open 5908.00 High 5990.10

Low 5805.05 Close 5939.75

NIFTY & IV CHART NIFTY ANALYSIS

®

11.00

12.00

13.00

14.00

15.00

5800

5900

6000

08-Mar 11-Mar 12-Mar 13-mar 14-Mar

Nifty Close IV

10

Bullions counter will try to consolidate at current levels as prices are waiting

for clear direction due to growing skepticism about QE3, which is keeping

investor's sentiment cautious. Investors will also be watching a policy meeting

of the Federal Reserve on March 19-20 to gauge the central bank's attitude

towards monetary stimulus. Meanwhile dollar index which has seen steep

upside from 79 to 83 can face resistance near 83.6. Gold prices can trade in

range of $1560-1625 in COMEX and in range of 29000-29800 in MCX. Near term

weakness in local currency rupee can cap the downside in bullions. Local

currency rupee can trade in the range of 53.7-54.5 in the near term. White

metal silver can trade in range of 52500-56000. Gold silver ratio can hover in

range of 54.3-55.5. Positive U.S. economic data underscored recent concerns

by the bullion market that the Federal Reserve may withdraw from its

quantitative easing program. Assets in gold backed exchange traded products

dropped to 2,470.877 metric tonnes, the lowest since September. While Silver

ETP holdings jumped to a record 19,708.147 tonnes last week indicating that

investors are investing in silver instead of gold. Gold trumps other currencies as

the reserve asset of choice for central banks looking to diversify away from the

U.S. dollar and the euro. Global central banks have become net buyers of gold

since 2010. In the fourth quarter of 2012, official-sector net gold purchases

rose to the highest level since 1964.

BULLIONS

ENERGY COMPLEX

Crude oil price may continue its recovery tracking spurt in Middle East tensions

and better economic data from US. Crude oil can trade in range of 4900-5200 in

MCX and $90 - $96 in NYMEX. U.S. crude stockpiles climbed 2.6 million barrels to

384 million last to last week. The IEA curbed its estimate for daily global oil

consumption for a second month, reducing its 2013 prediction by 60,000 barrels

to 90.6 million. OPEC in its report also trimmed forecast demand for its own crude

in 2013 by 70,000 bpd due to rising supply from outside the 12-member group. The

WTI and Brent crude oil spread narrowed down from nearly 23 in early February to

below 16 recently as U.S. refineries end maintenance and new pipeline capacity

reduces a glut at Cushing, Oklahoma. Iran's crude oil exports in March may plunge

by a quarter from a month earlier to the lowest since tight Western sanctions

came into effect in 2012. Positive momentum in the natural gas futures can

persist further as it can test 210-214 in MCX. Colder than normal temperatures are

expected to persist in the Northeast and large portions of the Midwest in US for

the next two weeks, will continue to boost gas prices higher. In the U.S., gas fired

home heating consumption is highest in those two regions, and so, any dip in

temperatures there can push prices higher. Gas demand typically slumps

between the peak heating-demand season and before hot weather drives power

demand to run air conditioners.

Mustard futures (Apr) is expected to hover in the range of 3440-3520 levels.

Higher arrivals in the producing centres and bearish sentiment in spot markets

are weighing over the counter. The domestic prices are likely to feel some

downside pressure as new crop supplies across the major producing areas are

likely to rise in near-term. Refined soy oil futures (Apr) will possibly remain in

bearish zone, with any short covering getting restricted near 685 levels. As per

the latest statistics, import of vegetable oils during February 2013 is reported

at 969,175 tonnes as compared to 876,669 tonnes in February 2012, up by

10.55 %. Higher imports have pushed up edible oil stocks at ports, which rose

by 11% to 930,000 tonnes as on March 1. CPO futures (Apr) is likely to

consolidate in range of 450-465 levels. Palm oil imports during February

jumped 21% to 805,362 tons, as compiled by The Solvent Extractors'

Association of India. Malaysia will set its crude palm oil export tax for April at

4.5%, unchanged from March, and a reference price of 2,383.84 Ringgit per

tonne for crude palm oil. Soybean futures (Apr) is likely to maintain its upside

bias taking support above 3400 levels. Better export enquiries and improved

domestic demand from poultry feed manufacturers may keep the downside

limited. On the contrary, U.S Soybean futures may witness some pressure as

South American supplies will soon freely flow into the world market & Central

Brazil will see good crop conditions over the next week.

OIL AND OILSEEDS

Base metals may remain on the volatile path and lower level buying can be seen

as investors will eye the FOMC meeting on Tuesday and Wednesday to get more

clue about any alteration in QE3 . But certain steps taken by the Chinese

government to curb speculation in property market can keep the upside capped.

Chinese Premier Wen Jiabao last month called for local authorities to

“decisively” curb real estate speculation and take steps to rein the property

market after spurt in prices. Copper may move in the range of 418-440. Stockpiles

of copper monitored by the LME are up by 63 percent this year and recently it

went up past 520,500 metric tons, the highest since March 2010. Inventories have

risen for 20 straight days, the longest streak since January 2010. China's

expanding smelting capacity is due to weigh on copper concentrate treatment

and refining charges (TC/RCs) this year despite higher mine output. Aluminum

prices may trade in range of 103-109 while Lead can trade in range of 118-125.

Zinc may hover in the range of 105-111. Nickel prices can trade in the range of

905-970 in MCX. China SRB has decided to buy 300,000 tonnes of primary

aluminium and 50,000 tonnes of refined zinc from smelters. Recently the

purchases by China's State Reserves Bureau would be equivalent to just over 17

percent of aluminium production and nearly 13 percent of zinc production in

February in China, the world's top consumer and producer of aluminium and zinc.

