2010: Issue 242, Week: 29th November-3rd DecemberA Weekly Update from SMC

(For private circulation only)

M NEY

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Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

IPO 14-16

Mutual Fund 17-18

EDITORIAL STAFF

Editor Saurabh Jain

Executive Editor Jagannadham Thunuguntla

+Editorial Team

Dr. R.P. Singh Nitin Murarka

Kunal Sharma Vandana Bharti

Tejas Seth Sandeep Joon

Dinesh Joshi Vineet Sood

Bhaskar Mandal Shitij Gandhi

Dhirender Singh Bisht Subhranil Dey

Parminder Chauhan Asmita Satyendra

Shilpi Agarwal Ajay Lakra

Mudit Goyal

Content Editor Kamla Devi

Graphic Designer Pramod Chhimwal

Research Executive Simmi Chibber

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(Saurabh Jain)

From The Desk Of Editor

ndian markets tanked for the third consecutive week; as set of bad news continues

to send jitters in the markets. European debt concerns, geopolitical problem Ibetween the two Korean countries, monetary policy tightening in China and then

above all domestic loan scam sent stocks deep in the red in the week gone by. The

concerns erased almost $2 trillion from global stocks in the past three weeks.

It was looking that after Ireland bailout, things would get better but then investors

sensed that after Ireland, Portugal is also likely candidate for aid with Spain to follow. It

looks now that European Central Bank may have to delay exit again from emergency

measures because of region's sovereign debt problems.

Interest rate hike in China to tackle inflation is looking almost inevitable and investors

are waiting now for the government statement for the next year's economic policies,

such as new lending and economic growth targets. There is an expectation that the new

loan targets for the banks next year would be lower than this year's 7.5 trillion yuan.

Liquidity condition in China is looking grave after China's finance ministry failed to draw

enough demand at a three month bill auction. Further lending limits of the Banks have

already been exhausted for the year.

Improved employment, spending and consumer sentiment data of U.S. boosted some

confidence that the activity in the biggest economy is picking up and in turn will help in

global recovery.

Strong yen of Japan has led to further moderation in exports in October. Slow expansion

in the economy is putting pressure on government to implement stimulus plans. House of

parliament on Nov. 16 approved legislation to fund a 5.1 trillion yen ($60 billion)

stimulus to protect companies from the strong yen.

The sentiments may continue to remain weak for some time. Government will announce

GDP data for the second quarter on Tuesday i.e. 30th Nov. The economic expansion may

come lower than that of the first quarter that stood at 8.8 percent. Cement, Auto and

steel company's sales numbers would further help in gauging the growth pace in the

economy. Nifty has support between 5700-5600 and Sensex between 18600-18150.

The week is full of event risk, GDP data of several countries, consumer confidence data

and employment data of US may pave the path of commodities in coming days. Recent

jump in dollar index stole the shine of gold and silver to some extent. However

fundamental is still strong and buyers can return in bullion counter on any significant

dips. Debt crisis in Europe and tension in Korea may push up the prices of bullions.

However the outlook of base metals appears dicey on mixed news. Zinc was the major

victim and crashed down for nonstop three week due to production surplus amid among

demand. Surplus is expected to be around 175000 tonnes in Jan-Sep 2010 together with

tightness of demand from Shanghai and local markets. Energy counter is giving some

positive indication to market players with it smart recovery in the prices. At present the

counter need big positive news to maintain its upside.

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NOTES:

1) These levels should not be confused with the daily trend sheet, which is sent every evening by e-mail in the name of evening buzzer equity.

2) S1 & S2 indicates first support & second support respectively & R1 & R2 indicates first resistance and second resistance respectively.

3) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.

TREND SHEET

STOCKS CLOSING TREND DATE RATE S1 R1 S2 R2 CL.

PRICE TREND TREND S/L

CHANGED CHANGED

SENSEX 19137 UP 18.06.10 17571 18600 18150 17800

S&P NIFTY 5752 UP 18.06.10 5263 5700 5660 5630

CNX IT 6615 UP 09.09.10 6288 6450 6350 6200

CNX BANK 11667 UP 09.07.10 9714 11250 11000 10600

ACC 1003 UP 20.08.10 871 950 920 900

BHARTIAIRTEL 334 SIDEWAYS

BHEL 2097 DOWN 12.11.10 2389 2220 2290 2350

CIPLA 340 UP 30.09.10 322 325 315 305

DLF 287 DOWN 19.11.10 308 310 320 330

HINDALCO 200 SIDEWAYS

ICICI BANK 1124 UP 23.07.10 913 1070 1030 1000

INFOSYS 3042 UP 09.09.10 2880 2950 2880 2830

ITC 168 UP 21.05.10 135 162 158 155

L&T 1937 UP 18.06.10 1799 1880 1840 1800

MARUTI 1367 UP 24.09.10 1482 1320 1300 1280

NTPC 177 DOWN 29.10.10 195 185 190 195

ONGC 1241 UP 28.05.10 1129 1200 1170 1150

RELIANCE 962 SIDEWAYS

SAIL 174 DOWN 29.10.10 194 190 197 205

NEWS

DOMESTIC NEWS

Economy

·Food inflation declined to a three-month low of 10.15 per cent for the week ended November 13 as vegetable prices softened on fresh crop arrival, raising hopes that the Reserve Bank will not hike key rates for now.

·Foreign exchange reserves totaled US$297.985 billion as on November 19, down from US$298.32 billion as on November 12. Foreign currency assets reserves decreased to US$269.18 billion from US$269.49 billion in the preceding week. At the same time, gold reserves remained unchanged at US$21.67 billion. Meanwhile, nation's reserve position with the International Monitory Fund amounted to US$1.99 billion, smaller than the US$2.001 billion recorded in the preceding week.

Information Technology

·IT and BPO service provider Patni Computer Systems plans to recruit 350 employees by the end of 2011. The new recruits would be based in the second delivery centre in Gandhi Nagar, Gujarat which was inaugurated recently. The company currently has a headcount of 400 at the existing centre.

Port

·Adani Group promoted Mundra Port and Special Economic Zone (MPSEZ) has signed an agreement to develop non-LNG cargo facility at Hazira port in South Gujarat. The master plan of the port provides 12 berths to be developed in a phased manner. The cargo handling operations are likely to commence by 2013.

FMCG

·Emami is ready to spend up to 1,000-crore for an overseas acquisition in the personal-care segment. The company had, early this year, acquired an Egyptian personal-care manufacturer for around `25-crore. The company is in talks with 2-3 firms in Africa as well as a few companies in Europe and the Middle-East.

Textile

·Alok Industries Ltd has drawn up `800 crore capex plan for the next two

years period. The company will finance the said funds through internal accruals and debt.

Capital Goods

·REpower Systems AG, a unit of wind turbine-maker Suzlon Energy Ltd , has signed a contract with Belgium's C-Power for supply of 48 wind energy turbines. Suzlon Energy has over 90 per cent participating interest in REpower. The installation of 24 turbines for phase 2 is planned for 2012 and a further 24 are designated for installation during a third extension stage by mid-2013.

Engineering and construction

·Engineering and construction firm Gammon India has successfully acquired an 84.16 per cent stake in Metropolitan Infrahousing. Consequently, Metropolitan Infrahousing is now a subsidiary of Gammon India.

INTERNATIONAL NEWS

·US consumer sentiment index for November was upwardly revised to a reading of 71.6 from the preliminary estimate of 69.3. With the upward revision, the reading on consumer sentiment for November is well above the October reading of 67.7.

·New home sales in the U.S. unexpectedly showed a steep drop in the month of October. The new home sales fell 8.1 percent to an annual rate of 283,000 in October from the revised September rate of 308,000. With the unexpected decrease, the annual rate of new home sales in October is only 2.9 percent above the record low rate of 275,000 set in August.

·Personal spending in the U.S. increased for the fourth consecutive month in October. The personal spending increased by 0.4 percent in October following an upwardly revised 0.3 percent increase in September. Personal income rose by 0.5 percent during the month after coming in unchanged in the previous month. Income had been expected to increase by 0.4 percent.

·German consumer price inflation rose to the highest level in more than two years. The consumer price index, or CPI, rose 1.5% year-on-year in November following the 1.3% increase in October. The annual inflation rate was the highest since October 2008, when consumer prices climbed 2.4%. On a monthly basis, consumer prices rose 0.1% in November, matching the pace from the previous month.

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FORTHCOMING EVENTS

Ex Date Symbol Purpose

29/11/2010 AGCNET DIVIDEND ̀ 4.50 PER SHARE

1/12/2010 HITECHGEAR BONUS 1:1

7/12/2010 ENERGYDEV DIVIDEND 1/- PER SHARE

7/12/2010 ESSDEE DIVIDEND - 2/- PER SHARE

7/12/2010 SADBHAV FACE VALUE SPLIT FROM 10/- TO 1/-

14/12/2010 GAIL INTERIM DIVIDEND

14/12/2010 COLPAL INTERIM DIVIDEND

24/12/2010 MMFSL FACE VALUE SPLIT FROM 10/- TO 5/-

Meeting Date Symbol Purpose

29/11/2010 DWARKESH Audited Financial Results

29/11/2010 JBFIND Issue of Securities

29/11/2010 ESCORTS Results/Dividend

30/11/2010 BAJAJHIND Audited Financial Results

30/11/2010 DHANUS Results/Others

30/11/2010 MIC Audited Financial Results

02/12/2010 MURLIIND Annual General Meeting /

Extraordinary General Meeting

02/12/2010 FEDDERLOYD Results/Dividend

03/12/2010 BARTRONICS Results/Dividend

07/12/2010 COLPAL Dividend

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INDIAN INDICES (% Change)

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BSE SENSEX GAINERS & LOSERS TOP (% Change)

GLOBAL INDICES (% Change)

NSE NIFTY GAINERS TOP & LOSERS (% Change)

SECTORIAL INDICES (% Change)

SMC Trend

SMC Trend

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

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

-UP -DOWN -SIDEWAYS

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

Beat the street - Fundamental Analysis

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Business ProfileMercator Lines Limited (MLL), incorporated in November 1983 as a private limited company, is the second largest private sector shipping company in India (by aggregate fleet tonnage capacity) with global presence through its subsidiaries. The Company operates in three segments: shipping, offshore and coal mining, trading, and logistics. The shipping segment includes tankers, such as very large crude carrier (VLCC), Suezmaz, Aframaxes, product tankers and chemical tankers. Its bulk carrier fleet consists of geared and gearless Panamaxes, and Kamsarmaxes and very large ore carrier (VLOC). The offshore segment includes jack-up rigs, oil and gas exploration. The Company's shipping activities segment are managed from India and Singapore. The off shore activities segment are managed from Singapore. Its coal mining, coal trading and logistics segments are managed from India, Singapore and Indonesia. Investment Rationale·The company plans to invest US$500 million in

expansion of coal mines and offshore activities, subject to contracts which are expecting in the current year. The company is looking at acquiring coal mines in Indonesia; the projects will be financed through internal accruals and debt. It already has coal mines in Indonesia and Mozambique. MLL is also looking at the feasibility of demerging its coal business to unlock value.

·The company has plans to spend $25 million over five years on oil exploration at its Cambay basin blocks in western India. The company is increasing its exposure in coal and offshore operations as a hedge against another slowdown in its core shipping business.

·The company has entered into an agreement to buy a young and modern gearless Post Panamax dry bulk carrier for US$45.5 million. The vessel

Business ProfileNavneet Publications India Limited is in the business of Educational and children Books Publishing, Scholastic paper stationery and non-paper stationery products. The company's products are sold under the 'Navneet', 'Vikas', 'Gala', 'FfUuNn', 'Boss' and 'Navneet Nxt' brand names. It has a dominant market share in Gujarat and Maharashtra. Also with the new range of supplementary books targeting the students from CBSE and ICSE boards, Navneet's educational products are now made available across India. Investment Rationale:·Navneet Publications has started venturing into

the southern market for its publication business but the region will take another two years to contribute to its revenue. The business model of the company will be the same as in Gujarat and Maharashtra, where it has a chain of marketing or distribution outlets, ensuring reach from schools to local retail book vendors.

·Navneet Publications also has a stationery business. It expects the stationery business margin to improve by a further 200 basis points (bps) to around 14% FY 2012 from the FY 2010 margin of around 12%.

·The company's 91% subsidiary, Esense Learning, providing software content to private schools, classes and playgroups is planning to increase its school 400 by the end of March 2012 and to 1000 in the next couple of years.

NAVNEET PUBLICATIONS INDIA LTD

·The company is a debt free and a cash rich company. It has a capex of around 40 crore at the company level that would be from internal accrual. This would include expenditure in Publication segment for establishing presence in South Market, E-education content provider expenditure and routine expenditure in stationery segment.

·Paper constitutes major raw material for the company for Publication segment. However, the company works on back-to-back basis and has ded i c a ted vendo r s f o r p ape r. Any increase/decrease is passed on to the customers. The company thus expects the PBIT margin of around 30-31% for publications segment to continue in future also, which it has been maintaining since long.

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comes with an attached charter with a reputed company for a period of around six years, which would bring in revenue of about US$47 million. The proposed acquisition is expected to have a positive impact on its earnings per share and operating results for the current financial year.

·MLL's strategy is to employ a large part of its fleet on long-term contracts, specifically time charters and contracts of affreightment ('COAs')/ consecutive voyage ('CV') contracts. Its long term fixed rate contracts, ranging from 11 months to 5 years and above, ensure revenue stability and cash flow visibility.

·The business model of MLL is to diversify to several segments to derisk, while locking in its vessels for long-term contracts to mitigate the volatility of freight rates. Company's net profit of 51.53 crore in the quarter ended September 2010 as against net loss of 1.90 crore during the previous quarter ended September 2009. Sales rose by 65.2% to 671.67 crore in the quarter ended September

2010 as against ̀ 406.61 crore during the previous quarter ended September 2009.

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VALUE PARAMETERS

Current Mkt.Price ( ) 55

Face Value ( ) 1.00

52 Week High/Low 76.90 / 42.45

M.Cap ( Cr.) 1298

EPS ( ) 5.24

P/E Ratio (times) 10.49

P/B Ratio (times) 1.23

Dividend Yield (%) 0.36

Stock Exchange BSE

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VALUE PARAMETERS

Current Mkt.Price (`) 56.40

Face Value ( ) 2

52 Week High/Low 75.80 / 37.00

M.Cap ( Cr.) 1343.45

EPS ( ) 3.23

P/E Ratio (times) 17.47

P/B Ratio (times) 4.47

Dividend Yield (%) 1.77

Stock Exchange BSE

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Particular QE Sep’10 QE Sep’09 Var.(%) TTM

Total Income 667.98 415.14 60.90 2262.78

Net Sales 671.67 406.61 65.20 1952.79

Expenditure 483.16 266.60 81.20 1580.98

PBDIT 184.82 148.54 24.40 681.80

PBDT 137.61 100.18 37.40 484.71

PAT 51.53 -1.90 2812.10 123.88

Particular QE Sep’10 QE Sep’09 Var.(%) TTM

Total Income 101.02 93.33 8.20 554.03

Net Sales 99.21 92.25 7.50 547.36

Expenditure 82.46 79.18 4.10 423.23

PBDIT 18.56 14.15 31.20 130.80

PBDT 18.03 14.05 28.30 128.43

PAT 9.76 7.19 35.70 76.90

MERCATOR LINES LTD

% OF SHARE HOLDING

Stock Chart

% OF SHARE HOLDING

Dec 2010 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

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Dec 2010 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

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EQUITY

Charts by Spider Software India Ltd

Above calls are recommended with a time horizon of 1-2 months7

The stock closed at `287.85 on 26th November 2010. It made a 52-week low at

233.20 on 25th May 2010 and 52-week high of 333 on 11th October 2010. The

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

currently at 278.

In the last quarter of 2008 it fell drastically in line with the major fall in broader

index. However, it took a pause around 140 levels and started consolidating

between 150-200 levels. The resultant breakout from the neckline area cleared

the path for sharp rally which made 52 week highs. Although highs are made but

due to lack of sustainability pullback is visible. There onwards it traded in a

downward channel but managed to break those levels after second quarter of

2010 with the exceptional rise in volumes. However, it paused at that point of

time and went into a further consolidation to sustain above its 200 EMA. In the

last week it tested its support levels and made its fresh buying pivot. Now it's on

verge of breakout from the same. So, one may accumulate between 284-288

levels with closing below stop loss of 275 levels for the targets of 325-340 levels.

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AREVA T&D INDIA LIMITED

The stock closed at 333.80 on 26th November 2010. It made a 52-week low at

252 on 21st May 2010 and 52-week high of 376.95 on 28th September 2010.

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

is currently at 323.

Like other indices scrip, it also corrected strongly from its high in the year 2008

and took support near monthly low of 240 levels. Afterwards when there was

reversal in the broader index it also took part in that rally and managed to

overcome its previous high of 2008 from where it made a fall. But due to lack of

instability in the telecom sector in last quarter of 2009, again it retested its

monthly low and made a fresh buying pivot with further consolidation. It

recovered with strong spurt in volume & crossed above the 200 EMA. After that

higher highs and higher lows led the scrip to maintain its upward momentum.

Some pullback is found from its high but due to its price formation possibility of

recovery is still there. So, one may go for accumulation between 328-333 levels

with closing below stop loss of 315 levels for the target of 365-375 levels.