Premiums to secure spot lead deliveries in Europe have dropped by close to 30

percent recently. Premiums are paid above the LME cash price to cover delivery

costs for physical lead, such as transport and insurance.

BASE METALS

Turmeric futures (Apr) will possibly manage to maintain its upside bias,

backed by the bullish sentiments of the spot markets. Exporters in North India

placed good number of orders with Erode traders urging them to send quality

hybrid variety turmeric for their export to other countries. However, any

sharp upside movements may get restricted due to the imposition of special

margin @ 10% on the long side. Chilli futures (Apr) is expected to extend its

downside breaching 6650 levels. The daily average arrivals are expected to

reach 100,000 bags in the days to come. Moreover, the indication of an

increase in open interest along with a decrease in price is depicting that the

counter may witness some downward trend. Jeera futures (Apr) may continue

to take support above 13000 levels. There are expectations that export orders

may be diverted to India from the international markets due to lack of

supplies from Syria on back of the ongoing civil war. Pepper futures are

expected to trade range bound facing resistance near 36600 levels. At the spot

market, Karnataka pepper is being reportedly sold cheaper because of its

inferior quality. Buyers from Bihar, Jharkhand, Madhya Pradesh and Rajasthan

prefer this quality but in low bulk density and high moisture. Cardamom

futures may remain sideways with upside being capped owing to the situation

of supplies outstripping demand. The average price of individual auctions

dropped to below ̀ 700 a kg.

SPICES

OTHER COMMODITIES

Sugar futures (Apr) is likely to breach 3030 levels. The downside may get

extended due to the continuous selling pressure. Moreover the spot markets

are carrying sufficient stocks. On the contrary, Indian indicative raw sugar CIF

prices from Brazil have been quoted at $528.95/ton and Indian domestic

refined sugar prices have been quoted at $601.25/tonne Kolhapur. It is

notable that millers are finding import more profitable. Wheat futures (Apr) is

expected to trade in the range of 1415-1450 levels. The upside may remain

capped as arrivals are gathering pace from new and old crop in Rajasthan,

Madhya Pradesh and Gujarat. Adding to it, wheat stocks at government

warehouses as on March 1 were 27.1 million tonnes, more than three times the

official target of 8.2 million tonnes for the quarter ending March 31. In news,

India is considering exceeding its recently approved wheat export quota on a

government-to-government basis to trim its large stockpiles. Kapas futures

(Apr) is expected to remain stable taking support above 960 levels. There is

am information that farmers still holding large position of crop particularly in

Maharashtra and Gujarat. Moreover, the exporters and spinners are active at

the spot markets, covering their requirements. Chana futures are expected to

witness a consolidation in the range between 3250-3550 levels. Fresh arrivals

of new chana, desi crop, which are being reported from commenced Gwalior

(M.P.), contain 13% moisture. Higher output estimates in the current season

will possibly add to the overall weak tone of the counter.

®

Closing as on 14.03.13

11

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

SOYABEAN (MARCH) 3521.00 07.03.13 UP 3421.50 3350.00 - 3250.00 - 3200.00

JEERA (APRIL) 13292.50 10.01.13 DOWN 13882.50 - 13600.00 - 14400.00 14800.00

PEPPER(MARCH) 37155.00 14.02.13 UP 36130.00 35500.00 - 34500.00 - 33500.00

RED CHILLI (MARCH) 6700.00 10.01.13 UP 6390.00 6400.00 - 6300.00 - 6200.00

RM SEEDS (APRIL) 3465.00 15.03.13 SIDEWAYS - - - - - -

MENTHA OIL (MARCH) 1225.90 23.01.13 SIDEWAYS - - - - - -

CARDAMOM (APRIL) 914.10 28.02.13 DOWN 965.00 - 990.00 - 1035.00 1100.00

SILVER (MAY) 54289.00 20.12.12 DOWN 57351.00 - 56000.00 - 57200.00 58500.00

GOLD (APRIL) 29389.00 14.02.13 DOWN 30463.00 - 30000.00 - 30400.00 30800.00

COPPER (APRIL) 426.30 20.12.12 DOWN 432.95 - 440.00 - 452.00 460.00

LEAD (MARCH) 121.35 17.01.13 SIDEWAYS - - - - - -

ZINC (MARCH) 106.10 17.01.13 SIDEWAYS - - - - - -

NICKEL(MARCH) 932.30 21.02.13 DOWN 920.30 - 935.00 - 955.00 970.00

ALUMINUM(MARCH) 105.55 21.02.13 DOWN 112.95 - 108.00 - 111.00 115.00

CRUDE OIL (APRIL) 5081.00 07.03.13 DOWN 4980.00 - 5150.00 - 5250.00 5350.00

NATURAL GAS (MARCH) 205.70 28.02.13 UP 191.10 194.00 - 191.00 - 188.00

TREND RATE TREND S1 R1 S2 R2 CLOSING

PRICE CHANGED STOP/LOSS*

TREND SHEET

COMMODITY

SILVER MCX (MAY) contract closed at `54289.00 on 14th March '13. The contract made its high of

`61301.00 on 23rd January '13 and a low of ̀ 53802.00 on 1st March '13 .The 18-day Exponential Moving

Average of the commodity is currently at ̀ 55134. On the daily chart, the commodity has Relative Strength Index (14-day) value of 33.One can Buy in the

range 54000-53800 with the stop loss of ̀ 53250 for a target of ̀ 55500.