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BHARTI AIRTEL LIMITED

The stock closed at 43.95 on 26th November 2010. It made a 52-week low at Rs

32.80 on 27th November 2009 and 52-week high of 49.40 on 28th June 2010.

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

is currently at 39.05.

In line with decline in broader index, it retraced quite strongly from the high and

lost almost seventy percent from the top. From the later half of 2008 till now, it

is consolidating between 28-48 levels. We have witnessed positive volume

pattern from the later half of 2010 that indicates accumulation as per the price

chart too. One can accumulate in a range of 42-44 levels with closing below stop

loss of 39 levels for the targets of 50-55 levels.

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GTL INFRASTRUCTURE LIMITED

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DERIVATIVES

NIFTY TOTAL OPEN INTEREST (in share)

FII'S ACTIVITY IN F&O IN LAST WEEK

(Derivative segment)

FII'S ACTIVITY IN F&O IN LAST TEN SESSIONS

(Derivative segment) `(Cr)

BASIS GAP IN NIFTY

DERIVATIVE STRATEGIES

HDFCLTDBuy Dec. 700. CA 15.60Buy Dec. 660. PA 12.50

Lot size: 625Upside BEP: 728.10Downside BEP: 631.90Max. Profit: UnlimitedMax. Loss: `17562.50 (28.10*625)

PETRONET (NOVEMBER FUTURE )

Buy: Above 121

Target: 127

Stop loss: 118

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ICICIBANKBuy Dec. 1150. CA 42.00Buy Dec. 1050. PA 21.00

Lot size: 250Upside BEP: 1213.00Downside BEP: 987.00Max. Profit: UnlimitedMax. Loss: 15750.00 (63.00*250)`

TCS (NOVEMBER FUTURE)

Buy: Above 1061

Target: 1090

Stop loss: 1050

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OPTIONSTRATEGY

FUTURESTRATEGY

VOLATILITY STRATEGIES

Nifty traded on the volatile note during the November series on the back of tremendous news flow. Volatility has increased during the November series.

Historical volatility (HV) on the Nifty has risen from 20.00% to 25%. The Implied Volatility (IV) of call options has fallen by 2.00 percentage points from 20.32% to

19.61%. In put options, IVs have increased by 3.00 percentage points from 20.00% to near-23% levels, indicating call writing and more buying interest in put

options. Nifty VIX has dropped initially during the week but picked up towards the weekend and is expected to rise marginally from current levels. PCR OI has

increased last week indicating support around current level Nifty is expected to remain in the range of 5700-5950 levels this week and a breach below this

range will push the index to lower levels of 5500. The move may remain mixed with resistance near 5950 levels followed by 6050 levels. Index may find

intermediate support around 5700 levels and a round of short covering from that level cannot be ruled out. Any instability on the global front will bring selling

pressure from current levels. A breach of 5700 levels will take Nifty down towards 5500 levels.

WEEKLY VIEW OF THE MARKET

HINDUNILVRBuy Dec. 300. CA 6.15Buy Dec. 280. PA 3.15

Lot size: 1000Upside BEP: 309.30Downside BEP:270.70Max. Profit: UnlimitedMax. Loss: 9300.00 (9.30*1000)`

IMPORTANT INDICATORS OF NIFTY AND OTHER ACTIVE FUTURE CONTRACTS

OPEN INTEREST PCR RATIO IMPLIED VOLATILITY

SCRIPTS PREV. CURRENT % PREV. CURRENT PREV. CURRENT WEEK WEEK CHANGE WEEK WEEK CHANGE WEEK WEEK CHANGE

BHARTI 14288000 10576000 -25.98 0.26 0.44 0.18 41.31 32.83 -8.48

DLF 14408000 13954000 -3.15 0.14 0.44 0.30 59.09 48.05 -11.04

HINDALCO 13586000 12544000 -7.67 0.48 0.60 0.12 36.32 44.50 8.18

HINDUNILVR 10872000 11237000 3.36 0.43 0.69 0.26 27.72 20.71 -7.01

ICICIBANK 7050500 8345000 18.36 0.65 1.04 0.39 39.17 37.04 -2.13

IDEA 12020000 11736000 -2.36 0.27 0.14 -0.13 42.65 42.31 -0.34

INFOSYSTCH 2403500 2071625 -13.81 0.28 0.72 0.44 19.96 21.25 1.29

ITC 16084000 16212000 0.80 0.29 0.46 0.17 23.53 39.09 15.56

JPASSOCIAT 36954000 32408000 -12.30 0.17 0.37 0.20 43.04 65.00 21.96

NTPC 15440000 20511000 32.84 0.20 0.21 0.01 32.63 27.71 -4.92

ONGC 2245000 2136250 -4.84 0.19 0.51 0.32 41.80 25.64 -16.16

RANBAXY 4176000 3485000 -16.55 0.19 0.15 -0.04 17.02 29.41 12.39

RCOM 28670000 30944000 7.93 0.18 0.51 0.33 51.11 56.64 5.53

RELIANCE 18145250 19262750 6.16 0.18 0.29 0.11 50.21 28.18 -22.03

S&P CNX NIFTY 23362850 24923050 6.68 0.79 1.33 0.54 20.32 19.61 -0.71

SAIL 7640000 6197000 -18.89 0.21 0.22 0.01 29.69 41.38 11.69

SBIN 3447000 4071500 18.12 0.20 0.35 0.15 33.96 35.34 1.38

SUZLON 70180000 78932000 12.47 0.17 0.23 0.06 43.22 60.61 17.39

TATASTEEL 15455000 16415000 6.21 0.37 0.51 0.14 33.08 35.08 2.00

UNITECH 64512000 51700000 -19.86 0.23 0.45 0.22 64.91 65.87 0.96

DERIVATIVES

NIFTY ANALYSIS

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

1.33 from 0.79. At the end of week, the maximum stocks had a positive trend of

change in put call open interest ratio.

Implied Volatility Analysis :The Implied Volatility (IV) for Nifty Options this

week has decreased to 19.61% from 20.32%. The IV of the stock options has

changed this week ranging from -22.03% to 21.96%.

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

has increased by 6.68% as compared to the previous week. All future stocks saw

changes in their open interest ranging from -25.98 to 32.84. NTPC has the

maximum increase in open interest as compared to other stocks.

Statistical Analysis·

Open 5930.00 High

Low Close 5778.15

6027.30

5727.00 (Dec expiry) (Dec expiry)

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NIFTY & IV CHART

14

16

18

20

22

24

5700.00

5800.00

5900.00

6000.00

6100.00

22-Nov 23-Nov 24-Nov 25-Nov 26-Nov

Nifty Close IV

Crude oil may also remain sideways with upside bias as the

geopolitical tensions and positive data emanating from US has given

some boost to the prices recently. Crude prices have key resistance at

3950 in MCX. The recent data showing that stronger than expected

U.S. jobs and consumer sentiment data and lingering concerns about

the European debt crisis weighed on the crude oil. U.S. crude

inventories rose unexpectedly last week as imports surged. OPEC

secretary recently stated that oil prices are comfortable for producers

and consumers at current levels. Natural gas has moved swiftly

upwards recently and may extend gains as drawdown in stockpiles and

abrupt weather conditions. But forecast of warmer weather can

prompt profit booking in this counter. Meanwhile, private forecaster

WSI Corp. predicted that temperature should be warmer than normal

Nov. 30 through Dec. 4 in the major gas heating markets in the

Northeast, limiting heating demand expectations. Natural gas in U.S.

storage for the week ended Nov. 19 stood at 3.837 trillion cubic feet,

9.5% above the five-year average.

ENERGY COMPLEX

Light rain sweeping across the state of Rajasthan is a boon to standing

mustard crop over 80% of the total targeted area. According to

Rajasthan Mustard Oil Industries Association mustard production is

likely to cross 4 million tonnes mark -25% more than the last year's

output. These factors may create some bearish clouds over mustard

futures, keeping the trade in range of 560-580 levels. Gains from

soybean futures may remain heightened, simply explained by the fact

of rally in U.S soybean futures on a huge export sale to China of

780,000 MT of soybeans for 2010/11 delivery, and worries about the

South America crop. Tracking the domestic market factors, weak

rupee may bolster the export enquiries of soymeal from South East

Asian countries. Weakness may prevail in crude palm oil December

futures, getting influenced from bearish factors in international

market & higher inflow of imports at Indian ports. Imports of Malaysian

palm oil for Nov. 1-25 rose 35.80% to 58,749 tonnes from 43,260 tonnes

shipped during Oct. 1-25. Refined soy oil futures may edge higher

towards 600 levels triggered by fresh buying due to on-going winter

season & gains in CBOT soy oil market.

OIL AND OILSEEDS

Except nickel, all other base metals witnessed sharp fall in prices last

week. Base metal futures ended lower as clash between South Korea

and North Korea along with renewed concerns on the Ireland front

pressured prices. Equity markets also remained weak and dollar index

moved higher thereby adding the pressure on the downside. However,

some optimistic jobless data from U.S encouraged bulls to regain their

strength. This week we expect that prices may show some upside

potential amid short covering but Korean issue along with expectation

of negative economic data and bounce back in dollar index may not

help base metal prices to sustain at higher levels. In other news it was

reported that copper demand from China, the world's largest metal

consumer declined by 30% to 169,897 metric tonnes in October from

the previous of 241,711 tonnes in September. Also in focus is China's

next step in dealing with its inflation.

FERROUS AND NON-FERROUS METALS

OTHER COMMODITIES

Chana futures throw up an interesting trend to trade above 2520

levels. Fundamental signals of carryover stocks getting depleted at

faster pace & prices of tur ruling high for the past few days, may give

the nuts better sense of the robustness. Guar seed futures may remain

under the weekly resistance of 2600 levels, while guar gum futures

may not increase too much & break its all time high of 6179 levels.

Looking at the prognosis for the two key components, selling at higher

levels may create a relentless pressure on guar complex. Wheat

futures may show another round of consolidation or a corrective down

movement. Rabi season sowing is expected to perk up to last year's

record of 28.5 million hectares, as the pace of plantings will

accelerate from this week. Mentha oil futures may nose dive towards

1145 levels on extensive profit booking. Sustained arrivals &

aggressive selling activities at major mandies of Uttar Pradesh such as

Sambhal and Chandausi may supplement the downfall. Potato futures

may trim down towards 610 levels as harvesting is expected to start by

the first week of December.

Bullions counter recovered smartly last week on safe haven buying

due to Korea concerns as both are in medium term uptrend where

profit booking at current levels cannot be denied. Gold can trade in

range of 20100-20700 in MCX and $1340-1390 in COMEX. Meanwhile

concerns of contagion in the euro zone are increasing which shows

that markets are shifting their focus from Ireland to sovereign risk in

Portugal, and most worryingly Spain, as seen in record bond spreads.

The greenback is also seeing safe haven buying in the wake of the

Koreas' conflict as past geopolitical or financial uncertainty in the

world has seen both gold and the U.S. dollar appreciate together.

White metal silver can trade in a wide range of 39500-43000 in near

term. Gold and silver ratio was unchanged nearly 49 but gold has been

laggard as compared to silver in recent bull run. This week investors

should keep close eye on the development of Korea tensions, EU debt

crises for further direction in bullion counter.

BULLIONS

Buying spree in Pepper futures may continue to remain favorable &

remain in range of 21800-23000. Harvesting is likely to begin in plain

areas in Kerala by mid December & reports of heavy rain in Idukki and

Wayand districts may drag the harvesting of the crop. The current

stock levels are not enough to meet demand. “Words of caution –

selling on high may continue to maintain its grip on turmeric futures.

Factors affecting the yellow spice are that bulk buying traders are

having enough orders & spot sales are good with attractive prices.

Jeera futures may trade defensive taking support at 14500 levels. Mild

positive news like slower pace of sowing due to unseasonal rains &

moisture getting added to the delicate crop may continue to give

short-term upside to the counter. Cardamom future showing its

longest pullback is poised to extend gains further. Upcountry buyers,

who appear to have exhausted their stocks during the Diwali sales, are

purchasing for the wedding, Christmas and New Year seasons.

However, fourth round of arrivals may give some marginal dips

downside. Some exhaustion signs can be seen in chilli futures, facing

resistance at 5600 levels. Selling pressure may extend their current

spell of weakness.

SPICES

NOTES : 1) Buy / Sell 25% of Commodity at S1/R1 respectively & rest 75% at S2/R2 respectively.2) S1 & S2 indicates first support & second support & R1 & R 2 indicates 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.

CPO MCX (DECEMBER) contract closed at 493.60 on 26th November '10. The contract made its high of

509.00 on 11th November '10 and a low of 402 on 4th October '10.The 18-day Exponential Moving

Average of the commodity is currently at 484.56.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 65.76.One can buy in

the range of 490-488 with the stop loss of 478 for a target of 520.

`

` `

`

` `

TECHNICAL RECOMMENDATIONS

ZINC MCX (DECEMBER) contract closed at 97.75 on 26th November '10.The contract made its high of

119.60 on 27th October'10 and a low of 95.10 on 17th November '10.The 18-day Exponential Moving

Average of the Commodity is currently at 102.67.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 37.24. One can buy in

the range 97.50-98.50 with the stop loss of 95.00 for a target of 105.

`

` `

`

` `

USD/INR (DECEMBER) contract closed at ̀ 46.115 on 26th November '10.The contract made its high of

48.00 on 2nd August '10 and a low of 44.4175 on 5th November '10.The 18-day Exponential Moving

Average of is currently at 45.51.

On the daily chart, it has a Relative Strength Index (14-day) value of 66.65. One can buy in the range of

46.00-45.90 with the stop loss of 45.70 for a target of 46.50.

` `

USD/INR `

` `

*Closing price as on 26.11.10

CLOSING STOP LOSS

NCDEX GUAR SEED (DEC) 2482.00 UP 19.11.10 2410.00 2250.00 - 2100.00 - 2000.00

NCDEX SOYABEAN (DEC) 2232.50 UP 15.10.10 2230.00 2175.00 - 2100.00 - 2050.00

NCDEX TURMERIC (DEC) 15186.00 UP 08.10.10 12454.00 13000.00 - 12000.00 - 11000.00

NCDEX JEERA (DEC) 14525.00 SIDEWAYS

NCDEX PEPPER (DEC) 21923.00 UP 19.11.10 22508.00 20500.00 - 19500.00 - 18000.00

NCDEX RED CHILLI (DEC) 5281.00 UP 12.11.10 5275.00 5100.00 - 4900.00 - 4700.00

NCDEX RM SEED (DEC) 567.10 UP 24.09.10 549.70 550.00 - 540.00 - 530.00

MCX MENTHA OIL (DEC) 1206.20 UP 12.08.10 748.60 1150.00 - 1050.00 - 1000.00

MCX CARDAMOM (DEC) 1127.80 DOWN 30.07.10 1415.70 - 1150.00 - 1200.00 1300.00

MCX SILVER (MAR) 41206.00 UP 27.08.10 30344.00 37000.00 - 35000.00 - 34000.00

MCX GOLD (FEB) 20462.00 UP 12.08.10 18550.00 19500.00 - 19000.00 - 18800.00

MCX COPPER (FEB) 382.70 UP 23.07.10 330.65 365.00 - 360.00 - 355.00

MCX LEAD (DEC) 104.85 SIDEWAYS

MCX ZINC (DEC) 97.80 DOWN 26.11.10 97.80 - 105.00 - 110.00 125.00

MCX CRUDE OIL (DEC) 3859.00 SIDEWAYS

MCX NATURAL GAS (DEC) 204.10 DOWN 12.11.10 173.10 - 210.00 - 215.00 225.00

MCX DOLLAR (DEC) 46.17 SIDEWAYS

TREND SHEET

COMMODITY

11

USD/INR (DECEMBER)*

ZINC MCX (DECEMBER)*

CPO MCX (DECEMBER)*

*Note: Closing price as on 26.11.10

NEWS DIGEST

Bullion counter ended the week near unchanged line as mixed sentiments around the globe kept

the metal pack on sideways trend. Bounce back in dollar index along with escalating concerns in

the Korean countries coupled with debt issues in the Euro zone economies were the main

reasons which drove the bullion prices last week. In base metal pack, nickel was the only metal

to end the week in green zone while other base metals witnessed sharp fall in prices. However

prices got mild support in later part of the week as two-year low new jobless claims and

improving consumer spending, hinted that the world's largest economy is nearing a self-

sustaining recovery. In energy counter, crude oil once again showed smart gains on supportive

economic data from U.S which suggests an improving recovery sent oil prices above $83 a

barrel. Moreover government weekly oil inventory report showing crude oil stockpiles rose

against expectations last week supported crude futures, but increased less than was reported

by industry in an earlier report.

Gap between spot and future prices of jeera minimized last week. It traded weak on NCDEX

while spot prices were steady at Unjha mandi. Profit booking at higher level sent pepper futures

in negative territory. Chilli was also down on short selling from higher levels amid technical

overbought position. However, buyers were more active in turmeric and cardamom. Bulk buying

in spot market sparked turmeric futures, once again. Traders astonished by the terrific upside

move in cardamom futures on the back of short covering, strong festive demand amid tight

supply due to rain. Lower harvest in Guatemala is also helping to garner strength these days.

Increase in arrivals in UP resulted in lackluster trading in mentha futures and they moved down.