ALUMIN IUM MCX (MARCH) contract closed at `105.55 on 14th March '13. The contract made its high of

`119.30 on 3rd January '13 and a low of ̀ 104.15 on 11th March '13.The 18-day Exponential Moving Average of

the Commodity is currently at ̀ 107.50.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 33.One can Buy in the

range 105-104 with the stop loss of ̀ 102 for target of ̀ 110.

SOYAREFINED OIL NCDEX (APRIL) contract closed at ̀ 667.65 on 14th March '13.The contract made its high

of `721.00 on 2nd February '13 and a low of `663.60 on 14th March '13.The 18-day Exponential Moving

Average of the Commodity is currently at ̀ 678.80.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 46. One can Buy in the

range 675-672 with the stop loss of ̀ 668 for a target of ̀ 685.

®

SILVER MCX (MAY)

ALUMINIUM MCX (MARCH)

SOYAREFINED OIL NCDEX (APRIL)

12

COMMODITY

NEWS DIGEST

In the week gone by commodities traded in a different direction on mixed cues. In the international

market gold was slightly up on lower level buying after it hit multi week low whereas silver traded

down. In the Indian market both the commodities traded down. Selling stimulated in bullion counter

also when Germany's central bank expressed concerns about the euro zone crisis and the European

Central Bank's moves to stem it. Furthermore, U.S. data showing a strengthening economy boosted

the equities and damped the demand for safe haven assets. In a new development, spread between

brent and sweet crude tightened to $16, the smallest since Jan. 22. Brent crude was on decline side

since past five weeks whereas WTI strengthened in past two weeks. The IEA curbed its estimate for

daily global oil consumption for a second month, reducing its 2013 prediction by 60,000 barrels to 90.6

million. As regards US inventories, it climbed to the highest for the first time this year in records dating

back to 1982, while output rose to the most since July 1992. In industrial metals counter, most of them

appreciated on lower level buying. Upside was limited on the concern that policy makers will expand

efforts to cool the housing market in China, the world's biggest consumer. Zinc dropped after China's

central bank governor's comments on inflation and signaled a heightened focus on controlling prices.

Buying stimulated in the spices on fresh orders in the physical market. Bangladesh buyers were

actively trading in Teja variety, prices of certain high heat varieties were on the rise. Even futures

counter of chilli traded high, supported by firm sentiments of spot market. Buying by stockist,

especially in old stocks lifted up turmeric prices as well. Expectation of better export due to good

quality crop propped up jeera price. Cardamom has witnessed some lower level buying after a multi

week fall. Cardamom being imported from Guatemala around 200 tonnes had dragged the prices of

cardamom. The government is weighing the option of imposing a minimum import price on cardamom

to check import of cheap varieties from countries such as Guatemala, Pakistan, Nepal and

Bangladesh. Steady to weak sentiments were recorded in key sugar spot markets. GMO meeting which

was going to be held on 14th of this month has been postponed to 20th March 2013. It is notable that

government is likely to take any decision on sugar decontrol. Weakness in the international market

weighed on domestic oil seeds and edible oil counter too. CBOT closed in the negative territory on

profit booking and slight pressure due to favorable weather outlook for Argentina and Southern Brazil

for crop development.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 06.03.13 13.03.13 DIFFERENCE

QTY.

CASTOR SEED MT 99501.00 108115.00 8614.00

CHILLI MT 2087.00 2893.00 806.00

COTTONSEED OILCAKE MT 118912.00 126748.00 7836.00

MAIZE MT 11522.00 8456.00 -3066.00

SOYA BEAN SEEDS MT 9630.00 9800.00 170.00

SUGAR S KOL MT 3548.00 3548.00 0.00

SUGAR M MT 15851.00 13922.00 -1929.00

WHEAT MT 4296.00 4296.00 0.00

COMMODITY UNIT 07.03.13 14.03.13 DIFFERENCE

QTY. QTY.

CARDAMOM MT 30.40 32.30 1.90

COTTON BALES 8100.00 105300.00 97200.00

GOLD KGS 856.00 872.00 16.00

GOLD MINI KGS 665.60 534.40 -131.20

GOLD GUINEA KGS 267.98 279.62 11.65

MENTHA OIL KGS 1085306.00 1058635.50 -26670.50

MILD STEEL MT 4346.17 4709.14 362.97

SILVER (30 KG Bar) KGS 126325.63 124206.03 -2119.60

·Stockpiles of copper monitored by the LME are up

by 63 percent this year and recently it went up past

520,500 metric tons, the highest since March 2010.

·US Retail sales increased 1.1%, the largest rise since

September, after a revised 0.2% gain in January.

·Japan's consumer confidence index hit its highest

since mid2007 in February.

·China's copper output dropped for a second

straight month in February from record highs

touched in December.

·India's sugar output is seen at 24 million tonnes in

2013/14 compared with 24.5 million tonnes this year.

·Special Margin of 10% on the Long side will be

imposed on all running contracts and yet to be

launched contracts in Turmeric with effect from

March 14, 2013.

·The government of Rajasthan has exempted jeera,

turmeric, dry chillies, dhaniya from value added tax.

·An Indian ministerial panel cleared a food

ministry proposal to allow private companies to

export 5.0 million metric tons of wheat.

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

®

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

12.55

5.68

3.99

2.47

1.08

-1.44 -1.33 -1.23 -1.03 -0.94

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

POTATO KAPASKHALI NATURAL GAS

NICKEL LEAD STEE LRPR BR. CRUDE OIL

CPO SILVER MENTHA OIL

5.72

5.20

3.92

3.19

1.83

-5.22

-1.66 -1.63 -1.59-1.35

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

TURMERIC PEPPER COTTON SD OC (AKL)

NEW STEEL LONG

RED CHILLI CASTOR SD NEW

SOYA OIL MAIZE RABI PVC NEWPALMOLEIN

Spice………Arrivals and Production Estimates

13

SPOT PRICES (% change)

COMMODITY

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

07.03.13 14.03.13

ALUMINIUM 5187925 5180975 -6950

COPPER 473750 520500 46750

NICKEL 161022 161046 24

LEAD 287700 281400 -6300

ZINC 1200800 1208425 7625

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 08.03.13 14.03.13 CHANGE (%)

Soya CBOT MAY Cent per Bushel 1471.00 1435.50 -2.41

Maize CBOT MAY Cent per Bushel 703.50 716.50 1.85

CPO BMD APR MYR per MT 2439.00 2352.00 -3.57

Sugar LIFFE MAY 10 cents per MT 534.10 537.20 0.58

COMMODITY EXCHANGE CONTRACT 08.03.13 14.03.13 CHANGE%

ALUMINIUM LME 3 MONTHS 1965.00 1979.00 0.71

COPPER LME 3 MONTHS 7741.00 7800.00 0.76

LEAD LME 3 MONTHS 2213.00 2249.00 1.63

NICKEL LME 3 MONTHS 16735.00 17225.00 2.93

ZINC LME 3 MONTHS 1975.00 1976.00 0.05

GOLD COMEX APR 1576.90 1590.70 0.88

SILVER COMEX MAY 2894.80 2880.70 -0.49

LIGHT CRUDE OIL NYMEX APR 91.95 93.03 1.17

NATURAL GAS NYMEX APR 3.63 3.81 5.04

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

Pepper·Indian Black pepper production may be around 50,000 tonnes, lower than the previous

estimates of 55,000 tonnes but higher than last year's 43000 tons production.·Pepper harvesting is already over in Kerala's Kottayam and Pathanamthitta

districts while harvesting is ongoing in other regions in Kerala. ·Supplies have picked up from Karnataka but are still below expectations because

of labour shortage and as farmers are holding back stocks expecting better returns·According to the latest updates from India Pepper and Spice Trade Association

(IPSTA), Kochi, Pepper arrivals increased to 670-750 quintals from 350 quintals within last few days.

·India's export is estimated at 25000 tons for 2013.·Meanwhile, black pepper import has increased by 33 per cent, but export will be

down around 30 per cent.

Turmeric ·As per the market sources, the total production of turmeric has been revised lower to

45 lakh bags in the current year from the previous estimates of 55 lakh bags . ·Moreover, total carryover stocks of the last year were also reported lower at 35

lakh bags at major mandies.·According to traders, demand for new crop was less than expected because of

high moisture content but was expected to improve in the coming weeks.·Around 8,000-10,000 bags of 70 kg each are reaching Nizamabad, a key market in

Andhra Pradesh.·Domestic traders are picking up small quantities of daily arrivals while bulk is still

being bought by stockists.·According to a press release issued by the Andhra Pradesh Government, around

9,240 tonnes of turmeric in Nizamabad yard were damaged due to heavy rains.

Cardamom·Harvesting of cardamom for the current season is over.·The current total output is estimated around 50% lower than last season due to

severe drought.·The Spices Board said the import of cardamom during the nine-month period

ending February 28 this year was just 200 tonne whereas the produce reached at the auction centres was 8,776 tonne.

·Total arrivals and sales during the current season from August 1, 2012 to March 10, 2013 were at 9,272 tonnes and 8,792 tonnes respectively.

·Cardamom exports may fall by over 50% in the current year given the production shortfall in the country and a better crop in Gautemala.

·Guatemala's crop with carryover stocks is estimated at around 34 thousand tonnes.

Jeera ·Total jeera production in the country may be around 38-40 lakh bags and carry

forward stock may be around 4 lakh bags.·Jeera harvesting has picking up and the major growing areas are witnessing

comfortable weather.·Daily supplies from the new season crop rose to 25,000-30,000 bags of 60 kg each from

10,000-14,000 bags during the start of the month, at the Unjha market in Gujarat.·India Spices Board has set the target to export 45,000 tons cumin seed, which has

been achieved and export is still continued due to a supply crunch in the global markets and it is expected that export may be around 60,000 tons, which will be a new record as Syria and Turkey are not exporting.

Red chilli ·In Madhya Pradesh, season is over. This season production estimates are around 4

to 4.5 million bags (1 bag= 30 Kgs). ·Total chilli production Andhra Pradesh is estimated around 50% lower than 1.55

crore bags in previous year. ·New crop arrivals are progressing well. In Andhra Pradesh, daily average arrivals

at Guntur market is around 50,000-60000 bags. Traders are expecting daily average arrivals to reach 100,000 bags soon.

®

0.10

0.06

-2.81

-1.58

-1.17

-0.89

-0.84

-0.51

-0.46

-

-

0.00

0.07

0.21

0.65

0.78

1.54

1.68

2.61

2.85

3.72

13.74

-4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.0012.0014.0016.00

RAW JUTE (KOLKATA)

MUSTARD (JAIPUR)

CRUDE PALM OIL (KANDLA)

REFINED SOYA OIL (INDORE)

SILVER (DELHI)

GOLD KG (MUMBAI)

BARLEY (JAIPUR)

CORIANDER (KOTA)

WHEAT (DELHI)

MILD STEEL INGOTS (GHAZIABAD)

CARDAMOM (VANDANMEDU)

PEPPER MALABAR GAR (KOCHI)

JEERA (UNJHA)

GUR (MUZAFFARNGR.)