Oil seed and edible oil complex traded on their own fundamentals. Refined soya oil saw short

covering on fresh buying triggered by firm global cues and amid strong soya meal export

demand. Crude palm oil moved in a range with upside bias while mustard seed and soyabean

were down on profit booking at higher levels. Guargum outperformed guarseed on the news of

improved export demand. Crop damage news of potato propped up potato price for continuous

four weeks.

·China raises margin to cool commodity speculation.

·EIA weekly crude oil stocks rose by 1.029 million

barrels to 358.63 million and are 20.817 million

barrels above year ago levels.

·Indonesia will raise its export tax on crude palm oil in

December to 15% from the current 10% due to rising

global palm oil prices.

·According to Labor Department, applications for

unemployment benefits fell to the lowest since 2008

in the week ended Nov. 20.

·India's food price index rose to 10.15 percent, while

the fuel price index climbed by 10.57 percent in the

year to Nov. 13, government data showed.

·CMIE says that farm out will grow by 10% to 114 million

tonnes in the 2010 Kharif season, against a 12%

decline in the year ago season.

·The Pakistan government has allowed import of

vegetables viz., green chilli, capsicum, cabbage,

radish, ladyfinger, cauliflower, ginger and carrot from

India.

·Between April-October period of the current financial

year, total exports of gems and jewelry rose 41.64 per

cent in dollar terms and 34.48 per cent in rupee terms

at $21,395.13 million (`98,088.53 crore).

·The food import bill of the global community could

surpass the $1 trillion mark in 2010, according to the

Food and Agriculture Organisatio.

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

WEEKLY COMMENTARY

COMMODITY

12

COMMODITY UNIT 18.11.10 25.11.10 DIFFERENCE

QTY. QTY.

CHANA MT 27814.00 26995.00 -819.00

CHILLI MT 220.00 230.00 10.00

GUAR SEED MT 35015.00 36341.00 1326.00

GUAR GUM MT 14866.00 14780.00 -86.00

JEERA MT 6421.00 6214.00 -207.00

PEPPER MT 2590.00 2559.00 -31.00

RAPE MUSTARD SEED MT 122880.00 130060.00 7180.00

STEEL LONG MT 73737.00 73557.00 -180.00

TURMERIC MT 4537.00 3699.00 -838.00

COMMODITY UNIT 18.11.10 25.11.10 DIFFERENCE

QTY. QTY.

CARDAMOM MT 6.00 6.40 0.40

MENTHA OIL KGS 2078957.05 2048001.30 -30955.75

CHANA MT 26488.99 26297.69 -191.30

GOLD KGS 149.00 99.00 -50.00

SILVER KGS 8554.57 8554.57 0.00

GOLD MINI KGS 309.30 245.80 -63.50

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

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

E-GOLD………. BETTER OPTION FOR SMALL INVESTORS

India for long has been the largest consumer of gold in the world as Indians love to buy gold. But since last few years because of the steep increase in the price of the yellow metal, it is getting further out of reach of the common man. E-gold is a unique investment product, which provides an opportunity for small investors to invest in gold in smaller denominations of 1 gram and multiple thereof in demat form. The product is designed to cater the millions of small investors across the country. So its trading is similar in functionality to the cash segment in equities. Trading in E-Gold has been on since 17th March 2010. E-Gold units can be bought and sold through the exchange (NSEL) just like shares. This product is equally suitable for retail investors of equity market and house hold.

Better option than an ETF: E-series product is a unique concept for commodities trading with transparent pricing, seamless trading, easy entry and exit, no holding cost and uniform pricing across the country. This makes it better product than an ETF. So it has emerged as a potential substitute to the ETFs. one unit equivalent to 1 gram of gold which makes gold affordable once more, for the masses. Liquidity, i.e. any time buying and selling of commodity is possible with hassle free low cost transaction in physical commodity. There is no risk of commodity custody/theft. The clearing and settlement pay-in and pay-out are based on T+2 cycles.

Requirements for E-Gold

To buy E-Gold units, the individual needs to open a demat account with one of the impaneled Depository Participants (DP). Retail individual can place buy and sell orders for e-gold units with their broker through phone or through the internet (broker's website).

Physical delivery of Gold

In case the demat unit holder is interested to take physical delivery of Gold bar/coin, against his E-GOLD units, he can surrender such units to the Exchange and get physical delivery, at any point of time at his discretion subject to the specified conditions. The physical delivery of his e-gold units are available in multiples of 8 grams,10 grams,100 grams and 1kg.The exchange has delivery centres at Ahmedabad, Delhi and Mumbai.

For ensuring physical delivery of gold bar/ coin, NSEL will issue instruction to the Authorized Dealer specifying the denominations of Gold bars/ coins required as well as the relevant delivery location from where the investor intends to lift delivery.

Charges

The Exchange shall levy the turnover charges of ̀ 20 per lakh of turnover to both buyer and seller member on monthly basis. This shall be applicable on all executed transactions. Storage charges will be computed based on the holding in the respective accounts on the last Saturday of every month. The charges per month per unit of E-GOLD will be 60 paise only. For conversion of e-gold into physical gold as per the current rates, VAT will be 1 % of the value of goods. In case physical delivery takes place in Mumbai, octroi @ 0.1 % of the value of delivery will also be applicable.

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

COMMODITY EXCHANGE CONTRACT 19.11.10 26.11.10 CHANGE%

COPPER LME 3 MONTHS 8391.50 8235.00 -1.86

ALUMINIUM LME 3 MONTHS 2285.50 2266.00 -0.85

ZINC LME 3 MONTHS 2154.00 2125.00 -1.35

NICKEL LME 3 MONTHS 21750.00 22600.00 3.91

TIN LME 3 MONTHS 25200.00 24100.00 -4.37

LEAD LME 3 MONTHS 2272.00 2290.00 0.79

GOLD COMEX DEC 1352.30 1362.40 0.75

SILVER COMEX DEC 27.18 26.70 -1.77

LIGHT CRUDE OIL NYMEX JAN 81.98 83.76 2.17

NATURAL GAS NYMEX JAN 4.32 4.40 1.73

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

ON 19.11.10 ON 26.11.10

COPPER 359825 357000 -2825

ALUMINIUM 4302125 4284125 -18000

NICKEL 130104 131472 1368

ZINC 634275 632175 -2100

LEAD 204075 203925 -150

TIN 14195 14830 635

SPOT PRICES (% change)

COMMODITY

13

INTERNATIONAL COMMODITY PRICES

Commodity Exchange Contract Unit 19.11.10 26.11.10 Change (%)

Soya CBOT Jan Cent per Bushel 1201.40 1238.40 3.08

Maize CBOT Dec Cent per Bushel 520.60 538.20 3.38

CPO BMD Jan MYR per MT 3326.00 3274.00 -1.56

Sugar LIFFE Dec 10 cents per MT 679.10 718.40 5.79

Trading period Monday To Friday (except Exchange specified holidays) Trading session 10:00 AM to 11:30 PM Trading unit 1 unit of E-GOLD, which is equivalent to 1 gram of Gold Price Quote/Base Value Per 1 gram Gold of 995 purityTick size 10 paisa per unitDaily Price Range 5 % Maximum order size 10000 units Initial Margin 5% Delivery Margin 10% Special Margin In case of additional volatility, a special margin of such

percentage, as deemed fit, will be imposed immediately on both buy and sale side in respect of all outstanding position, which will remain in force for the same trading day.

Trading Parameters

MOIL

Book Running Lead Manager

Edelweiss Capital Ltd.

IDBI Capital Market Services Ltd.

J.P Morgan India Pvt. Ltd.

Name of the registrar

Karvy Computershare Pvt. Ltd.

Business OverviewMOIL formerly known as Manganese Ore India Limited is the largest producer of manganese ore by

volume in India. It is one of the Mini Ratna public sector companies. The company's production of

manganese ore increased from 8.65 lakh tonnes in Fiscal 2006 to 10.93 lakh tonnes in Fiscal 2010.

According to the JORC (the Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves ) report prepared by IMC, an independent mining and geological

consultancy , as on October 1, 2010, MOIL has access to 21.7 million tonnes of proved and probable

reserves and a total of 69.5 million tonnes of measured, indicated and inferred mineral resources

of manganese ore. In addition, 55.0% of its proved and probable manganese ore reserves have

average manganese content of 40.0% or higher and 27.5% of such reserves have an average

manganese content ranging from 36.0% to 39.9%.

The company currently operate seven underground mines (Kandri, Munsar, Beldongri, Gumgaon,

Chikla, Balaghat and Ukwa mines) and three open cast mines (Dongri Buzurg, Sitapatore/Sukli, and

Tirodi). None of its mines produce low grade manganese (i.e.below 30.0% manganese content). In

addition to medium grade manganese ore, its products includes manganese dioxide and chemical

grade manganese ore. In 2006, the company also forayed into power industry, currently having two

wind farms with a total capacity of 20.0 MW.

MOIL sells all of the manganese ore being produced in the Indian market, primarily to ferro-alloy

producers in the steel industry under quarterly sales contracts. The key customers of the company

include Maharashtra Elektrosmelt Limited and Bhilai Steel Plant (“Bhilai”), which are both state

entities that are a subsidiary and a division of SAIL, respectively and which together accounted for

22.1% of its manganese ore sales revenue in Fiscal 2010.

StrengthsLargest producer of manganese ore in India: MOIL accounts for approximately 50.0% of India's

total production of manganese ore benefitted from company's long operational history of mining

manganese ore in India for over four decades. Further, most of its manganese ore proved reserves

are deposited in areas with favorable geological and mining conditions and are of regular shape, as

opposed to pocket deposits, which allows cost effective extraction of manganese ore from such

deposits.

Strategic location of mines: The central India locations of its mines are benefited from well

developed road and rail infrastructure. Lower cost and faster delivery due to better infrastructure

facilities give marketing advantage to the company over competitors. Moreover, the higher

transportation costs associated with imported manganese ore also provide the company with

improved competitive positioning in the market.

Strong track record of financial performance: MOIL is a debt free company at present. High

revenues generated primarily by sales to steel industry participants under quarterly contracts

driven by domestic demand for quality manganese ore have enabled the company to establish

strong financial position. With significant cash resources generated by operations and no debt, the

company maintains healthy liquidity position with significant flexibility going forward.

StrategiesTo enhance production levels: To maintain its leadership position in the country, the company

intends to increase its production capacity while expanding its value-added product line to

capture industry trends. In connection with the capacity expansion projects, it has committed

`83.98 cr for FY 2011 and ` 107.71 cr for FY12 and has spent `24.18 cr as of October 31, 2010 for

such projects.

To explore more reserves: The company aims to add its current reserves and resources by

undertaking exploration in and around the existing lease areas. The company has applied for the

license of an area of 814.71 hectares in the State of Maharashtra been reserved by the Ministry of

Mines. It is also engaged in ongoing exploration efforts in portions of approximately 1,798.9

hectares of land already held under long-term mining leases. It plans to conduct exploration by

geophysical methods on unassessed areas of these leases, which will require core drilling for an

assessment of reserves.

SMC Ranking

Shareholding Pattern (%)

Particulars Pre-issue Post issue

Promoters & promoters group 100 80.00

QIB - 9.80

NIB - 2.94

Retail - 7.26

Total 100 100

Objects of the Issue:

Particulars % stake

Offer for sale by GoI 10%

Offer for sale by Maharashtra Govt. 5%

Offer for sale by M.P Govt. 5%

Issue Composition

Total Issue 33,600,000

Employee Reservation 672,000

Net issue 32,928,000

QIB 16,464,000

NIB 4,939,200

Retail 11,524,800

In shares

* 5% issue price discount to retail investors

Issue Highlights

Industry Mining

Issue Size Cr. 1121.67-1237.13

Price Band (`)* 340-375

Offer Date 26-Nov-10

Close Date(QIBs) 30-Nov-10

Close Date(Retail and NIBs) 1-Dec-10

Face Value 10

Lot Size 17

IPO Grade CARE IPO Grade 5

Indicating strong fundamentals

IPO

14

IPO

14

IPO

* 5% issue price discount to retail investors

Business Overview

The Shipping Corporation of India Limited (SCIL), bestowed with the status of “Navratna”

company by GoI, is one of the India's largest shipping companies in terms of Indian flagged

tonnage, having approximately 35 percent share of Indian flagged tonnage as of June 30, 2010.

The company's fleet includes dry bulk carriers, very large crude carrier (VLCC) tankers, crude

oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid

and chemical carriers, LPG and ammonia carriers, and offshore supply vessels. As of October

31, 2010, the company owned a fleet of 77 vessels with an average age of 16.1 years. In

addition, as of October 31, 2010, the company managed 62 vessels of 0.22 million DWT on

behalf of government agencies, public sector undertakings, and the joint ventures. The

company's worldwide operations are supported by offices in the four metros of India, namely

Mumbai, Delhi, Chennai and Kolkata and an office in London.

Its customers are primarily comprised of government agencies, large industrial concerns,

international oil companies and public sector undertakings. The company has also entered

into six strategic joint ventures to access various locations.

The company deploys bulk carriers worldwide through a combination of contracts of

affreightment (COA), spot chartering and period chartering. Likewise, it has a COA with SAIL

for the carriage of coking coal from Australia to India.

IPO

14

IPO

15

Forward Integration: MOIL aims to become a vertically-integrated manganese ore producer by leveraging its midstream and downstream capability

through beneficiation and value-added production plants, together with use of captive power generation. It intends to focus on expanded production

of value-added products using manganese ore. In light of increasing demand from the domestic steel industry, the company has entered into joint

ventures with SAIL and RINL for setting up ferro alloy plants that will use manganese ore produced by it. It aims to add products, such as High Carbon

Ferro Manganese (HCFM) and Electrolytic Manganese Dioxide (EMD), to further diversify its product offering by mining for other types of minerals. In

this respect, in light of the positive trends in the Indian power generation market, MOIL is also in the process of evaluating potential forays into coal

block mining.

Increase efficiency: The company intends to pursue the mechanization process of the mines by investing further in new technologies, in order to

improve cost-efficiency through higher recovery rates and reduced production costs associated with labor. It is currently focusing on developing its

mines with high yields and high productivity. It plans to introduce modern mine planning technologies for underground mines, deeper opencast mines

and mines with regular shape deposits.

RiskDependence on Steel industry: Sales prices and volumes in the manganese ore mining industry depend mainly on the prevailing and expected level of

demand for manganese ore in the steel industry. During sluggish or declining regional or world economic growth, demand for steel products generally

decreases, which usually leads to corresponding reductions in demand for manganese ore.

Industry risk

Underground mining is particularly hazardous and subject to unexpected disruptions, resulting in higher production costs and capacity expansion

constraints. Change in pricing policy, delay in environmental clearance, mining lease license renewal and regulatory approvals are some of the socio-

environmental threats of the mining industry that poses operational risk.

ValuationPre-issue and post issue, the stock is priced at P/E of 9.71x on the lower price band and 10.55x on the higher price band, on its TTM EPS of ̀ 35.54. Pre

and post issue, the P/B of the stock is 2.89x on the lower price band and 3.14x on the higher price band, with its pre and post issue book value of

`119.54.

OutlookMOIL enjoys monopolistic position in the manganese ore mining industry. Robust growth of Indian economy with manufacturing sector growing at a

steady pace, demand from steel industry augurs well to the company. Strong fundamentals of the company on the back of zero debt balance sheet and

70 percent operating margins make the IPO pricing quite attractive.

IPOFPO NOTESHIPPING CORPORATION OF INDIA LIMITED

Issue Highlights

Industry Shipping

Issue Size Cr. 1123.12-1164.73

Price Band * (`) 135-140

Offer Date 30-Nov-10

Close Date(QIBs) 2-Dec-10

Close Date(Retail and NIBs) 3-Dec-10

Face Value 10

Issue Composition

Total Issue 84,690,730

Offer for sale 42,345,365

Fresh Issue 42,345,365

Employee Reservation 423,454

QIB 42,133,638

NIB 12,640,091

Retail 29,493,547

In shares

IPO

14

IPO

16

IPOStrengths

Well-positioned: SCIL is India's oldest, largest and reputable shipping companies. Since 1961, its

fleet has grown from 19 vessels of 0.19 million DWT to 77 vessels of 5.37 million DWT as of October

31, 2010. The company is well positioned to take the advantage of attractive asset prices and

anticipated growth in the shipping industry with its ability to provide services to all major ports on

the east and west coast of India.

Diversified fleet: As of October 31, 2010, its fleet included 18 dry bulk carriers , 4 VLCCs, 18 crude

oil tankers, 15 product tankers, 10 offshore supply vessels ,5 container vessels, 3 phosphoric acid

and chemical carriers, 2 gas carriers and 2 passenger cum-cargo vessels . Diversified fleet allows it

to enter into chartering arrangements of varying duration with different types of customers with

better functional capabilities and operational efficiently.

Strategic joint ventures: SCIL is the first Indian shipping company to participate in the

transportation of LNG. The company has partnership with three Japanese shipping companies to

own and operate three LNG tankers. In addition, it has formed a joint venture with Forbes Gokak

Limited and Sterling Investment Corporation Private Limited for the purpose of entering into the

chemical tanker segment.