CHANA (DELHI)

RUBBER (KOCHI)

CHILLI (GUNTUR)

SOYABEAN (INDORE)

MASOOR (INDORE)

TURMERIC (NIZAMABAD)

14

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 54.55 54.56 54.01 54.18

EUR/INR 71.35 71.54 70.12 70.44

GBP/INR 81.74 81.98 80.36 81.71

JPY/INR 57.40 57.54 56.11 56.38

(Source: Thomson Reuters, Open: Friday (Prior) 9.00 AM IST, Close: Thursday 5.00 PM IST)

News Flows of last week

12th Mar: UK House prices dip but year-ahead outlook brightens

12th Mar: Fall in UK manufacturing fans triple-dip fears

13th Mar: U.S Bullish retail sales bolster economic outlook

14th Mar: Fed balance sheet grew to record large size

14th Mar: U.S Current account narrowed in fourth quarter

14th Mar: Jobless claims data brightened labor market picture

USD/INR (MARCH) contract closed at ̀ 54.49 on 14th March'13. The contract made its high of ̀ 59.60 on 28th June'12 and a low of ̀ 52.67 on 05th October'12.The 14-day Exponential Moving Average of the USD/INR is currently at ̀ 54.56.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 43.91. One can Buy above 54.50 for a target of ̀ 55.50 with the stop loss of ̀ 53.95.

EUR/INR (MARCH) contract closed at ̀ 70.43 on 14th March'13. The contract made its high of ̀ 73.96 on 14th January'13 and a low of ̀ 70.33 on 14th March'13. The 14-day Exponential Moving Average of the EUR/INR is currently at ̀ 71.26.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 39.14. One can Buy above 71.25 for a target of ̀ 72.25 with the stop loss of ̀ 70.70.

GBP/INR JPY/INR

JPY/INR (MARCH) contract closed at `56.27 on 14th March'13. The contract made

its high of `64.80 on 27th December'12 and a low of `56.34 on 14th March'13.The

14-day Exponential Moving Average of the JPY/INR is currently at ̀ 57.64.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 33.15.

One can Buy above 57.25 for a target of ̀ 58.25 with the stop loss of ̀ 56.75.

GBP/INR (MARCH) contract closed at `81.42 on 14th March'13. The contract made

its high of ̀ 90.50 on 21st December'12 and a low of ̀ 80.81 on 12th March'13. The 14-

day Exponential Moving Average of the GBP/INR is currently at ̀ 82.26.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 42.82.

One can Buy above 82.50 for a target of ̀ 83.50 with the stop loss of ̀ 81.95.

USD/INR EUR/INR

Market Stance

Rupee traded range bound in the week gone by following mixed cues. After

hitting a two week high, rupee fell marginally and gave up some of it gains

dragged by steep fall in euro against dollar. The euro fell to a three-month low

against a broadly buoyant dollar as economic and political concerns in the euro

zone contrasted a string of positive data from the United States. Earlier, Reserve

Bank of India chief's comments on the budget and a drop in core inflation raised

hopes that the central bank would cut interest rates next week. The currency

made gains after non-food manufacturing inflation, which the central bank uses

to gauge demand-driven price pressures, slowed to 3.8 percent in February, the

weakest pace since March 2010. Rupee was also helped by gains in Indian shares.

With the inflation data out, the focus will shift to the RBI's policy review on March

19. A rate cut, the central bank's second easing this year, would help improve

confidence about economic growth, and potentially sparking gains in the rupee.

Economic gauge for the next week

Date Currency Event PREVIOUS

19th Mar: GBP GBP Consumer Price Index (YoY) 2.70%

19th Mar: GBP GBP Core Consumer Price Index (YoY) 2.30%

19th Mar: EUR EUR German ZEW Survey (Economic Sentiment) 48.2

20th Mar: GBP GBP U.K. Chancellor Osborne Presents 2013

Budget to Parliament

20th Mar: EUR EUR German Producer Prices (YoY) 1.70%

20th Mar: GBP GBP Bank of England Minutes

20th Mar: GBP GBP Jobless Claims Change -12.5K

20th Mar: USD USD Federal Open Market Committee Rate Decision 0.25%

Technical Recommendation

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IPO

14

IPO

15

INDIAN IPO NEWS

CRISIL assigns grade 3/5 to MobME IPO

CRISIL has assigned a grade of 3/5 to the proposed IPO of MobME Wireless Solutions (MobME), which indicates that the fundamentals of the IPO

are good as compared to other SMEs in India. MobME has demonstrated a strong ability to launch and scale up new products and gain customers

in the Indian telecom industry. Its revenues have increased to ̀ 22.57 cr. in FY12 from ̀ 0.34 cr. in FY08. It generated net profit of ̀ 6.75 cr. in

FY11 and ̀ 5.13 in FY12 on an equity investment of ̀ 3.03 over FY08-12.