Strategies

To increase fleet mix: As of October 31, 2010, the company had ordered 26 vessels under

different category over the course of the next three years. The additional vessels are expected to

increase its total DWT from 5.11 million to 6.84 million. Apart from the existing vessels on order, it

currently has plans to order an additional 20 vessels in Fiscal Year 2011. These new vessels will

lower the average age of its fleet. Vessels addition would also allow the company to bid on

additional charters worldwide thereby increasing its market share and further diversifying its

sources of income.

To expand container and break-bulk services: The company intends to focus on entering into

consortia arrangements in the container segment and to pursue highly capital intensive segments,

such as LNG transportation. It also intends to further expand its container services, into Southeast

Asia, Southern Africa and North America and East Africa. It aims to recommence its India-U.S.

containership service in the future. The company also aims to continue to further expand and

develop its break-bulk business by entering into new joint service agreements with vessel owners

to operate in trade lanes such as Europe to the Middle East, the East Coast of the U.S. to Europe and

Southeast to Far East Asia. The company plans to enter into joint ventures with reputable logistics

providers for end to end logistical operations for projects in the area of power, oil and gas and

infrastructure.

Risks

Heavy dependence on bulk carrier with fluctuating charter rates: Bulk carrier and tanker

division is the primary revenue source of the company accounting for 65 to 70 percent of its total

income. The demand for bulk carriers and tankers, to a large extent, depends on the demand for

energy related products, including crude oil, gas and coal which is driven by a country's economy's

growth. Any decline in the demand of energy products can adversely affect the company's

operational results.

Fluctuating charter rates: Shipping industry operations are highly dependent on the prevailing

charter rates in a given time period. Charter rates are based in part on supply and demand and are

extremely competitive. Over the last decade, charter rates, vessel values and the general

profitability of shipping companies have been volatile. Fluctuations in charter rates, or continued

stagnation in charter rates, could have a material adverse effect on the company.

Shareholding Pattern (%)

Particulars Pre-issue Post issue

Promoters & promoters group 80.12 63.75

QIB 15.50 23.14

NIB 4.37 6.69

Retail - 6.42

Total 100 100

* calculated at upper price band

Objects of the Issue:

Particulars ` Cr

Offer for sale by GoI 592.85*

Acquition of vessels 637.84

General corporate purpose [•]

Total [•]

Book Running Lead Manager:

SBI Capital Markets Limited

IDFC CAPITAL LIMITED

ICICI Securities Limited

Name of the registrar:

Karvy Computershare Pvt. Ltd.

Valuation

Pre-issue the FPO is priced at P/E of 8.36x on the

lower price band and 8.67x on the higher price

band based on TTM earnings of `16.14.Post-

issue the FPO is priced at 9.20x on the lower

price band and 9.54x on the upper price band on

its post issue TTM earnings of `14.67. At a pre-

issue book value of ̀ 160.45 the FPO is priced at

P/BV of 0.84x on the lower price band and 0.87x

on the higher price band. Post -issue the FPO is

priced at P/BV of 0.85x on the lower price band

and 0.88x on the higher price band of its post

issue book value per share of ̀ 158.59.

Further, the current market price of SCIL on

Friday, 26th November 2010 was `144.75.The

FPO price is at a discount of 3-7% to the market

price.

MUTUAL FUND

17

Pramerica Equity Fund An open-ended Equity Scheme

Pramerica Dynamic Fund An open-ended Dynamic Asset Scheme

Opens on: Closes on:

Nov 19th 2010Dec 03rd 2010

Nov 19th 2010Dec 03rd 2010

Entry Load: Exit Load: Min. Investment: Benchmark Index:

Nil

1%*

`5000/-

S&P CNX Nifty

Nil

1%*

5000/-

A Hybrid benchmark with 50% weight to the Nifty and the balance 50%

weight assigned to CRISIL MIP Index.

`

Investment Objective:

To achieve long term capital appreciation by investing in an actively managed

diversified portfolio consisting of equity and equity related securities

including derivatives, debt and money market Instruments. However, there is

no assurance that the investment objective of the Scheme will be realized

and the Scheme does not assure or guarantee any returns.

To achieve long term capital appreciation by investing in an actively

managed diversified portfolio consisting of equity and equity related

securities including derivatives, debt and money market Instruments.

However, there is no assurance that the investment objective of the Scheme

will be realized and the Scheme does not assure or guarantee any returns.

Asset Allocation Pattern:

The fund manager will invest between 65-100% of funds available in Equity & Equity Related Instruments of which least 60% would be invested in equity and equity related instruments of Large-Cap Companies and 0-35% of its net asset will be invested in Debt & money market securities/ instrument.

The fund manager will invest between 30-100% of funds available in

Equity & Equity Related Instruments of which at least 60% would be

invested in equity and equity related instruments of Large-Cap

Companies. and 0-70% of its net asset will be invested in Debt & money

market securities/ instrument.

Company Profile:

Pramerica Asset Managers Private Limited (“the AMC”), a private limited company incorporated under the Companies Act, 1956, has been

appointed as the investment manager of Pramerica Mutual Fund by the Trustee under an Investment Management Agreement between the

Trustee and the AMC. The AMC is wholly owned by Prudential Financial Inc (PFI), the Sponsor of Pramerica Mutual Fund, through one of PFI's

wholly owned 'step-down' subsidiaries, namely, PGLH of Delaware, Inc., a company incorporated and with its principal place of business in the

U.S.A. The AMC has been established as a full service asset management company providing investment solutions to both domestic and

international retail as well as institutional clients. PFI and its affiliated companies constitute one of the world's leading financial services

groups with approximately $750 billion (USD) of assets under management as of Sep 30, 2010 and with over 41,000 employees worldwide.

Fund Manager:

Mr. Ravi Gopalakrishnan -Executive Director & Chief Investment Officer-Equity

Age: 43 Yrs. M.S. in Finance, M.B.A., Bradley University, IL, U.S.A.

Mr. Ravi has over 17 years of experience in managing/advising portfolios for institutional and individual investors and handling the research

function.

·Sep 2009 till date with Pramerica Asset Managers Private Limited as the Head of Equity etc.

Mahendra Kumar Jajoo, Executive Director & CIO - Fixed Income

B.Com, ACA, ACS, CFA (from CFA Institute, USA).

Mr Jajoo has over 19 years of experience in financial services and capital markets.

·Jan. 2010 till date with Pramerica Asset Managers Private Limited as the Head of Fixed Income.

·June 2008 to Dec.2009 with Tata Asset Management Ltd as Head – Fixed Income and Structured Products managing Fixed Income

investment/portfolio etc.

*If the Units are Redeemed / Switched-out within 365 days of allotment.

Risk Profile & Suitability

The fund aims to build a diversified portfolio and as the fund would invested

at least 60% of the equity portfolio into Large-Cap Companies at all points

of time, so the fund carries less risk compare to other diversified fund.

An investor who wishes to take some risk for achieving higher returns than

large cap fund and has a long-term goal for investment can go for this fund.

As the fund manager has the flexibility to dynamically shift between

asset classes but even between market caps, so the fund carries less

risk profile in compare to any large cap fund.

The fund is suitable for the conservative investors and planning to hold

on over various market cycles then it may be worth adding Pramerica

Dynamic Fund to your portfolio.

CommentsPramerica Dynamic Fund will adopt a dynamic asset allocation strategy i.e. the fund manager has the discretion to go upto 100% into equity or liquidate his holdings to 30% too. The fund's mandate allows it to take a flexi-cap stock approach to investments and in extreme market conditions it can switch its assets to fixed and money market instruments to provide capital appreciation. The very nature of this fund ensures that it will have excellent defending capabilities during market downturns. This strategy may help the fund manager to reduce exposure to equities when the market is high and get fully invested when valuations are low as the risk return trade off is better and opportunity is greater. The fund manager has tremendous flexibility not only to dynamically shift between asset classes but even between market caps. However the success of the fund depends on the capability of the fund manager's market timing. The Sponsor of Pramerica Mutual Fund PFI is a well established player in the U.S and offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services holds 12th positions among largest manager of worldwide institutional assets under management category.**

Pramerica Equity Fund is the first equity fund from the Pramerica fund

house. It is a diversified equity scheme, with a flexible investment

pattern. The fund manager may not have any bias towards particular

theme, sector or style in picking investment opportunities. The fund

manager will broadly analyse the macro economy, industry trends and

business cycles. The universe of stocks is carefully selected to include

companies having robust business models and enjoying sustainable

competitive advantages as compared to their competitors. The

portfolios will be built utilising top-down and bottom-up, stock-by-

stock basis for stock selection process, focusing on appreciation

potential of individual stocks from a fundamental perspective. The

Sponsor of Pramerica Mutual Fund PFI is a well established player in

the U.S and offers a variety of products and services, including life

insurance, annuities, retirement-related services, mutual funds,

investment management and real estate services holds 12th positions

among largest manager of worldwide institutional assets under

management category.**

**Source: Pensions & Investments survey of top asset managers, 31 May 2010, based on worldwide institutional assets under management as of 31 December 2009

NEW FUND OFFER

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 26/11/2010Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: weekly Monday, RF: 7%

MUTUAL FUND

18

Performance Charts

Scheme Name

3M 6M 1Y 3Y Since Beta Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash

Launch AUM NAV

Date (Rs. in cr.) (Rs.)