Micromax revives public offer plan

India's largest mobile phone maker Micromax Informatics Ltd. is reviving its initial public offer plans to help its private equity investors to sell a

part of their stake. PE funds Sequoia Capital, Sandstone Capital and Madison India Capital will soon appoint investment banks to complete the

issue in 2013 after it was withdrawn in July 2011. SEBI had approved Micromax offer proposal to sell 10% stake or 2.15 crore shares for `426

through a public offer in 2011 valuing the company at roughly $1 billion. In 2010, private equity players Sequoia Capital, Sandstone Capital and

Madison India Capital had jointly bought around 6% stake in the company for ̀ 200 crore.

Sunstar Realty lists on BSE SME platform

Sunstar Realty Development Ltd today became the 14th company to get listed on the BSESME platform, after having successfully completed its

public issue on February 25, BSE said in a statement here. The company came out with an initial public offering of 53,10,000 equity shares of

`10 each for cash at a price of `20 per equity share aggregating to `10.62 crore. The trading lot size is 6,000 equity shares. Sunstar Realty

Development is a Mumbai-based company engaged in infrastructure and real estate development.

Jyoti CNC Automation files IPO papers with SEBI

CNC machine manufacturer, Jyoti CNC Automation filed draft red herring prospectus with SEBI on March 11, for a public issue of 1.34 crore

equity shares of face value of ̀ 10 each. The issue will constitute 31.82 percent of the post issue paid-up capital of the company. The company is

also considering a pre-IPO placement of upto 27.9 lakh shares and/or aggregating upto `60 crore. It is one of the largest CNC machine

manufacturing companies in India in the metal cutting segment with a 12.7 percent share of the value of domestic production in FY 2012. It has

presence in India and 37 other countries in Asia, Europe, Middle East, North America, South America and Africa.

BSCPL Infrastructure files IPO papers, to raise ̀ 650cr

The Hyderabad-based BSCPL Infrastructure (formerly known as B Seenaiah & Company Projects Limited) proposes to raise ̀ 650 crore through

the public issue; for which it has filed draft red herring prospectus (DRHP) with the SEBI. The issue consists of a fresh issue of ̀ 350 crore by the

company and an offer for sale of `300 crore by New Vernon Private Equity limited, Tattersalls Limited, Tiger Veda Bharat, LB India Holdings

Mauritius II Limited, and L&T Infrastructure Finance Company Limited. The company proposes to utilise the funds raised through the fresh

issue for investment in subsidiary, BSCPL Aurang for part funding of the construction and development of BOT Project under development,

through wholly owned subsidiary, BIPL; and repayment, in full or part, of the ICICI Facility for a sanctioned amount of ̀ 150 crore.

cr. cr.

V-Mart Retail Trading 317.89 123.00 20-Feb-13 210.00 216.00 177.00 -15.71

Bharti Infra. Telecom 35846.39 4533.60 28-Dec-12 220.00 200.00 189.80 -13.73

PC Jeweller Jewellary 2123.23 609.30 27-Dec-12 135.00 135.50 118.55 -12.19

CARE Rating Agency 2274.86 540.00 26-Dec-12 750.00 949.00 796.80 6.24

Tara Jewels Jewellary 449.69 179.50 6-Dec-12 230.00 242.00 182.95 -20.46

VKS Projects Epc 257.40 55.00 18-Jul-12 55.00 55.80 14.30 -74.00

Speciality Restaruants Restaurants 802.31 181.96 30-May-12 150.00 153.00 170.85 13.90

T B Z Jewellary 1615.41 210.00 9-May-12 120.00 115.00 242.30 101.92

NBCC Construction 1661.40 124.97 12-Apr-12 106.00 100.00 138.45 30.61

MT Educare Miscellaneous 345.47 99.00 12-Apr-12 80.00 86.05 87.35 9.19

Olympic card. Media 90.36 24.75 28-Mar-12 30.00 29.95 55.40 84.67

IPO TRACKER

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

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*Closing as on 14.03.13

MUTUAL FUND

17

NEWS

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Mutual Funds' assets slip 1.5% in February A near 6% fall in the Nifty during February pulled down assets under management of mutual funds by 1.5% in February from record levels a month earlier. AUMs fell to ̀ 8.14 lakh crore from a record high of ̀ 8.26 lakh crore in January, mutual fund industry body AMFI data shows. The fall in the Nifty resulted in markto-market losses of equity-oriented mutual funds. The AUM of these funds declined to a 15-month low of ̀ 1.76 lakh crore due to mark-to-market losses and outflow of ̀ 160 crore in February. When a security falls in value from the time it was purchased, it leads to an MTM loss.

L&T MF introduces FMP - VII (March381D A)L&T Mutual Fund has launched the New Fund offer (NFO) of L&T FMP - VII (March381D A), a close ended income scheme. The NFO opens for subscription on March 15, 2013 and closes on March 18, 2103. No entry load or exit load will be applicable for the scheme. The investment objective of the scheme is to achieve growth of capital through investments made in a basket of debt/ fixed income securities maturing on or before the maturity of the Scheme.

ICICI Prudential MF introduces Interval FundICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Interval Fund - Series VI - Annual Interval Plan - E, an open ended income scheme. The NFO opens for subscription on March 15, 2013 and closes on March 21, 2013. The investment objective of the scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities maturing on or before the opening of the immediately following Specified Transaction Period (STP).However, there can be no assurance that the investment objective of the scheme will be realized.

ICICI Prudential MF introduces FMP 67-378 DaysICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan-Series 67-378 Days Plan A, a close ended income scheme. The NFO opens for subscription on March 15, 2013 and closes on March 20, 2013. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the scheme. However, there can be no assurance that the investment objective of the scheme will be realized.

IDFC MF introduces Fixed Term Plan Series-16IDFC Mutual Fund has launched the New Fund Offer (NFO) of IDFC FIXED TERM PLAN SERIES -16, a close ended income scheme. The NFO opens for subscription on March 14, 2013 and closes on March 19, 2013. No entry load or exit load will be applicable for the scheme. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. There is no assurance or guarantee that the objectives of the scheme will be realized.

UTI MF introduces FTIF Series XIV -VI (366 DAYS)UTI Mutual Fund has launched the New Fund Offer (NFO) of UTI FTIF Series XIV -VI (366 DAYS), a close ended income scheme. The NFO opens for subscription on March 14, 2013 and closes on March 18, 2013. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is ̀ 5000 & multiple of ̀ 10 under all options. The investment objective of the scheme is to generate returns by investing in portfolio of fixed income securities maturing on or before the date of maturity of the scheme. However the scheme does not guarantee / indicate any return. There is no assurance that the funds objective will be achieved.

PineBridge Quarterly Interval Fund-Series I declares dividend PineBridge Mutual Fund has declared dividend under the standard plan of PineBridge Quarterly Interval Fund-Series I, an interval income scheme. The record date for dividend is March 18, 2013. The amount of dividend will be ̀ 16.931 per unit on the face value of ̀ 1000 per unit.

LIC Nomura MF FMP-49 declares dividendLIC Nomura Mutual Fund has declared dividend under the LIC Nomura MF FMP-49 scheme. The record date for dividend is March 19, 2013. The dividend rate per unit will be the entire distributable surplus as on the record date on the face value of Rs. 10 per unit

Reliance Mutual Fund declares dividend under Reliance Money Manager Fund - Retail Plan - Quarterly Dividend OptionReliance Mutual Fund has declared dividend under Reliance Money Manager Fund - Retail Plan - Quarterly Dividend Option. The record date for dividend is March 19, 2013. The amount of dividend will be ̀ 20.3776 per unit.

Reliance Mutual Fund declares dividend under Short Term Fund - Dividend Plan - Quarterly Dividend OptionReliance Mutual Fund has declared dividend under Reliance Short Term Fund - Dividend Plan - Quarterly Dividend Option. The record date for dividend is March 19, 2013. The amount of dividend will be ̀ 0.2200 per unit.

NFOs WATCH

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

01-Mar-2013 18-Mar-2013 Open-Ended Growth `5000/-ICICI Prudential Nifty ETF

Kayzad EghlimTo provide returns before expenses that closely correspond to the total return of the Underlying Index, subject to tracking errors.

04-Mar-2013 18-Mar-2013 Close-Ended Growth `5000/-DWS Hybrid Fixed Term Fund - Series 12 (38 months) (G)

Akash Singhania / Kumaresh Ramkrishnan

To generate income by investing in fixed income securities maturing on or before the date of the maturity of the scheme and to generate capital appreciation by investing in equity and equity related instruments.

12-Mar-2013 20-Mar-2013 Close-Ended Growth `5000/-IDBI FMP 385 Days Series III (March 2013) - C (G)

Gautam KaulTo generate income through investments in Debt and Money Market Instruments.

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MUTUAL FUND Performance Charts

Returns (%) Risk Market Cap (%)

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

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

SBI Emerg Buss Fund - Growth 56.18 17-Sep-2004 989.23 -4.71 9.71 26.34 18.14 22.53 1.88 0.73 0.30 16.15 61.70 10.80 11.35

Birla Sun Life India GenNext F-Growth 30.62 05-Aug-2005 110.28 -2.36 10.22 23.12 15.33 15.84 1.49 0.68 0.27 51.40 39.69 3.91 5.01

Taurus Discovery Fund - Growth 16.49 03-Jan-1996 26.49 -5.18 14.04 21.52 4.67 4.99 2.14 0.95 0.22 21.66 66.05 9.25 3.04

Sundaram Media & Entert Opp F-Reg-G 13.15 16-Jun-2008 38.15 -7.60 16.57 20.91 -3.80 5.94 2.88 1.13 0.12 14.79 52.63 31.30 1.28

Axis Midcap Fund - Growth 12.65 18-Feb-2011 115.51 -4.67 11.45 20.48 N.A 12.04 1.95 0.87 0.28 9.84 74.87 4.43 10.86

SBI Magnum Bluechip Fund - Growth 16.79 14-Feb-2006 740.93 2.18 10.38 19.75 6.57 7.59 1.48 0.78 0.19 80.99 11.76 -- 7.25

Franklin India Smaller Companies F- G 16.20 13-Jan-2006 334.97 -2.10 10.79 18.94 7.95 6.96 1.73 0.69 0.23 19.29 70.91 5.30 4.50

EQUITY (Diversified)

BALANCED

INCOME FUND

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 14/03/2013Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

ULTRA SHORT TERM

SHORT TERM FUND

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

Due to their inherent short term nature, the following 2 categories have been sorted on the basis of 6month returns

Returns (%) Risk Market Cap (%)

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

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

SBI Magnum Balanced Fund - Growth 56.02 09-Oct-1995 359.27 0.43 9.97 16.93 5.77 15.76 1.10 0.16 29.40 35.10 4.97 30.53

ICICI Prudential Balanced - Growth 55.66 03-Nov-1999 381.15 0.82 9.22 13.50 11.04 13.70 1.15 0.11 45.61 19.18 1.97 33.25

Tata Balanced Fund - Plan A - Growth 96.84 08-Oct-1995 445.62 -1.19 5.49 12.89 8.70 15.94 1.30 0.11 46.03 22.09 3.44 28.44