DSP BlackRock Micro Cap Fund - Reg - Gr. 16.76 14-Jun-07 452.13 -0.19 17.36 51.02 -- 16.13 0.81 0.74 2.96 39.45 46.85 0.00 0.80 12.89

HDFC Mid-Cap Opportunities Fund - Gr. 16.03 25-Jun-07 1193.25 4.46 23.41 38.23 11.13 14.77 0.63 0.50 1.75 22.36 42.46 30.55 0.00 4.63

Canara Robeco Emerging Equities - Gr. 23.04 11-Mar-05 37.64 -2.17 18.58 37.63 0.81 15.85 0.67 0.46 2.06 28.35 54.18 4.01 2.86 10.6

SBI Mag. Sector Umbrella-Emerging Businesses-Gr. 41.08 17-Sep-04 306.44 -1.32 20.33 36.25 -3.31 25.62 0.74 0.45 2.27 40.29 50.97 2.47 0 6.27

Reliance Equity Opportunities Fund - Gr. 36.53 31-Mar-05 N.A. 1.08 19.85 36.10 8.14 25.72 0.73 0.43 1.94 6.60 40.46 36.38 9.54 7.03

IDFC Premier Equity Fund - Plan A - Gr. 33.65 28-Sep-05 1890.43 0.41 25.06 35.20 12.98 26.48 0.67 0.46 2.05 3.45 36.63 17.59 30.64 11.70

DSP BlackRock Small and Midcap Fund - Gr. 18.34 14-Nov-06 1186.18 -0.48 19.19 34.74 9.03 16.22 0.69 0.46 2.07 12.23 74.43 7.01 2.20 4.13

EQUITY (Diversified)

NAV(`)

LaunchDate

AUM(`. in cr.)

RiskReturns (%) Market Cap (%)

BALANCED

Scheme Name

3M 6M 1Y 2Y 3Y Since Jensen Std. Small Mid Large Other DebtLaunch Dev. Cap Cap Cap & Cash

Launch AUM NAV

Date (Rs. in cr.) (Rs.)

HDFC Balanced Fund - Gr. 55.40 11-Sep-00 222.55 4.05 17.34 29.00 51.52 13.53 18.25 0.56 1.05 6.89 27.42 30.93 0.00 34.76

HDFC Prudence Fund - Gr. 214.84 1-Feb-94 5655.38 2.58 16.56 26.41 57.82 12.63 21.88 0.53 1.23 8.83 25.27 37.36 0.40 28.14

Reliance RSF - Balanced - Gr. 23.04 8-Jun-05 N.A. 0.57 15.01 23.79 53.75 13.75 16.48 0.51 1.47 6.15 17.08 38.04 5.08 33.66

Canara Robeco Balance - Gr. 60.84 1-Feb-93 186.37 -0.59 10.96 19.39 42.43 6.02 10.89 0.41 1.30 6.51 14.40 42.40 2.09 34.60

Birla Sun Life 95 - Gr. 313.66 10-Feb-95 373.78 1.60 14.89 19.00 48.18 10.33 24.36 0.41 1.26 4.44 18.01 45.44 0.82 31.29

ICICI Prudential Balanced - Gr. 45.95 3-Nov-99 274.6 4.60 15.02 18.24 37.48 1.40 14.77 0.39 1.29 1.45 17.03 51.19 0.00 30.33

DSP BlackRock Balanced Fund - Gr. 66.50 27-May-99 802.08 0.24 12.78 16.20 38.95 8.32 17.89 0.37 1.38 5.37 33.38 31.79 0.12 29.34

NAV(`)

LaunchDate

AUM(`. in cr.)

RiskReturns (%) Market Cap (%)

INCOME FUND

Returns(%) RiskScheme Name

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

BNP Paribas Bond Fund - Regular - Gr. 12.10 8-Nov-08 151.02 562.00 8.83 -0.52 -0.56 4.34 5.58 8.43 -- 9.73 0.73 0.21

SBI Dynamic Bond Fund - Gr. 11.43 9-Feb-04 12.46 1146.00 7.45 14.83 13.03 10.02 6.92 6.75 1.67 2.13 0.70 0.19

DWS Premier Bond Fund - Regular Plan - Gr. 16.24 21-Jan-03 22.59 3132.00 N.A. 11.94 7.37 11.20 4.47 6.06 8.66 6.37 0.38 0.31

Birla Sun Life Medium Term Plan - Ret - Gr. 10.99 25-Mar-09 1945.87 128.00 7.44 12.13 7.93 6.39 5.52 5.63 -- 5.78 1.72 0.06

Birla Sun Life Dynamic Bond Fund - Ret - Gr. 15.99 27-Sep-04 6494.18 1142.00 8 5.58 5.77 4.74 4.25 5.26 9.64 7.90 1.12 0.09

Sahara Classic Fund - Gr. 13.19 1-Feb-08 N.A. 71.00 N.A. 6.61 6.56 6.00 5.72 5.23 -- 10.32 6.44 0.01

ICICI Pru. Medium Term Plan-Reg-Gr. 10.61 12-Jun-09 92.62 22.00 6.04 5.95 5.93 5.94 5.58 5.17 -- 4.18 4.38 0.02

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

LIQUID/ULTRA SHORT TERM

Returns(%) RiskScheme Name

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

JM Money Manager Fund - Reg - Gr. 13.08 27-Sep-06 165.83 39.00 8.64 8.10 7.83 7.69 6.29 5.60 6.51 6.66 3.99 0.03

Baroda Pioneer Treasury Adv. Fund-R-Gr. 10.76 24-Jun-09 1452.58 212.00 N.A. 6.79 6.80 6.82 6.11 5.58 -- 5.29 6.94 0.01

Tata Floater Fund - Gr. 14.26 6-Sep-05 5199 65.00 7.71 6.85 6.86 6.91 6.05 5.47 7.00 7.03 6.21 0.02

Taurus Ultra Short Term Bond Fund-Ret-Gr. 1113.96 1-Dec-08 1003.23 172.00 N.A. 6.98 6.96 7.16 6.08 5.42 -- 5.58 5.57 0.02

Kotak Floater - LT - Gr. 15.16 13-Aug-04 2751.7 37.00 N.A. 6.99 7.00 6.90 5.82 5.40 7.01 6.84 7.26 0.01

LIC MF Income Plus Fund - Gr. 12.81 30-May-07 2948.6 52.00 N.A. 5.66 5.94 6.00 5.57 5.36 7.19 7.34 8.81 0.01

Reliance Medium Term Fund - Gr. 19.79 14-Sep-00 N.A. 101.00 7.47 4.91 5.59 5.95 5.72 5.35 6.41 6.92 7.81 0.01

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

SHORT TERM FUND

Returns(%) RiskScheme Name

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

IDFC SSIF - MTP - Plan A - Gr. 16.31 8-Jul-03 620.52 653.00 N.A. 4.38 4.76 5.40 3.92 6.53 9.34 6.84 0.78 0.16

Templeton India STIP - Gr. 1911.52 31-Jan-02 6568.18 420.00 8.82 3.02 3.37 4.30 4.56 5.84 9.12 7.62 1.01 0.10

Birla SL Short Term Opp. Fund - Ret - Gr. 14.86 24-Apr-03 4000.66 142.00 N.A. 5.06 5.59 6.58 6.19 5.63 6.97 5.35 2.83 0.04

JM Short Term Fund - Gr. 18.71 24-Jun-02 35.59 129.00 7.65 6.56 6.16 5.58 5.54 5.49 9.61 7.71 2.11 0.05

DSP BlackRock Short Term Fund - Gr. 16.34 9-Sep-02 754.69 95.00 N.A. 5.02 6.32 6.17 5.71 5.39 6.41 6.15 6.40 0.02

Religare Credit Opp. Fund - Reg - Gr. 10.67 28-Aug-09 2000.79 175.00 7.97 4.16 4.99 5.38 5.40 5.33 -- 5.33 6.91 0.01

PRINCIPAL Income Fund - STP - Gr. 16.73 9-May-03 48.14 317.00 8.1 2.09 4.04 4.87 4.90 5.32 8.17 7.05 2.22 0.04

NAV(`)

LaunchDate

AUM(`. in cr.) Annualised

Average Maturity (Days)

Yield Till

MaturitySince launch

Sharpe Std. Dev.

Mr. SC Aggarwal, Chairman & MD of SMC Group

awarded for "Largest Distribution Network and India's Best Equity Broking House 2010"

by BSE - D & B