Principal Balanced Fund - Growth 33.32 14-Jan-2000 16.33 -2.14 7.10 12.11 4.28 9.57 1.25 0.10 40.23 22.45 0.80 36.52

Kotak Balance 23.45 25-Nov-1999 51.65 2.05 7.93 11.94 7.25 15.57 1.17 0.06 55.58 6.92 0.35 37.15

Reliance RSF - Balanced - Growth 24.65 08-Jun-2005 556.47 -2.51 4.36 11.18 6.73 12.31 1.39 0.09 52.51 13.58 4.87 29.05

Birla Sun Life 95 - Growth 343.73 10-Feb-1995 559.40 0.37 7.41 10.79 8.13 21.58 1.28 0.04 59.64 12.62 0.36 27.39

Returns (%) RiskAverage Yield till

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

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

SBI Magnum Income - Growth 29.05 25-Nov-1998 1086.68 15.36 14.15 4.95 13.20 13.08 9.31 7.69 14.48 0.33 N.A 8.31

IDFC SSIF - Invt. Plan - Plan F - Growth 12.76 16-Jul-2010 516.46 16.73 13.87 8.61 14.34 12.75 N.A 9.58 14.92 0.28 730.00 8.27

IDFC D B F- Plan A - Growth 23.68 25-Jun-2002 2386.71 15.90 13.04 7.81 14.04 12.70 9.49 8.37 14.50 0.30 730.00 8.30

IDFC SSIF - Invt Plan - Reg - Growth 28.36 14-Jul-2000 516.46 15.97 13.09 7.85 14.15 12.37 8.78 8.57 14.60 0.26 730.00 8.27

SBI Dynamic Bond Fund - Growth 14.69 09-Feb-2004 4373.49 12.59 12.39 4.17 12.79 11.97 10.50 4.43 14.77 0.26 N.A 8.26

UTI Bond Fund - Growth 34.97 04-May-1998 1403.42 13.83 12.31 1.47 13.62 11.81 9.85 8.78 14.48 0.24 4373.00 N.A

Reliance Dynamic Bond Fund - Growth 15.73 16-Nov-2004 2349.36 9.27 11.84 3.97 12.30 11.78 9.60 5.56 14.03 0.25 3376.00 7.38

Annualised

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

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

UTI Short Term Income F-IP-Growth 13.94 18-Sep-2007 2050.79 17.87 15.75 10.24 11.37 11.92 9.74 6.24 6.61 0.54 1021.00 N.A

Escorts Short Term Debt Fund-Growth 17.64 29-Dec-2005 9.97 13.10 11.52 9.81 11.12 10.67 9.64 8.19 2.79 1.14 N.A N.A

UTI Short Term Income Fund-Ret-G 20.33 23-Jun-2003 2050.79 17.52 15.40 9.81 10.83 11.19 9.02 7.56 6.63 0.44 1021.00 N.A

Sundaram Select Debt-STAP-Reg-Appreciation 19.97 04-Sep-2002 17.25 15.40 15.18 9.75 10.52 11.02 9.54 6.79 4.64 0.72 1657.00 9.42

ICICI Prudential Blended-Plan B-Option I-G 17.49 31-May-2005 165.78 9.65 10.21 6.50 10.22 9.78 8.31 7.44 5.56 0.42 1004.00 8.64

IDFC SSIF - MTP - Plan B - Growth 12.85 02-Jul-2009 2240.34 15.10 14.96 9.95 10.12 10.76 N.A 7.01 5.96 0.45 610.00 8.99

IDFC SSIF - MTP - Plan F - Growth 13.06 10-Feb-2010 2240.34 15.09 14.91 9.90 10.08 10.68 9.17 9.03 5.95 0.44 610.00 8.99

Annualised

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

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

Taurus Ultra Short Term Bond F- Super IP-G 1388.12 01-Dec-2008 623.59 9.85 9.85 9.34 9.23 9.94 8.86 7.95 0.72 3.48 33.00 N.A

ICICI Prudential Ultra Short Term Plan-Sup Prem-G 13.18 29-Jul-2009 1019.83 19.46 16.05 12.26 9.15 10.13 8.52 7.90 2.17 1.10 142.00 8.44

Taurus Ultra Short Term Bond Fund-IP-G 1380.03 01-Dec-2008 623.59 9.75 9.75 9.25 9.13 9.83 8.75 7.81 0.72 3.33 33.00 N.A

JM Money Manager Fund - Reg - Growth 16.23 27-Sep-2006 187.29 9.33 9.23 9.05 9.11 9.96 8.96 7.78 0.80 3.18 24.00 9.31

Peerless Ultra Short Term Fund-Super IP-G 12.89 19-Feb-2010 1391.44 8.92 8.83 8.49 9.11 9.99 8.70 8.63 0.86 2.98 270.00 9.23

Indiabulls Ultra Short Term F- G 1119.04 06-Jan-2012 524.19 8.34 8.51 8.37 9.06 9.92 N.A 9.95 1.53 1.66 80.00 8.58

Templeton India Ultra Short Bond F-Super IP-G 15.22 18-Dec-2007 4480.97 11.12 10.60 9.50 9.06 10.09 8.78 8.34 1.42 1.83 66.00 9.50

Annualised

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Mr S C Aggarwal, CMD, SMC Group addressing the audience during

the India Entrepreneurship Summit organised by ASSOCHAM at New Delhi

Glimpses of Women's day celebrations held at SMC Headquarters